Retirement planning aims at establishing an income goal and gathering information about its potential sources at retirement. In a financial context, it refers to the process of making monetary provision for retirement. Retirement planning is an essential part of an individual’s financial planning. Thus the awareness about retirement planning is a must for every individual. As teachers are considered to be an important asset to a nation, their wellbeing as well as quality of life should be safeguarded. By taking this as the background, the present study makes an attempt to analyze the level of awareness among government college teachers about retirement planning and various investment avenues, and their preferences and considerations for investing money. This paper aims at evaluating the relevance of demographic and psychological factors that influence the investment behaviour with a focus on retirement financial planning and different investment avenues with special reference to Shimla district of Himachal Pradesh.