Early planning for retirement is critical as it takes many years to accumulate the necessary funds you need to live a comfortable life when you are no longer receiving regular paychecks. By investing early in your retirement, your funds are allowed to accumulate and grow over the years and subsequent decades. This results in substantial resources for that day when you do decide to retire. Your financial advisor in Chicago gives you a few reasons why retirement planning is critical.
Retirement brings you a space and time that you did not enjoy while you were working. This is the ideal opportunity to engage in those experiences in which you have always dreamed. However, enjoying such a high quality of life will require more than just Social Security income. A responsible and savvy retirement plan will enable you to thrive in your retirement years, allow to you indulge in your every desire. Without such a plan, you will be restricted on what you can do in your golden years.
As Americans, our life expectancy continues to increase. While good news, it also means that our financial cushion in our retirement years needs to be deeper still. It makes little sense to have enough money saved to carry you through the age of 75 when life expectancy is nearly 79. And before you know it, 80 becomes the new 60, only you remain retired.
According to the United States Department of Health and Human Services, roughly 70 percent of Americans over the age of 65 need some form of long-term care. While Medicare will cover some of these costs, there will certainly be out-of-pocket expenses. A good retirement plan will help.
If you are ready to plan for the future, give us a call.