No matter how much time and effort you put into planning your retirement, a single life change can throw those plans into disarray. In fact, this is probably more the norm than the exception.
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That’s why it’s essential to plan for the unexpected, starting with understanding the types of life changes that have the greatest impact.
Here are four major life changes that could disrupt your retirement plans.
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Illness or Injury
A serious illness or injury to you or your spouse could change your retirement plans in a couple of ways, according to a blog from Farm Bureau Financial Services (FBFS).
One is if you miss work while being treated or recovering, and your lost earnings aren’t covered through sick pay or disability insurance. You’ll likely take a financial hit that could delay retirement. Beyond that, you “almost certainly” won’t contribute to your retirement savings, either, FBFS noted.
The other major impact is if you have to go into a lot of medical debt. In this case, you might need to work longer to pay down the debt.
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Death of a Spouse
First off, the death of a spouse is a “traumatic emotional event” from both a personal and family perspective, said Nancy Gates, lead educator at Boldin, a financial planning platform that can help you strategize a retirement plan.
But it’s also a major financial event that can disrupt your retirement plans if you haven’t properly prepared for it.
“This is especially the case if the deceased spouse was working and was the primary breadwinner,” Gates said. “It is essential for individuals approaching or entering retirement to discuss their plans with their spouse.”
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Boomerang Kids
“Boomerang kids” are adult children who move back home, often for financial reasons. While most parents are happy to help out by giving their kids a place to live while they get back on their feet, it can have a major financial impact.
Gates related the story of a client whose 25-year-old daughter lost her job and moved back home.
“[Her parents] had been saving an extra $500 a month in catch-up contributions to their retirement savings and are worried that they’ll fall behind as they support their child through this transition,” Gates said. “Boomerang kids are a common factor that can lead to a change in your life before retirement.”
Family Changes
This covers a lot of potential ground. For example, you might marry (or remarry), or you might get divorced. You might have a child you hadn’t planned on, or take on the responsibility of a grandchild or the child of a loved one.
Whichever the case, these kinds of major life changes can have a big effect on your retirement plans.
“Changes like these may impact your work life and your expenses before and after retirement,” FBFS noted.
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This article originally appeared on GOBankingRates.com: 4 Life Changes That Could Disrupt Your Retirement Plans