Planning for retirement is an essential part of your career. When you work, you’re doing so to cover your ongoing expenses, but you’re also working to ensure your future. Whatever preparations you make now will dictate the quality of your life when you’re no longer able to work. Retirement savings are a part of said preparations and here are just some of the reasons why having savings is important.

Financial Independence

Growing old has its own perks, but it also brings a number of challenges. Our ability to work diminishes with age, making it much more difficult to pay bills, buy gas and bring food to the table. In some cases, your body could deteriorate to a point where you can’t work at all. It all depends on any injuries you might have suffered, any hereditary conditions, but also how well you took care of yourself.

Having retirement savings means that you can afford to not work without worrying about bills, or any other expenses you might have.

No Stress

Worrying about money can be extremely stressful depending on your living situation. Financial advisors at argue that running a Roth IRA account is a good way of ensuring a no-stress retirement once you reach the end of your working age. Retiring with a Roth IRA fund means that you can enjoy your savings without having to worry about paying tax on that money since you’ve already done so upon depositing it.

Stress is a massive health factor that can break a healthy young person, let alone someone who may already be dealing with cumulative damage from a stressful career.

Better Healthcare

The unfortunate fact of aging is that our bodies start requiring more care. Our strength is no longer there, and we’re slower. Yet, in our mind, we’re all more than capable of getting on top of that ladder or lifting that absurdly heavy item all by ourselves. Medical emergencies are more common as you age. Without the retirement savings, you’re looking at a potentially devastating medical bill that could set you back quite a lot.

Even though retirees often enjoy the benefits of a federal healthcare plan, you’re still on the hook for certain expenses that could turn out to be massive. Proper retirement planning and a good retirement savings account can help you go through whatever potential medical situations without suffering severe financial losses.

Less of a Burden On Your Family

Being a financial burden to others is one of the worst feelings in the world. Your kids or grandkids most likely won’t mind helping you here or there, but it’s a whole different thing to offload all of your financial needs onto them. When you retire, your retirement savings account will help you be completely independent. That way, your kids and their kids can focus on building their lives and investing in their future.

Besides, if you’re financially stable in retirement, you’ll be that cool grandparent to your grandkids and a pillar of support to your children, if they need it.

Fund Your Passions

One of the best reasons for a retirement savings account is the ability to fund your passions later in life. Retiring means that you now have all the time in the world to build that vintage car you’ve always dreamed of or build that backyard garden just how you like it. However, time is just one part of the equation. All these things cost money.

By having a retirement savings fund, you’ll be able to squeeze your passion projects into your budget without having to worry whether you can afford these things or not. Imagine the quality time you could spend with your kids or grandkids as you work on your passion project? These things are priceless.

Take Care of Yourself

When you’re 20-30, retirement feels like it is centuries away. Not enough young people understand the importance of retirement funds and how they can affect your quality of life in the future. Retirement planning should be a part of regular education. We’re taught to eat healthy foods, to exercise, get enough sleep — all in an effort to be healthy and to keep our bodies function as we grow old.

Yet, no one mentions that growing old doesn’t put a pause on your power and gas bills. Be smart, take care of yourself, and learn about retirement funds on time. Your future self will be more than grateful if you do. It’s all about being prepared.

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