Retirement planning is the process of figuring out your retirement goals and the decisions and steps necessary to attain those goals. Planning for retirement should be a life-long process. Ideally, it would be best if you started as you get your first paycheck. However, starting your retirement planning at the earliest time possible is the best way to ensure a secure and fun retirement.
Here are a few reasons why retirement planning is so important.
The Average Life Expectancy Continues to Rising
Studies reveal that humans are living longer than ever. Living longer means that you need more funds to support your post-retirement. With the average life expectancy in the U.S. getting close to 80 years, you can easily see why you need a considerable amount to live comfortably during your retirement years.
Enjoy Better Health Due to Reduced Stress
Money issues can be a huge source of stress. An American Psychological Association study reveals that over 70% of adults in the U.S. often worry about money. This money-related stress can harm your health as well as worsen existing medical conditions. Stress is linked to health conditions such as heart disease, diabetes, poor sleep, and migraine headaches. Besides, worrying can lead to depression and anxiety and rob you of the ability to enjoy life. So establishing a retirement plan not only helps you safeguard your financial wellness but also bolsters your emotional and physical health.
You May Face More Financial Obstacles in the Future Than You Anticipate
You need to realize that you may face financial difficulties in the future. Many people have an optimistic view of the economic future. They anticipate that their finances will be better in the future compared to the present or past. While optimism is excellent, it’s not something you can rely on entirely. The future comes with several uncertainties, so having an effective investment strategy and retirement plan is necessary. Poor health or other unforeseen events could negatively impact your income in the future. Having an effective retirement plan in place will help you deal with whatever life throws at you.
Make Better Life Decisions
Throughout your working life, you’ll need to make many life-defining decisions. Having a clear retirement plan provides you with a context that can help you make prudent decisions.
Enjoy a Happier Marriage
Mismatched financial priorities and other financial issues are a significant cause of marital strife. When you share retirement goals with your spouse, you can avoid many economic issues that cause discord in marriages.
You Have to Retire Early
Many retirees are forced out of their jobs due to layoffs, and some due to the need to take care of their aging or ill spouse or parents. If you’re forced to retire early, you will be able to manage better if you already have a retirement plan in place.
You Won’t Burden Your Kids.
A retirement plan includes long-term care costs as well as medical costs. Once these expenses are covered, you won’t need to rely on your loved ones’ support.
Be a Present Grandparent
Thanks to having adequate financial resources during your retirement years, you can be present for your grandkids’ special events and milestones.
Continue Your Legacy
Financial planning helps you continue your legacy in the following ways:
- First, it allows you to support charitable causes throughout your life.
- Second, it enables you to reduce the tax burden.
- Third, it will enable you to establish an estate plan that supports your legacy goals.
Create the Right Retirement Plan with Premier Protection
At Premier Protection, we will help you craft a retirement plan that aligns with your financial goals. We provide a range of services from a complimentary retirement analysis to guaranteed issue insurance plans to protect against the unexpected. So call us today at 1-888-486-7415 to get started!
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