Many Americans don’t really put much thought into the difference between “financial” planning and “retirement” planning. After all, they both focus on retirement and saving enough to enjoy that period in your life. However, if you talk to a certified financial planner, they’ll probably tell you that there is a difference. Financial planning focuses on investments and saving strategies that will help you meet your retirement goals. Simply put, it’s the work and effort you put in as you save for retirement. Whereas, retirement planning tends to zero in on your spending once you enter into retirement and your paychecks stop. Financial planning tends to take a broad approach as it is focused on where you are currently as it takes into account both your retirement plans as well as future financial goals that you may want to hit before retirement (i.e. costs associated with sending a child off to college or paying off a mortgage). The focus tends to be on the ways to save (i.e. different retirement plans, contribution amounts, etc.) and making sure that you are saving enough. Retirement planning is much more detailed than financial planning as it focuses on your expenses and how you will deal with them once your income stops or becomes greatly reduced. It tends to be more focused on the details, such as how you will make your savings last in retirement as well as how you will cover expenses such as medical and housing. Knowing the difference between retirement planning and financial planning is important because it can allow you to better focus on both aspects and ensure that you are better prepared for when you actually do retire.