The major GHG emission source of power system comes from coal-fired power plants (CFPP). In this study, the retirement and retrofit of existing CFPP are considered in renewable energy and transmission expansion planning (RG&TEP) study to better achieve the emission targets. The post-combustion carbon capture (PCC) equipment is installed during CFPP retrofit. The detailed mathematical model of CFPP retirement and retrofit are proposed considering the aging characteristics such as outage rate and emission intensity, etc. This multi-stage planning model aims to minimize the total cost while satisfy emission target and reliability criteria.