What are the two main factors to consider when beginning a retirement plan personal finance?

The two main factors to consider when beginning a retirement plan are your current financial situation and your retirement goals. Assessing your existing savings, income, expenses, and debts will help you understand how much you can allocate towards retirement savings. Additionally, determining your desired retirement lifestyle, including when you want to retire and how much income you'll need, will guide your investment strategy and savings targets. Balancing these factors is crucial for creating a sustainable and effective retirement plan.