Retirement Planning
(Continued)
Knowing that you have a retirement fund set aside can help alleviate financial stress and worry about the future. You will also be better prepared for unexpected expenses or emergencies that may arise in retirement.
Flexibility and options in retirement
By saving early and consistently, you can build a larger retirement fund that can allow you to travel, pursue hobbies, or spend time with loved ones without having to worry about financial constraints. Additionally, having a retirement fund can provide you with more choices in terms of when and how you retire, such as retiring earlier or pursuing a second career or passion project.
As you age, healthcare expenses tend to increase. Saving now can better prepare for these costs and ensure that you have the necessary funds to cover medical expenses in retirement.
Uncertainty of Social Security
While Social Security benefits may still be available in the future, there is uncertainty about the program's long-term sustainability. Relying solely on Social Security may not provide enough income for a comfortable retirement, so it is important to also save independently.
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