Retirement planning is a challenge for many people, but it’s challenging for those living with chronic illnesses or children with special needs. If you’re one of these people, you may be tempted to put off retirement planning until after your children have finished school or until you’re in better health. But doing so could mean you end up running out of money before then—and running out of time to do something about it. Consider these key points as you begin thinking about how long you might live and how much savings will help keep your family comfortable after they’re grown.

The Importance of Having a Retirement Plan

There are many reasons to consider having a retirement plan. Firstly, it is vital to save for your retirement. The earlier you start saving and investing, the more money you will have available when retiring. If you wait until later to save for your retirement, then there may not be enough time left in your life span for the money saved up over those years to grow sufficiently large enough before it runs out at old age.

Secondly, having a plan that works with your current lifestyle is essential when planning for retirement, as everyone’s needs vary depending on what stage of life, they’re at right now and how likely they might be able to adjust their lifestyle to meet these needs when they become retired seniors who rely on this income stream exclusively (or almost exclusively).

It’s also important not just because it makes sense financially but because psychologically speaking, just knowing that there’s something there waiting behind door number one will help keep us motivated through difficult times like trying out new careers after school or starting our businesses which usually require long hours working late into evening hours.

Assess Your Health and Your Family’s Medical History

Now that you’ve decided when you want to retire, it’s time to consider your health and family history.

What kind of shape do you think your current health is in? Are there any medical risks you should be aware of? What kind of care do you need now, and what might that look like in the future? How will these factors affect your ability to work longer or remain independent as a senior citizen?

Talking about these things with your doctor before making retirement decisions is essential. A complete physical exam, including blood tests and other tests specific to a person’s situation, can help determine whether they are at risk for certain conditions or have genetic mutations that may lead them into poor health later.

Do You Have a Large Mortgage or Other Debts?

If you have a large mortgage or other debts, consider paying them off before retirement. There are many options to help you do this. For example, if you have enough saved to pay off your mortgage, it may be better for your financial health to do so instead of waiting until retirement. You can also consider getting a reverse mortgage loan as an alternative—although these loans usually carry high-interest rates and can be risky for people who don’t understand them well or need their money early in retirement. Visit to get a quick estimate of how much you can get with a reverse mortgage and learn more about them.

If you want to keep your house but not the debt that comes with it, there are still ways for you to save money and invest in real estate while freeing up dollars each month that would otherwise go toward paying down those debts: buy a cheaper home that is closer in size and value than what you currently own; rent out rooms during the week while living there yourself on weekends; or buy a smaller property nearby where family members could live rent-free if they moved back into town after college graduation (or even before).

How Risky Are Your Investments?

Diversification is essential for any portfolio. A diversified portfolio includes a mix of stocks, bonds, and cash, which reduces the risk of your investments being concentrated in one area. This can help you reduce volatility and increase your chances of earning a positive return on investment over time.

A good rule of thumb is to keep your portfolio’s equity allocation (i.e., the percentage of your stock holdings) below 75 percent to have enough funds available for other investments.

You should also consider how much risk you are comfortable taking on when investing in stocks or bonds:

• If you don’t want any market-related losses, then choose “cash” as an option (such as money market accounts or certificates of deposit). Cash accounts are considered very safe. They offer low returns but a slight risk because they don’t fluctuate based on changing market trends like other investments.

• Someone with a high tolerance for risk might choose “growth” options such as mutual funds that invest primarily in stocks—although even these may have some exposure to bonds depending on what type was chosen initially (see below).

A good rule of thumb: If you’re investing for the first time, select a mix of stocks and bonds that matches how much risk you’re comfortable taking. An investor with a high tolerance for risk might choose “growth” options such as mutual funds that invest primarily in stocks—although even these may have some exposure to bonds depending on what type was chosen initially (see below).


Retirement is a significant milestone and an exciting time. It’s also very stressful and confusing, especially if you’re just starting. The good news is that it doesn’t have to be complex or complicated—the sooner you take control of your finances, the better off you’ll be.