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Biggest Fears of Retirement – “Fear of Failure to Finance”

Needles. Heights. Spiders. The dark. All these are things many people are afraid of. However, if you are nearing the age of retirement, what may scare you might not be any of those things. A top concern many individuals approaching retirement have is outliving their savings. Let’s take a look at why this worries many, and a couple of tips to help with this issue.

Affording to Live Through Retirement

Retirement is supposed to be a peaceful time to finally relax and begin living life your way. For many, though, it’s the exact opposite. Most adults over 65 years of age who are living alone cannot afford to pay for their basic needs. No matter your age, the fear of not having enough money is real. We spend most of our lives working to save for the future. When it becomes time for us to rely on what we’ve saved, it can be scary. Most people are afraid that they will not have enough money saved to last through the latter years of their life.  One recent U.S. News & World Report, for example, revealed that in the city of New Orleans, 69 percent of the population over the age of 65 have incomes lower than the poverty line. Little wonder why for many, outliving their money would be a primary concern.

What can be done to address this rising issue? Financial planning well in advance is paramount. Wise money management starts with establishing and maintaining a realistic spending pattern based upon your current income.  For instance, … While many have plans to help them transition into retirement, few have a plan for making it through retirement. That concern is heightened by statistics indicating that people are living longer due in no small part perhaps to advancements made in modern medicine and an increased interest in making healthy lifestyle choices. How is one under the circumstance to determine how much in the way of financial resources is enough? …

It’s important to remember that you will no longer have a steady paycheck with overtime opportunities. The expression, “fixed income” will now become part of your post-retirement vocabulary. Maintaining a daily budget of your living expenses will be something that you will inevitably be forced to do in your new-found circumstance. Doing this can relieve you of long-term financial anxiety. 

Retirement can be a stressful time if you are not properly prepared. The sooner you realize your savings are not where they need to be, the more time you have for adjustment. Start early… the more thought you put into planning your retirement the more you will enjoy it.

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Biggest Fears of Retirement – “Staying Healthy and Affording Health Care”

As a retiree, you expect to spend a large sum of money on health care. Still, many don’t plan appropriately for it. Without a job affording the health care you need could seem near impossible. If you take good care of your health now, you’ll be able to have a quality life and there will be a financial advantage. Your yearly expense will be far less if you are healthy.

Health Decline

Declining health is something we all will have to face in life sooner or later. Although genetics plays a part in health during old age, one important thing that affects your health is how you’ve lived throughout your younger years. If you smoked, the consequences in later life have a chance of being lung cancer, COPD (chronic obstructive pulmonary disease), heart disease or even vision loss. Poor diet is an additional cause of poor health in the elderly. Overeating can cause diabetes, heart problems, and many other illnesses. Many cannot afford to eat properly, still, even if it is within their means, some disregard the importance of keeping a proper diet. This makes them far more susceptible to disease. There are many things you can do to take care of your health while you grow older. Eat smart, the digestive system slows down with age, so eating foods high in fiber would be a good thing to do. Seniors can more easily become dehydrated. Make sure to drink plenty of water to keep your energy up. Always get enough sleep. This can be difficult with restlessness and waking throughout the night which is common among seniors. What can help? Dimming the lights in the evening will encourage drowsiness and keep your bedroom cool, quiet and comfortable. This can help provide you with an atmosphere whereby you can sleep more peacefully.

Affording Health Care

No matter how much you prepare, it’s hard to foresee certain expenses leading up to retirement. Being able to afford good healthcare is a thought that brings worry to those on the brink of retirement. The fear of losing health insurance can keep you from leaving your job or make you want to put off your retirement. There aren’t a lot of Americans who are mindful of the huge burden upcoming health care costs present. Having emergency funds that can take care of expenses for at least half a year would be extremely helpful. This should help cover the cost of some unexpected events that can occur. Do your best to maintain good health, look into a good quality health insurance plan, and think of medical costs while you prepare for retirement, this will help you ultimately. Maybe even moving to a place with good healthcare options would be of interest to you.

*Disclaimer: The information provided is not intended to replace professional medical advice or to diagnose or treat. 

