Regardless your age, retirement planning is something all Greeley residents should seriously consider. But unfortunately, many people simply don’t understand the importance of planning for retirement. If you are not sure as to why this is important, we can give you plenty of reasons.
The biggest reason you should plan for retirement is that it is your life and the amount of money you save will have a significant impact on how you live out your last years. If you have goals and dreams about what you want to do when you retire, they aren’t likely to come true unless you prepare now. If you invest early and invest smart, you will have substantial resources for navigating through your retirement years. And there is more.
Better Quality of Life
Retirement brings the time you need to engage in the activities that you couldn’t do while working a full-time job. But engaging in these activities will require money. If you dream about traveling to foreign lands and exotic places when you retire, you need to start planning now. Travel is expensive and you will need to enlist the help of a retirement planner to help reach your dreams and goals.
Even if your retirement plans don’t include expensive traveling or other costly activities, you will still want to have enough money to indulge yourself the things in life you enjoy like romantic dinner outings and gift buying during the holidays. And at the very least, having a solid game plan going into retirement will give you peace of mind.
Increased Life Expectancy
Our life expectancy has steadily increased over the years. Living to the age of 80 or longer is a nice problem to have. Unfortunately, this means we will spend many more years in retirement than our ancestors did and we will need the funds to provide a financial cushion. It can be a problem if you have funds to last you a certain age but you live beyond that.
There will be some of us who will have to rely on long-term care. That is, we are left with a disability or chronic illness that requires a high level of care from professionals. It is estimated that nearly 70 percent of Americans over the age of 65 will need some form of long-term care. Medicaid will cover some costs and insurance is also an option, but retirement planning is still your best bet.