The uncertainty of outliving your savings, understanding sources of income in retirement and accounting for the unexpected can be addressed through a financial plan.

According to Transamerica’s 2018 Annual Retirement Survey of American Workers, 45% of women do not have a retirement strategy and only 12% are “very confident” in their ability to fully retire with a comfortable lifestyle. Quantifying your goals and measuring them against your expectations may sound daunting, but the comfort of knowing how long your savings will last builds confidence, reduces stress and improves your own well-being.

A 2017 Aegon Retirement Readiness Survey estimates that 42% of Americans expect their income to come from government funding in retirement, yet an overwhelming 81% of women are concerned that social security won’t be there for them when they’re ready to retire. A financial plan can compare various social security strategies and analyze other possible income sources for funding retirement and other important goals.

People are far more likely to become disabled than die during their working years. The probability of death before normal retirement age (NRA) in 2017 for a 20-year old is 11.6%, according to the Social Security Administration’s actuarial tables. However, the probability of disability for the same 20-year old is 26.8%, yet most people will acquire life insurance before a disability policy. A comprehensive financial plan will account for disability and other unexpected scenarios that could ultimately derail your retirement dreams.