You should do a retirement plan 5-10 years before you expect to retire. This would list the types of things you want to do in retirement and the lifestyle you're going to live.

It's hard to know exactly what you'll want to do when you'll retire, especially if it's 10 years away because life changes, circumstances change and we all change our views over a 10 year period. However, it's important to start that foundation.

If you don't have a retirement plan in place, then you could be hit with unexpected expenses. IE.. if you wanted to travel for three months at a time but didn't plan for it, you may not be able to do it.

If you didn't plan for your home renovations, you may have to take money out of your vacation funds to fix up the house.

can you please list down specific benefits of retirement plans?? and how soon should you get one??

There is no doubt that there are some terrific benefits in investing in Retirement Plans and i wish each and every one to contribute in a way or other in this section.Feel free to post your queries and we will try our level best to answer your queries.