The ninth reason: "To Be Able to Retire"
Think over food. You are going to eat 43,800 meals in retirement, if you will retire at 65 and will live to your normal life expectancy of 85. If every your meals cost five dollars, you’ll spend $219,000 on food. Where will that money come from? Retirees’ income dropped below $15,000 when they retired.
Only 15% of retirees earn more than $50,000 a year. Yet the people didn’t plan to failure. It was normal that a worker and his family could be comfortable if he retired at 62 on a pension and Social Security. Nowadays, you don’t retire as young as 62. So, you want to live much longer than your parents and grandparents did, aren’t you? Consequently, your money must last much longer. If you failure to plan, you confront the possibility of a retirement full of poverty, welfare, and charity.

According to questionnaire design 75% of workers want to retire before age 60, yet only 25% think they will. So we can see that people don’t know how they are going to achieve their purposes. It’s all requires effort and attention.

The tenth reason: "Paying for the Costs of Long-Term Care"
 We must deal with the costs of long-term care. Of those who reach age 65, according to the U.S. Department of Health & Human Services and Americans for Long-Term Care Security, 40% will spend time in a nursing home and 5% will require long-term care at some point. The average annual costs of a nursing home now transcend $71,000. Some people don’t have money to care for themselves. Nevertheless their health insurance and Medicare cannot pay for them.

The eleventh reason: "Passing Wealth to the Next Generation"
This is more difficult than ever before, because living longer means it is increasingly likely that you will spend your money before you have the chance to bequeath it.
It is called the transference of wealth by economists. Historically, money was passed from father to son. Earlier people built homes and had children. They lived for three generations in one house. As the family grew larger, each generation built new rooms, increasing the size — and the value — of the family’s wealth.

When the first generation died, the second generation inherited the house, later passing it to the next generation, with each growing more affluent than the previous one.

 We don’t have three generations living in one house as often as we once did. Today, people have their own houses, so when their grandparents die, they just sell the house.
Besides, we find that our grandparents live so much longer than before — longer than they expected — that they often run out of assets and have nothing to leave to their children. Therefore, instead of passing wealth down to the children, the kids send money up to the parents. Thus, in many cases, the transfer of wealth is going backwards, and economists worry that most Americans are not prepared for this reality. 

 To protect against risk, to expel debt, to live a long time, to handle such major costs for children, college costs and weddings, to buy cars and homes, to afford a comfortable retirement, to protect against long-term care costs, and to pass wealth to your legatee you need to create your own financial plan.