Final answer:
The correct starting point for retirement planning is E) The setting of retirement goals, which provides a foundation for the other aspects of planning such as determining the required savings, investment strategies, and considerations for longevity.
Step-by-step explanation:
Retirement planning is a crucial aspect of financial preparedness that involves several key steps. The correct starting point is E) The setting of retirement goals. These goals can be seen as the foundation upon which all other planning details are based. Building a clear picture of what you want your retirement to look like is necessary before determining the size of the required nest egg (A), considering longevity (B), defining the investment program (C), or determining the interest on income-earning assets (D).
Retirement goals often include desired retirement age, lifestyle expectations, and potential health care needs. These will then guide how much money needs to be saved and which investment strategies will best support those aspirations. Hence, setting these goals enables a focused approach to building a tailored retirement plan that aligns with individual expectations and financial realities.