More than half of Americans are not financially prepared to retire, according to a Fidelity report. (https://www.fidelity.com/about-fidelity/individual-investing/americas-savings-rate-improves)  There are many reasons we postpone retirement planning. Here are some of the most common, and how you can work around them.

1. I Have Lots of Money Saved

Have you been putting money away in a savings account? Saving for retirement is good, but you also need a plan for income distribution once you enter retirement. You need to make sure you’ve accounted for taxes, inflation, and health care costs. While a savings account is a great start, to be fully prepared you may need to include other tools or options. Don’t discount other strategies.

2. I’m too Busy

Many of you want to plan for a better retirement, but can’t find the time. Like many important projects, people push it off until tomorrow or the day after that … and before you know it, years have gone by. Retirement planning gets more challenging every year you postpone it. If you haven’t made a plan yet, make 2017 the year you get your retirement plan in order.

3. I’m Still too Young to Think About Retirement

Many people mistakenly think that you don’t have to start planning for your retirement until you’re almost there. However, the sooner you start planning, the better chance you stand of having the kind of retirement you want. It’s never too soon. If you start planning in your twenties, you’ll have plenty of time to save for the kind of retirement you really want.

4. It’s too Late now

What happens if you’re already near or past your retirement eligibility date? Is it too late to improve your retirement? Even if you’ve already retired, it’s important to consider how you’re receiving income and how long it will last. It’s never too late to revise your income distribution strategy.

5. Social Security Will Take Care of me

Nothing is certain. Not only are Social Security rules and regulations are always changing, but insurance, healthcare regulations, and costs are also extremely volatile. That’s a risky combination. It’s smart to create supplements to your social security income to hedge against regulatory changes.

6. I Have a Savings and a 401(k) Account. I’ll be Fine.

Saving for retirement is smart, but to make the most of your savings, you also need an income distribution plan. Are you aware of tax regulations and penalties for dual-income retirements? Do you have a well-planned budget for the money once you have it? Have you factored in health care costs and inflation? What happens if you or a spouse needs long term care? A financial planner can help you think through these contingencies and plan for a wide range of scenarios.