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The paper provides a summary of the research on the factors that influence financial literacy and financial retirement planning. Furthermore, it identifies an important gap in the research as well as its significance. The majority of the literature on financial literacy and retirement planning reveals a lack of financial management among individuals. The majority of study on this topic has been conducted in developed nations. Retirement planning has become more important as people have been asked to take greater responsibility for their retirement and personal welfare. Elderly People have to take the final decision accordingly. Plans being made for retirement can facilitate the post-retirement life only if the person is aware of the financial market, financial calculations, employees’ retirement benefits, social security benefits, and medical benefits. This review also addresses the driving factors of retirement planning revealed in the research. Socio-demographic and psychological factors and financial literacy are examples of these.
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