While many of us don’t like to think about our later years when we can no longer work, it is important to think ahead. Planning for the future is important to everyone, but it can often get confusing when it comes to determining when is the right time to begin the planning process. The most important point to remember is that everything needs to be addressed within the proper time frame.

For example, if you are still completing your studies, you may not be thinking about your eventual retirement. Instead, your top priorities will be somewhere along the lines of your career goals, perhaps the eventual home purchase and other hopes and dreams like getting married and starting a family. These are all important milestones and don’t leave much room for retirement planning in your 20s and 30s.

In other circumstances, there are people who do not plan ahead. Time seems to fly too fast and before you know it, you only have a few more years of work left. There are even those who retire unexpectedly due to medical or other reasons. In these cases, it’s good to make sure you’ve made some provisions for your golden years.

Many will agree that the best time to start considering retirement options is in your mid-thirties. This doesn’t mean you need to make concrete plans, but you may want to get rolling. Take the time to schedule appointments with at least three independent financial advisers to discuss your options. Planning ahead will allow you to anticipate certain financial hurdles (such as paying your monthly payments) and will allow you to make any necessary adjustments before you find yourself in a bind.

Once you turn 40, you need to start thinking about where you want to live in retirement. Would you like to stay in your current home, would you like to downsize, or would you like to move to another location entirely?

When you turn 50, you should have your affairs in order. You must be prepared for the type of lifestyle you are likely to expect, and you must also be fully aware of its benefits and when you will be eligible. Consider the long-term future and the fact that your medical and other needs may change over the years, and you will need to make financial plans to meet these needs. Remember that even if your pension doesn’t seem to cover all of your potential needs, you always have options like loans, credit, and capital release plans.