Why You Need To Plan For Retirement
Part 1 of 3-Part Series
For you, retirement is probably a long way off, many years in the distant future. For something so far away which will be just a short period in your life, it doesn’t really make sense spending too much time planning for that, right? It’s a common way of thinking, especially among younger people and understandably so, but in reality, it couldn’t further from the truth! In our world of healthy living and modern medicine, living well into your 80’s and 90’s is quite common. That means if you were to retire around the age of 65, you have another 20-25 years of quality life left ahead of you! That’s a lot of years which would need quite a bit of money for you to live well and financial planning for your retirement can take care of that.
Being financially secure into your retirement also offers a lot of benefits which we’ll explore before getting into a bit more detail. First and most important is your health. A sense of knowing you’ve secured your future alleviates the worrying, anxiety and stress that goes hand in hand with living by the seat of your pants. It might not seem like a big deal, but those can have very serious health effects, especially as we get older.
It also means that you’re healthy enough to enjoy all of the hard work you put in through the years. Being able to travel and check off those lifetime bucket list experiences, enjoy comforts and spoil your family are pretty awesome payouts. It’s not about spending outlandishly on things we don’t need, but rather having the ability to do the things which make us happy in our golden years.
If you’re a parent, the last thing you would want to do is put the financial pressure on your kids to take care of you when you stop working. Chances are you’ve spent most of your life trying to better your children. Working as hard as you can to afford them the kind of life you didn’t have. Taking care of yourself means they’re able to live that life without the worry of planning for their retirement and taking care of yours. And along those same lines, you’ll feel comfortable when the time is right for you to retire because of that security. If you choose to work past your retirement age, it will be because you love what you do or that you’re not ready to stop working, rather than being forced to work because you can’t afford to not.
Part 2 of this series to follow next week! We will discuss in a bit more detail, the structure of a sound retirement plan.