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Biggest Fears of Retirement – “Feeling Lonely”

 

Loneliness

Loneliness is another problem you may face as you increase in age. It is common for many to feel unwanted or unloved. You might also feel lonely because you’re physically distant from your social group. We as humans, yearn for meaningful relationships and social connections. People who are lonely decline faster in mental health than those who have more social relationships. When you feel a part of something, and you see that you mean something to others, it’ll help you succeed in having a more positive life. We need to interact with people, especially the ones in our lives who love us. Not to say that living alone will always lead to loneliness, neither does living with others guarantee happiness. You can keep your independence as you age while still developing solid social connections. But if you are feeling lonely here are a few things that can help…

Tackling loneliness

Stay connected – Spend time with and stay connected to family and grandchildren. Especially if you have mobility issues, keeping people around can lift your spirit. Preserve relationships you have already established. Get in touch with old friends you have lost contact with and build up stronger relationships with the people who live close to you. Joining social sites that are designed to help you keep up family and friends could be something you may want to look into as well. Get out more, go where people are. Even going out to run errands, can help you feel more connected.

Explore new hobbies – Embrace your freedom the best you can, take up a new hobby, spend time doing things you enjoy doing instead of only what you must do. You can join a book club, learn to play an instrument or sign up for an art class

It doesn’t matter so much what it is you do to keep yourself entertained but what is most important are the connections and friendships you’ll make while doing the things you love.

Get a pet – Dogs and cats are known to help with loneliness. They are able to provide a solid companionship. They can also display a variety of human-like behaviors. A dog can show you their love by jumping into your lap and embracing you. Pets can force you to participate in some healthy activities that can improve your feelings of being alone. For instance, getting you to go outdoors and get some exercise

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Honoring Your Parents

Show Honor to Your Mother and Father

Taking good care of your elderly parents will take a lot of time and strength. Make caring for them the main concern, don’t be hesitant to ask for support. Make more time to communicate. You may not always be ready for an unexpected change of circumstances. Maybe think about getting a part-time caretaker. Everyone’s position and what they can do is different. One thing you should always make sure to do is to honor your parents. What are the best ways for you to do that?

Help Support Material Needs 

Honoring your parents might include helping with their material needs. For instance, food, clothing, and shelter. Some may be capable of providing for themselves, which is wonderful. If ever it should come to a point where they are no longer able to take care of their material needs, honor your parents by doing what you can to meet their needs. Not everyone can help others materially. But just doing your best to care for what you can for your parents is greatly appreciated. They do not expect you to do more than what you are capable of.

Acknowledge Emotional Needs

Providing for your parents means more than just providing for their material needs. All of us have emotional needs. Show your gratefulness for all the hard work, love, and care they’ve put into raising you to be the person you are today. Realize that like everyone else, older ones need love and support. We should look for ways to help conserve the dignity of our maturing parents. For example, being a good listener will keep us from insisting on doing things our way without considering their opinions. They need to feel appreciated, and that their lives are still worth living. Show your parents you love them. If they aren’t living with you, remember that your keeping in contact can mean a lot to them. Write them a letter, give them a call, or stop by for a visit. This will bring them so much happiness.

Be Compassionate

As the years move on, older people may find things to be more difficult than they used to be. They may need help. At times, though out of concern, children can become protective and controlling. This can cause parents to resist what they view as efforts to rob them of their independence. They are adults with a life’s worth of experience and wisdom from looking after and making decisions for themselves. Their individuality may center on their role as parents and adults. Parents who feel they have to give up control of their lives to their children could become depressed. It would be nice to let your parents make their own choices when possible. Don’t make decisions about what is best for your parents without speaking to them first. You want them to feel included in the decisions made for them. If they no longer have as many freedoms, you should let them keep the ones they do still have.

Keep a Good Mindset

At times a challenge that adult children have in honoring their parents involves the personal connection they had with their parents in the past. Maybe they were tough, cold or unloving. You might still hold on to anger from the frustration or hurt they’ve caused. How can you overcome these feelings? Try to understand that maybe they had a rough upbringing and have emotional wounds that have caused them to be who they are. Focus on the good in them. Maybe your father never showed you much affection, but you know that he always did what he could to provide for the family’s needs. That is something you can be thankful for. Always show compassion, kindness, mildness, and patience. Continue loving and putting up with one another.

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