More than 20 years ago, I presented at a retirement planning lunch and learn. During the event, I connected with a client for whom I eventually developed a retirement plan. Over the years, our relationship has grown into a friendship, and I have had the privilege of watching her successfully reach her retirement goal.

Last month, we had our final lunch together at La Trattoria. I felt a mixture of sadness and nostalgia as she prepared to leave the island and embrace the next chapter of her life.

Alongside those emotions, I also felt an immense pride in her for staying committed to the retirement plan we had created together. It was a perfect example of how dedication and focus can lead to success, despite the noise and distractions around us. Well done, my friend, you truly executed your plan to perfection!

This got me to thinking about why had she been so successful where others seem to fail. It all comes back to an old saying: “Fail to plan, plan to fail.”

Planning for retirement is one of the most important steps you can take to ensure that your later years are comfortable and fulfilling. Many people tend to focus on the present and often putting off thinking about retirement until the last minute. However, the earlier you start planning, the more secure and relaxed your retirement years are likely to be. Planning ahead is not just about saving money, it’s about creating a clear path to achieve your personal goals.

Certainly, of the biggest benefits of planning for retirement is financial security. When you start saving and investing early, your money has more time to grow through the power of compound interest. Even small contributions, if you make them consistently over many years, can turn into a substantial nest egg. This financial cushion can help cover not just day-to-day expenses and medical bills but also travel, hobbies or anything else you wish to enjoy during retirement.

Without a plan, it’s easy to underestimate how much money you will need or to get caught off guard by unexpected costs. Retirement planning helps you set realistic goals and develop a strategy for reaching them.

Although it can sound cheesy, another advantage of retirement planning is peace of mind. Knowing that you have a plan in place reduces anxiety about the future. Planning encourages you to think about what you truly want from retirement – whether that involves travelling, volunteering, spending time with loved ones or pursuing hobbies.

When you have a clear vision, it becomes easier to make informed decisions and stay on track. My husband and I, for example, would like to be able to spend extended time abroad each year in locations that must have a place where my husband can go fly fishing and courses where the two of us can golf. Furthermore, our ideal destinations are walkable and have a history.

Recognising these “wants” and planning for them helps us keep on track with our retirement plan, because it allows us to develop a checklist for achieving it.

For example, we know that we need to understand the healthcare situation in each potential location and what is available, as well as accommodation options, residency requirements and so on. It is essential to plan for these things, as doing things on a whim may well mean missing out on opportunities.

People often don’t realise that retirement planning also provides flexibility. Life is unpredictable, and circumstances can change unexpectedly. Having a plan allows you to adapt and make adjustments as needed.

For example, if you receive a raise or an inheritance, you can decide whether to increase your savings or accelerate your retirement date.

Conversely, if your circumstances change and you need to retire earlier or later than planned, a good plan can help you navigate those changes smoothly. Building flexibility into your retirement strategy means you’re better prepared for whatever the future holds.

Furthermore, planning helps you maintain your independence. As you age, health issues or other unforeseen challenges can arise.

By preparing financially and mentally, you’re more likely to maintain your independence longer. You can afford to pay for healthcare, assistance if needed or make necessary modifications to your home. Planning ensures that you will not be solely reliant on family members or government programmes, which can sometimes be insufficient or introduce uncertainty.

Retirement planning also encourages healthier habits. When you have clear goals and a timeline, it motivates you to save consistently and make smart financial choices. It can also inspire healthier lifestyle choices, like maintaining good health and staying active, which can help reduce medical expenses and improve your quality of life. Thinking ahead about your future often leads to more intentional living today.

Moreover, planning can have a positive impact on your loved ones. By having a well-thought-out retirement strategy, you’re providing your family with a sense of stability.

You can plan to leave an inheritance or ensure that your estate is organised, reducing stress and potential conflicts among family members.

Planning early is one of the most effective ways to make your retirement years enjoyable and stress-free. The process does not have to be complicated; it begins with understanding your financial situation, setting goals and developing a realistic plan.

Financial advisers or retirement planners can provide valuable guidance, helping you to make informed decisions that align with your retirement goals.

At the end of the day, retirement planning is about more than just money. It’s about creating a life that reflects your values, passions and aspirations. It’s about ensuring you can enjoy your later years with confidence, independence and peace of mind.

The time to start planning is now, no matter what your age. The earlier you begin, the more secure and rewarding your retirement will be. By taking proactive steps today, you’re investing in a future where you can truly live life on your own terms.

• Carla Seely has 25 years of experience in the international financial services, wealth management and insurance industries. During her career, she has obtained several investment licences through the Canadian Securities Institute. She holds the ACSI certification through the Chartered Institute for Securities and Investments (UK), the QAFP designation through FP Canada, and the AINS designation through The Institutes. She also holds a master’s degree in business and management