If some of this sounds discouraging, there are ways to plan for retirement that allow one to be prepared and confident that all needs will be supported.
There are also investment products and strategies today that allow investors to defer taxes, have hedging techniques against market turndowns while participating in a portion of the upward market moves, and create recurring income streams.
Outline the current financial situation; list and prioritize goals; and have a plan prepared that will show if the objectives are based in financial reality.
If they are not, then this is a good starting point to reprioritize goals and savings habits. Many planning tools are available that can outline one’s probability of success, as well as illustrate if there is too much risk or not enough savings.
Retirement analyses like these—at least, in our experience with hundreds of physicians—often relieve anxiety from the unknowns about retirement. Even if a late retirement is the plan, one’s health must cooperate with that plan. That is one area that none of us can predict. It is never too late or too early to begin retirement planning.