3 Unexpected Struggles You'll Encounter When Planning for Retirement

No one wants to struggle with money after they retire. The best way to avoid that is retirement planning. Social Security benefits only replace about 40% of pre-retirement earnings, on average. If you rely on that, then money will be tight. By planning ahead and saving diligently, you can help ensure you have enough to live comfortably.

You may already have a good idea of how to plan for retirement. Even so, there are a few unexpected struggles that could come up along the way.

1. It's impossible to predict how long retirement will last

The average retirement length in the United States is 18.6 years for men and 21.3 years for women, according to retirement data gathered by The Motley Fool. Based on that, it'd be reasonable to assume you need to save enough for 20 to 25 years.

But maybe you decide to retire earlier than you originally planned. Americans retire five years earlier than they expect, on average. And you could live well into your 80s or even your 90s. It's possible your retirement could last 30 years or longer.

While that's a good thing, it increases your risk of outliving your savings. Your retirement plans will need to account for the possibility of an extended retirement. You may need to save more, but it's better than being forced to fill out job applications at 85.

A popular guideline by Fidelity recommends saving 10 times your annual salary by age 67. That's just one recommendation, and not everyone needs that much. Still, make sure to plan for a lengthy retirement to play it safe.

2. You may need to financially support family members

The best way to save for retirement is to make it a habit. Contribute a portion of your income to your retirement accounts every month -- ideally at least 10% of what you make.

Consistency is key here. But as you get older, you may find yourself juggling other obligations that make it harder to stay on track with your retirement savings. You could decide you want to provide financial support to your parents. Or you could end up supporting your children for longer than you expected. Maybe you decide to help them with grad school or a down payment on a home.

About a quarter (23%) of U.S. adults wind up in what's known as the "sandwich generation," according to Pew Research. They provide support to parents 65 or older while either raising children or supporting adult children.

It's natural to want to help your family. If you choose to do so, don't let it keep you from saving for retirement. You need to ensure you're taken care of as well.

3. Lifestyle creep could increase your savings needs

I remember when I first read about the early retirement movement. Many of the people trying to retire early go by the 4% rule, which uses 4% as a safe annual withdrawal rate where your money has a high probability of not running out. For example, if you have $1 million invested in your brokerage account, you can safely withdraw $40,000 per year. The rule was originally based on a 30-year retirement, but some believe it can work indefinitely.

I was extremely excited and started wondering how little I could live on if it meant retiring sooner. Could I do $30,000 a year? $20,000? Then I'd just need to get to $500,000, and I'd be set for life!

As I've gotten older and my standard of living has gone up, I've realized that I'm going to need quite a bit more. Now, lifestyle creep gets a bad rap, but the reality is that some amount of lifestyle creep is normal. It makes sense to live better, within reason, as you progress in your career and earn more.

The possibility of lifestyle creep is another reason to err on the side of caution with your retirement savings. Don't aim for the smallest amount you think could work. Aim high so you'll have enough money even if your standard of living rises.

The road to retirement

You can make the perfect retirement plan, but you'll still probably run into the occasional issue. You might not be sure how long of a retirement to plan for. Your parents or adult children could need financial assistance. And your savings needs may go up if you decide you want a larger budget in retirement.

The most effective solution is to make saving for retirement a priority. Try to set aside at least 10% of your income for retirement, and if you can save more, that's even better. The more you're able to save, the more of a cushion you'll have to handle any challenges you face.