People are living longer lives these days. They need a way to support themselves as they get older. One way is to continue working every day until the end. The other method is to plan for retirement while young so they can enjoy a leisurely retirement in their later years. Which one would work best for you? We spoke with Steven A. Suib over at Preservation Wealth Management for some advice on why you should take retirement planning seriously.

Here are several reasons why you need to make retirement planning a priority:

The uncertainty of government benefits. The population of the U.S. is aging rapidly as the Baby Boomer generation goes into retirement. That leaves fewer workers paying into the Social Security system with each year. This is already putting a strain on the SS system. What will Social Security be like when you reach retirement? Will it even still be around?

The uncertainty of pension benefits. Private pension plans are not a certainty. Those who manage these plans often put funds into risky investments to keep the benefits at expected levels. If those risky investments collapse, the pension funds are gone. For example, when Enron collapsed over a decade ago, dozens of pension plans were lost in the aftermath.

The increasing risk of health problems. As people age, they begin to experience more medical problems and increased health care costs. While Medicare covers many conditions, there are still costs that you must bear. One major illness can potentially wipe out any savings you have. What would you do if you had an accident or unforeseen illness that had long-lasting effects on your ability to work?

The flexibility to deal with the curveballs of life. Life takes unexpected turns. The loss of a spouse due to death or divorce. An unforeseen accident. The need to support a dependent child. All of these unexpected events are easier to deal with if you have a retirement nest egg on which to draw.

The ability to enjoy life after retirement. People do not want to stop living when they go into retirement. In fact, many retirees want to enjoy and live life in new ways. Travel, hobbies, and new life experiences are often among their retirement dreams. Without a solid retirement plan, however, those dreams won't happen.

The ability to remain independent longer. As a person grows older, it can become more difficult to live independently. With a retirement plan in place, you can afford to bring in a housekeeper or aide to help with the day-to-day activities that you can no longer handle. This allows you to live in your own home as long as possible.

Take Into Consideration Both Your Personal and Financial Plans

What do you want to do once you retire? The answers you have to that question will help determine the financial planning you will need to do. If you want to sell your home and cruise around the world, you need to plan for it. If you want to downsize into a condo close to where your children and grandchildren live, you need a plan in place. If you want to spend your spare time volunteering in a third-world country, a plan is still a necessity.

Once you know the kind of life you want to have after retirement, you can start your financial planning to make it happen. That is when you need to talk to a professional. A financial planner can help you set up your assets so you receive a safe, reasonable rate of return to get you through your golden years. Annuities, life insurance, and tax minimization are some of the strategies to consider. Talk to one of our experts today.

For more advice like this, please contact Steven A. Suib at Preservation Wealth management.