For all of us in the working world, there’s a question we need to ask ourselves and plan for. Should we retire when we have to, when we want to, or when it’s affordable? It’s a critically important question to ask and plan for, and it’s more important than ever in today’s economy. As of the beginning of 2016, around 40 million Americans are aged 65 or older. By the year 2030, everyone who counts themselves a part of the Baby Boomer generation will have passed 65, and will be counted as 20% of our country’s population.

Here’s where it gets even more unsettling. The median amount amount saved in a combined 401k and IRA accounts for working households aged between 55 and 64 years is a mere $111,000. Fewer retirees have a pension they can rely on. As a result, there’s a very real risk that more than half of us will experience a reduced standard of living. According to a recent survey by Fidelity, the majority of people don’t think about the timing of their retirement. They cross their fingers and hope it will all work out.

Many of us make the decision to retire based on health concerns, an employment layoff, or the decision of a spouse to retire. While that’s all well and good, the smarter play is to have smart retirement plans plans in place already, in order to make the transition smooth and stress-free.