Why Retirement Planning Should Be on Your Priority List

"You have been given a gift - your life. What will you do with it?"

– Michael Hyatt and Daniel Harkavy

It is common for people to put off their thoughts about retirement to a later date, especially when we are young. We are so busy living in the present that planning for the future doesn’t bother us until much later! After all, everything will get sorted at the end… right?

But what if it doesn’t? Then what?

That’s the problem with life, it doesn’t work out the way we plan it every single time. But that doesn’t mean that we shouldn’t. In fact, in the case of retirement, the sooner we start planning, the better it is!

The obvious chance is that you don’t intend to work until the day you die. Moreover, you may have envisioned your retirement akin to a permanent vacation – relaxing on a beach, sipping cocktails or simply traveling the world on your own. But of course, it takes a huge amount of planning and preparation to realize these dreams. But even if you save enough to realize this need, what after that? Do you think you will enjoy being on a permanent vacation? Or you would like to be meaningfully engaged.

Whatever may be your reasons, here we are going to give you relevant reasons as to why retirement planning should be on your priority list.

Why Retirement Planning

#1 Average Life Expectancy is Increasing

The primary reason that you need to kick-start your planning for retirement is a simple fact that people on average live longer than before. Longer life means you’ll be needing more retirement funds to live off comfortably. With the average American lifespan creeping up toward 80 years old, it’s easy to see that you’ll need a substantial sum to live comfortably in your retirement days. More than money, you would need to be positively busy to spend your retired days purposefully that keeps you active and fit.

#2 Check Off your Bucket List

All your life you have been working hard and you’ve had dreams – places to visit, things to experience and try and explore but due to career and responsibilities you haven’t got the chance to accomplish your innermost desires. Whether it’s your job, familial responsibilities or other life events, certain things may hold you back.

Retirement can be a perfect opportunity for you to be free and experience all that you’ve postponed for years and travel to all those places which you always wanted. Having a comfortable retirement allows you to stay in the moment and be at your relaxed best to fulfill your aspirations, provided you have planned well and in advance.

#3 Future Uncertainty

However hard you may try, but the harsh truth is that you cannot work forever. You may want to be defiant now and think that you can work till the day you drop and for some this actually might be a dream, but the reality is you cannot stay at one level and work like you’re working today for the entire life. As you age, the cycle of slowing down will take effect.

No matter for how long you may be thinking of working, there is no excuse for you not to plan for your retirement phase. Having the money that prepares for the worst and the engagement that saves your mind from getting dull will keep you safe when you actually reach the retirement age.

#4 Family

Planning and saving for your retirement can help you give back to your family whenever the need arises. With a healthy pool of funds and active lifestyle can help you enjoy life with you spouse and family members with ease. Whether it’s buying quality gifts for special occasions or taking family trips or even keeping yourself positively engaged, all these help in having a happy and cheerful retirement which you can truly enjoy and celebrate when the time comes.

Bottom-Line

Planning for your retirement should always be on your priority list. Not tomorrow, not after a month or next year, it’s imperative that you start planning for retirement today! It’s best to start early, financially and otherwise, retirement is a period that needs special care and attention. By starting out well in advance, you will not only be financially secure but will also have time to keep yourself purposefully engaged once your active job is over. For an even better solution, you can contact Legacy Transitions for developing a great retirement transition and have a wonderful second innings!