According to the Employee Benefit Research Institute, one-third of U.S- households between the ages of 30 and 59 won't have enough money for retirement, even if they work until they're 70.

Retirement planning refers to financial strategies of saving, investments, and ultimately distributing money meant to sustain oneself during retirement. Many popular investment vehicles, such as individual retirement accounts (IRAs) and 401(k)s, allow retirement savers to grow their money with certain tax advantages.