By Gordon Chavez, Financial Advisor
When I was younger, I didn’t think much about retirement. Like many families, we were focused on paying bills, raising kids, and making sure the lights stayed on. But over time, I realized that retirement planning isn’t just about me—it’s about making sure my family has stability in the future.
As my good friend and Real Estate Investor Edward Marshall III puts it, “Retirement planning constitutes an essential component of a comprehensive financial strategy, and it is advisable to commence this process at an early stage.”
According to a recent T. Rowe Price survey, more Americans are beginning to see retirement planning as a key part of financial security. Nearly 80% of those surveyed agreed that preparing for retirement gives them peace of mind and helps reduce stress about the future.
So, why is retirement planning so important?
- Social Security may not be enough. The Social Security Administration reminds us that benefits are designed to cover only part of your retirement income. You’ll likely need savings, investments, or other income sources to maintain your lifestyle.
- Planning early gives your money time to grow. Whether through a 401(k), IRA, LIRP or other retirement accounts, the earlier you start, the more you can benefit from compound growth.
- Unexpected costs can arise. Health care, long-term care, or even helping adult children financially can put strain on retirement savings. Proper planning helps cushion these surprises.
The truth is that retirement is not just about leaving work behind—it’s about making sure you and your family can enjoy those years without constant financial worry. And while it can feel overwhelming, the first step is simple: start today, no matter how small. Even modest contributions can add up over time.
For families in our community, especially those balancing multiple responsibilities, retirement planning is a way to build security and peace of mind for the next generation. It’s not about perfection—it’s about progress.
