What is meant by 'retirement planning' in wealth management?

Retirement planning in wealth management fundamentally revolves around assessing financial needs to ensure that individuals can sustain their lifestyle after they retire. This involves evaluating current financial resources, anticipated income from various sources (like pensions, social security, and investments), and estimating future expenses, including living costs, healthcare, and leisure activities.

By focusing on sustaining one's lifestyle, retirement planning encompasses a comprehensive approach to asset management, investment strategies, and potential risk factors that could impact financial stability. It ensures that individuals can maintain their desired standard of living without running out of funds during retirement, which could span several decades.

The other options represent aspects that might be included in a broader financial strategy but do not capture the comprehensive nature of retirement planning. Saving for healthcare costs is essential, but it is just one component of a wider retirement strategy. Planning to manage assets with minimal risk is also important but doesn't directly address the specific needs of life after retirement. Similarly, exclusively investing in real estate may be part of a wealth-building strategy but doesn't encompass the full range of financial planning necessary for retirement.