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I’m still young, why do I need a retirement plan?

Will setting aside for your retirement years assure you of a comfortable life down the road?

Living life fully and meaningfully is what we all aspire to do when we are young. As the popular adage goes, you only live once! #YOLO

Traveling to your dream destinations, pursuing your passions, and spending more time with family and friends - these are all experiences that we should prioritize in the present. As many have encouraged, do these more often while you are still young and have all the energy. 

However, life is a delicate balance, and it's crucial not to neglect equally important matters, such as health, finances, and planning for the future. Regularly reviewing your life plans and financial goals helps strike a balance between spending on desires and experiences and making stable investments with secure insurance protection to avoid becoming a burden to your family once you reach your golden years.

Your life later depends on the plans you build today. 

Retirement may feel like from a far-off future, but it’s nearer than you think!

It’s easy to be carefree in your youth - at the prime of your life - but becoming wiser involves great planning and preparation. Here are more reasons why starting to plan and save for a retirement fund now is crucial:

  1. Inflation Protection: With the continuous rise in the cost of commodities and services, building a retirement fund early is beneficial. Multiple sources of income, such as a retirement plan, can help you live a comfortable and financially independent life, reducing your dependence on your future children, government pensions, or inheritance during retirement.
  2. Financial Flexibility and Independence: Retirement planning goes beyond basic needs. It provides financial flexibility and independence, enabling you to pursue passions, travel around the world, or explore new opportunities without financial constraints. A good retirement fund ideally grants you the freedom to make choices based on personal fulfillment rather than financial necessity.
  3. Supplementing Social Security Benefits: While government social insurance programs are beneficial, they may not be sufficient to sustain your desired standard of living in the future. Investing in a retirement plan ensures additional resources are in place to supplement your social security benefits.
  4. Financial Safety Net: Unexpected events in life such as medical emergencies or job loss can impact financial stability. A solid retirement plan acts as a financial safety net, providing funds during challenging times and reducing stress associated with unforeseen circumstances. In addition, it can also extend protection to your loved ones.

Regardless of age and status, there's no better time than NOW to invest in yourself so you can have the future you’ve always wanted. Let us help you build your future with Manulife Retirement Plans. Talk to us if you wish to learn more.

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