If there is anything certain about this life it is two things – Death and retirement. All of us will go through each of these in our lives.
While there isn’t much we can do about death, it is otherwise for retirement. Retirement, while, may not be in our control, we can work and plan it out well.
And, while all of us would like to retire comfortably, the complexity and time required in building a successful retirement plan can make the whole process seem nothing short of daunting.
But with the help of only a little homework, an attainable savings and investment plan, and a long-term commitment, it can be done with a fewer headaches.
Why plan for retirement you ask? Here’s why:
Uncertainty of Social Security and Pension Benefits/Unforeseen Medical Expenses
While social security programs and pensions may help, they would never be adequate. Differently put, social security programs are only intended to provide a basic safety net – a bare minimum standard of living for your old age. For the rest, you’d need a well-designed retirement plan.
Part of your retirement savings may help contribute to your children or grandchildren’s lives, be it through financing their education, passing on a portion of your nest egg or simply keeping sentimental assets, such as land or real estate, within the family.