We all realize that we are not going to live forever. Along with that fact, we know that we will not be able to work forever. There will come a time in your life, sooner or later, that you will stop working and retire. For most people, that means that your income will be much lower and you will have less money to live on. The key to having a good retirement will come down to discipline and planning. In this blog post, I am going to give you 6 important reasons why you need a retirement plan to have a good retirement without having to worry about financial difficulties.
REASON 1: Average Life Expectancy is Rising Worldwide
Many people are living longer lives due to many factors. Your retirement assets and income will have to last longer. There is a possibility that you can outlive your retirement funds. The time to start planning for that possibility is RIGHT NOW. It doesn’t matter if you have 4 working years left or even 40. We can help you with that so you don’t have to pay large financial advisor fees. We can help you invest in lower-cost investment funds that will save a huge chunk of money when you retire. Please visit us at our website Financial Mappers
REASON 2: NO ONE WILL BE ABLE TO WORK FOREVER (AND WHY WOULD YOU WANT TO?)
This is obvious, but there will come a time when you will want to stop working. You cannot plan on working forever. Don’t you have better things to do as you get older? You eventually will have some health issues to take care of even if you are in great health now. With a proper retirement plan, you will be prepared for that day and know what to do when it is time to say enough.
With a great plan and financial discipline, you can do that much earlier than you planned. Wouldn’t it feel great to fill your day with activities that you like doing? And not focus on money and earning money?
REASON 3: DO THINGS THAT ARE ON YOUR BUCKET LIST, BUT HAVEN’T HAD THE TIME TO DO
Another fairly obvious reason. For me, that means traveling to places that I want to see. For others, it might mean something else. Many of these things require money. That’s where effective retirement planning can help you achieve the ability to cross those things off your bucket list. You will have the time in retirement, but will you have the resources to do the things you always wanted to do?
REASON 4: UNKNOWN FUTURE COSTS THAT CANNOT BE PREDICTED
As we get older, our healthcare costs are going to go up. There could be other emergencies that come up. You may have to help out family or close friends who need financial help. You may have to move and buy or rent another home. Everyone must be prepared for unknown future expenditures and be able to handle unexpected large bills.
REASON 5: RELYING ON A PENSION OR GOVERNMENT FUNDED BENEFITS IS VERY RISKY
Many people don’t save or think about retirement because they think they can just live on a pension, whether private or public. Rules can be changed, laws can be passed, affecting your benefits. Maybe those events can occur inconveniently just before you are planning to retire. Don’t count on those income sources. They probably won’t even be enough to pay your living costs anyway. You can cover all of your living costs and then some with a good retirement plan and not stress over depending on a pension only.
REASON 6: HELP YOUR FAMILY, A FRIEND, OR DONATE TO YOUR FAVORITE CHARITY
Wouldn’t it nice to have some money left over to help someone in need? Or to pass on to your loving heirs? This last reason may be enough to want you to have that extra money in retirement. Just to help others through your kindness.
Start your retirement planning and you will not regret it. With the proper planning, you will have the extra money you need to fully enjoy your golden year. The best time to start is today!