Ask anyone when they wish they could retire, and they will probably reply with some variation of, “how about right now?” Ask that same person when they will actually be able to retire, and you will receive a mix of answers. “I don’t know” or “probably not for a long time” are likely responses.

The truth is, many of us won’t retire when we had hoped, even if that initial hope sounded reasonable at first. These factors are commonly cited as reasons for delaying retirement by a few more years.

Debt. It’s no secret that a large debt load eats away at your budget. Many people have found themselves working a bit longer in order to pay off debts before retiring.

Healthcare costs. The average couple retiring today will spend about $260,000* on healthcare over the course of their retirement years. This will be particularly true if you retire before the age of Medicare eligibility at 65, forcing you to purchase another form of coverage until then. For that reason many workers aren’t even planning on retirement until that age. But keep in mind that Medicare still won’t cover everything you need, so other forms of insurance should be investigated.

You don’t have enough savings. You probably already know that many retirees find living off of Social Security benefits alone to be difficult. That’s why we recommend some form of retirement savings account. If you got a late start with this part of the planning process, it’s okay: But let’s discuss a savings strategy now, so that you will have at least one other form of income in retirement.

You actually like your job. These people do exist! If you’re in no hurry to retire, then there’s no rule saying you have to. But keep in mind that at some point, you might change your mind. Keep saving money in your retirement account, and meet with us regularly to discuss other retirement planning matters that should be investigated ahead of time.

You just don’t have a plan. It’s hard to arrive at a destination if you haven’t chosen one first! The same rule applies for major life decisions. Some people find themselves delaying retirement indefinitely, for the simple reason that they didn’t plan for it. Don’t let that be you! Give us a call, and we’ll start analyzing your goals and helping you to prepare for retirement now. It’s never too late to get started.

*Fidelity Investments