Why is financial planning for retirement vitally important?

Question

Quizplus · Accepted Answer

All of the listed factors are critically important. Financial planning for retirement can help ensure that you have enough savings to cover your expenses and maintain your standard of living during your retirement years, which can last up to 30 years or more. Social Security and private pension benefits may not be enough to cover all of your expenses, especially if you have high healthcare costs. Inflation can also erode the purchasing power of your retirement savings over time, reducing the value of your nest egg. Therefore, it is crucial to plan ahead and develop a retirement savings strategy that takes into account these and other factors.

Why Is Financial Planning for Retirement Vitally Important