What is a primary goal of saving for retirement?

The primary goal of saving for retirement is to maintain financial security and lifestyle in retirement. Over the course of a working life, individuals save and invest funds specifically to ensure that they can support themselves after they stop earning a regular income. This savings is meant to cover essential expenses, such as housing, healthcare, and daily living costs, as well as to fund activities and aspirations that contribute to a fulfilling retirement experience. Ensuring financial security allows retirees to enjoy their golden years without the stress of financial instability.

While accumulating wealth for heirs might be an important consideration for some individuals, it is not the main objective of retirement savings. Experiencing luxury spending before retirement emphasizes consumption during one’s working years but doesn't address the need for sustainability in later years. Minimizing tax liabilities can be a part of retirement planning, but the ultimate goal remains focused on ensuring that retirees have sufficient resources to support themselves once they are no longer earning income.