While this is the norm, the earlier you can start thinking about making a retirement plan, the better off you will be when the time comes to hang up your hat.

Seniors are living longer and longer every year and this can mean that your traditional savings plan may need to be amended. Instead of saving to have a steady income for a decade or so, you now may need to find a way to pay your expenses for a quarter-century or more.  With the right advice from a financial planner, they can help you make decisions about your savings, retirement rollover, and your potential retirement income. Let’s take a closer look at a few reasons why  retirement planning is crucial for your future. 

1. Rising Life Expectancy

In 1990, the average life expectancy was only 75. If you retired at 65, you only had to find a way to pay your expenses for a decade or a bit more. For most workers, that was a manageable amount. In today’s world of sophisticated technology and medical advances, the average lifespan tops out at 82 and is expected to rise. Retirees can now enjoy up to 20 to 30 years of their golden years after they stop working. Being able to live comfortably for a quarter of a century with only your retirement savings may seem like a challenge. Making a retirement savings plan now will help you to grow your investment and have the money you need after you retire. 

2. Less Stress

One of the most common causes of stress-related illnesses is money troubles. When you are constantly worrying about how you will take care of yourself, your spouse, and your home when you retire, you can experience high levels of stress. When you work with a financial advisor to come up with a logical retirement plan, you can relax in the knowledge that your needs will be met in the future. You will be able to kick back and enjoy your golden years if you start your retirement planning now.

3. Financial Obstacles

If the devastating COVID-19 pandemic has taught us anything, there are never any guarantees when it comes to the economy. If you don’t have a solid retirement plan now, there is no way to be sure that you won’t face financial obstacles in the future that could affect your savings. When you construct a reliable retirement plan, you can be assured that you will have the funds you need for retirement regardless of the economic state. 

4. Independence

No one wants to feel like they are a burden. Many seniors are concerned that they will end up relying on their children and other family members without the right retirement plan when they stop working. When you make a solid retirement plan, you will be able to maintain your independence and enjoy your time with your family without having to feel like a burden. 

Conclusion

Retirement planning should be a priority for everyone that is currently working. The earlier you can start saving for your golden years, the more time you will have to enjoy the time you have spent a lifetime working towards.