Between paying monthly bills and other pressing financial priorities, it’s easy to get sidetracked with not saving for retirement. Depending on your age, those golden years could be decades away. Time has a way of sneaking up, and before you know it, you’re a retiree. Accountants say there’s no time like the present to start building a retirement nest egg. Here are several reasons to kick off your long-term goals now.

Why You Should Start Saving for Retirement Today

1. Financial Independence

Most parents don’t want to be a financial burden to their children. Saving for retirement now helps maintain the independence you’ve become accustomed to. With careful planning, an accountant can provide you with strategies that aim to preserve your current lifestyle. The goal is to have enough savings in place to pay rent—if you haven’t already paid off a mortgage—pay bills, and still have funds left over to enjoy the fruits of your labor. You also won’t have to worry about your busy adult children with families paying for your expenses.

2. Unpredictable Government Programs

Many Americans rely on Social Security to survive in retirement. In fact, it may be the only funds that help them cover their expenses. However, the Social Security trust fund reserve is on track to be depleted by 2034, according to the latest data. Creating a realistic retirement savings plan now can help prepare you for any changes in government programs later. Even if Social Security is able to maintain sustainability, you’ll be working toward building a financial cushion as supplemental income.

3. Money-Saving Tax Deferments

You can also grow your retirement savings without having to pay taxes on the accounts every year. The tax-deferment applies to certain accounts such as individual retirement accounts, Roth IRAs, and 401(k)s. An experienced accountant can discuss which options are best for your financial needs and offer the most tax incentives.

4. More Long-Term Growth

The earlier you start, the more you can contribute toward retirement. Those in their 20s who are just starting their careers have an advantage. If your employer offers a 401(k) plan and matches contributions, be sure to contribute the maximum amount to get the match. Younger people are typically able to take more risks with investments because they have more time to recover should the markets fluctuate. Even if you’re older, an accountant is a good resource for offering solutions tailored to your age and retirement needs.

Every person’s financial lifestyle is different. Saving for retirement now will provide benefits when the time comes to leave the working world. Tudor Wilson & Associates, CPAs in Honolulu, HI, is the agency individuals and business owners turn to for customized advisory services. What makes the team of accountants different is personalized attention and strategy creation that fits their client’s short-term and long-term goals. To schedule a consultation, call (808) 592-2000. Visit their website for information on the firm’s complete suite of services.