Retention Wall repair

[Gp G.]

Hi All,

Happy Monday. I have very limited knowledge relating to construction. This is not specific to my location contractor question but a general question. One waterproofing contractor said the retention wall (wooden railing as in the picture attached that is a bit rotten) is not in good shape and costs a lot of money to fix. He says if I do not change quickly the retention wall may cause more foundation cracks, foundation syncing.
Has anyone had to replace the retention wall recently? If yes, what was your experience like that you can share? This is 1995 property. Once in how many years do I have to rebuild the retention wall? Thanks in advance.
Regards.