Many of us are looking forward to the day we can retire, leaving us free to travel, see family or otherwise pursue our own interests on our own schedules. More than 70% of us are excited for retirement, according to the Employee Benefit Research Institute’s (EBRI) 29th Annual Retirement Confidence Survey.

But actually planning for your retirement can be stressful. You need to juggle saving for retirement with your near-term financial goals, decide when to stop working and determine how your savings and other sources of retirement income will cover all your expenses for the rest of your life. Not surprisingly, the EBRI survey found that about 60% of us feel at least somewhat stressed about preparing for retirement. And that anxiety often leads to inaction. According to the EBRI survey, only 42% of workers have even tried to calculate how much money they will need to retire.

Building a robust retirement plan with the guidance of a financial advisor can help lower your stress level. While you’re still working, an advisor can offer guidance on how to save for retirement alongside your other financial goals — and ensure you are on track.

As you near retirement, your advisor can help you create a plan designed to generate income from your savings, including deciding when you should start taking Social Security benefits. Having a plan in place can also help you ride out unexpected events — such as market volatility — and help you avoid making sudden moves with your money that may undermine your long-term retirement goals.

The bottom line

Seek out advice, and don’t wait too long to do it.

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