Many people put off retirement as something to worry about later. But what if things don’t sort themselves out in the end?
Life doesn’t always work out the way you envision. And if it doesn’t, you may find yourself in a less than ideal situation. The best solution is to plan for retirement while there’s still time.
Most people don’t plan to work till the day they die. In fact, many people think of a dream retirement, floating in an infinity pool in a cozy mountain retreat, or sipping cocktails on a beach, or a tropical vacation. Do you realize it takes careful financial planning to realize these dreams?
Here are 7 compelling reasons for you to start your retirement planning now, rather than when it’s too late.
Life Expectancy is rising
People are living longer than ever before in history. Longer life means the need for more funds to live comfortably in your retirement. The sooner you begin, the more likely you are of having enough retirement funds to last your entire life.
You can’t work forever
Most people don’t want to work forever but even if you do, you may not be able to perform at a high level as you age. We tend to slow down as we age and some tasks become increasingly difficult.
Even if you want to keep working all your life, it shouldn’t be an excuse to not save for your retirement. Having those funds prepares for situations you may not be able to anticipate. Without a retirement fund and plan, you’ll be stuck working forever.
Opportunity to check off your bucket list
Most of us have a bucket list, places to visit, and experiences you want to have. During your working career and younger years, personal and professional responsibilities make checking your bucket list off quite difficult.
Retirement offers you the perfect opportunity to visit those places and have those you’ve been dreaming about, all your life.
Having a comfortable retirement allows you to be carefree and fulfill your dreams. But that is possible only if you carefully planned during your career. A good financial retirement plan takes away any stress and allows you to accomplish your lifelong goals.
You never know what the future holds
It’s good to be optimistic but it is also important to realize that there may be financial hardships in the future.
No one can guarantee the future is not guaranteed, which is why retirement planning is necessary. And if something happens in the present, resist the temptation to dip into your retirement savings.
Relying solely on social security/pension is perilous
Retirement makes you eligible for low-cost Medicare coverage and monthly Social Security benefits but they are unlikely to be enough to cover the lifestyle you’ve become accustomed to. Your retirement funds can supplement your Social Security benefits, and act as a safety net.
Retirement funds can help your family
With a pool of retirement funds, you can spend without a care. You are free to give gifts to your family, or travel to a place you have always wanted to.
You don’t have to depend on others
You wouldn’t want to be dependent on your children, would you? Having a retirement plan in place can ensure you don’t become a financial burden on your loved ones.
If you are looking for a tax-free retirement specialist in San Diego or risk free retirement plan in Los Angeles, check out Tax Advantaged Retirement Specialists or call 442-400-3522.