Still Waiting to Save for Retirement? Why You Should Get Started Now!
Retirement (Finacial Planning) is one of those things in life that we all think we have enough time to take care of.
The problem with this is that retirement arrives at our doorstep quickly and being unprepared has devastating consequences.
After all your many years of hard work, you’re left to grind out your golden years, wishing you had dedicated more time to your future.
By starting today, you can create a plan that gives you peace of mind as you work toward the future.
Retirement Is Closer Than You Realize
Most of us do our best to manage day-to-day living, while unintentionally neglecting the future.
Our Daily life makes it easy for us to dedicate all our time and resources to solving the problems of today such as:
- Health Insurance
- And other obligations as they arise.
These everyday tasks take our minds off the future as they have us preoccupied with the present.
Rather than get caught off guard, it’s time for you to prepare for your financial future today.
Keep in mind that retirement age comes on us all quickly. After all, how often do you hear your parents talk about how fast time flies?
Start giving more attention to your financial future today.
Standards of Living Change Over Time
Inflation has been hitting Americans hard over recent months.
According to Trading Economics, ” the Annual inflation rate in the US accelerated to 6.8% in November of 2021, the highest since June of 1982.”
As day-to-day expenses continue to rise, it takes away from available funds that you could use to set yourself up for the future.
Buying food, getting gas, and having all your goods and services taken care of has gotten much pricier. Many experts don’t expect much relief to come if it all.
As we keep a watchful eye on inflation statistics, one can’t help but wonder how expensive the cost of living will be in the future.
As Motley Fool suggests “You should expect to need about 80% of your pre-retirement income to cover your cost of living in retirement.” If you are on a fixed income, you may not meet all of your expenses if you don’t start preparing.
In a volatile economy, your resources are limited but having your retirement established helps to give you a fighting chance.
By waiting to get started, you play roulette with an uncertain financial future.
Clearly Define Your Retirement Goals
A common reason people avoid retirement planning is that it can be intimidating.
There is an array of retirement options at your disposal, which can appear to be overwhelming. But it doesn’t have to be an intimidating ordeal for you to find a plan that fits your needs.
A key part of overcoming the confusion is defining what your retirement goals are.
Would you like to travel?
Plan for your estate?
Do you want to invest?
Once you’ve decided on what your goals for retirement are, you can begin making decisions on what works best for you and your family.
Emergencies Can (and will) Happen
Another benefit of starting your retirement planning is being prepared for the “unthinkable”.
Let’s say that you or someone in your family suffers a crippling financial setback. With an estimated “51%, of Americans have less than three months’ worth of emergency savings” overcoming this proves to be difficult without a backup plan in place.
Having some money set aside for your retirement can be just what you need to keep you afloat under dire circumstances.
Not having anything put away at all is a surefire way to add more stress to a tense situation.
Who Will Take Care of You?
Your retirement is the most significant investment that you can make toward yourself. Not making plans for it means that you are putting your future in the hands of others.
Think of it this way, when you’re older, do you wish to burden your children with the task of caring for you financially?
Or worse, do you want to rely on the instability of social security?
Relying on a fixed income such as social security does not guarantee your ability to cover your expenses.
As inflation continues to rise with no end in sight, counting on the government to sustain you is not the way to go.
It’s Not Too Late to Start
Another barrier people encounter toward planning for their retirement is that they believe that it’s too late to start.
In a perfect world, most people plan their financial future early, but this is often not the case for most. Getting started later is better than never attempting to do so. Even some savings toward your retirement leaves you in a better position than having nothing at all.
How We Help
As you arrange for your future, it’s important to have the help you need to make the best decisions for you and your family.
The dedicated agents of Buckalew Financial Services offer retirement solutions for a healthier financial future.
With over 20 years of experience, we will ensure that you have peace of mind about your future.
Click here to learn more about how we can help you!