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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 – “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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Coronavirus and Seniors

 

COVID-19 – Seniors Stay Safe

When it comes to the new coronavirus disease, seniors are particularly at risk to become severely ill. This could be because our immune systems change as we grow older, making it harder to fight off illnesses. Study shows that those with underlying medical conditions, particularly heart disease, lung disease, diabetes or cancer are more likely to have a severe, perhaps deadly, reaction to coronavirus than that of other age groups. Here are a few practical recommendations from doctors and other public health experts to protect not only yourself but the community as well.

  • Practice social distancing

All are urged to put into practice “social distancing” by avoiding crowds and staying at least 6 feet apart from people while around the public. The highest risk of infection is in those who have close interactions with people who have COVID-19. This can mean family members and health care workers who take care of people who are infected with the virus. 

  • Stay at home

If you live where cases have been reported, take precaution and reduce your exposure. Keep updated on what is going on in your area. Be sure you have all your needed medications, such as those for blood pressure, diabetes, etc. and any household supplies that you may need to remain in the house.

  • Clean and disinfect

A study found that coronavirus stays in the air for up to 3 hours and can live on surfaces like cardboard for up to 24 hours and stainless steel and plastic for up to 72 hours. Something you should be doing daily to lower your chances of getting sick is thoroughly clean and disinfect commonly touched items and surfaces. This includes countertops, tables, cabinets, door handles, and light switches. Keep your hands clean by frequently washing them with soap and warm water for at least 20 seconds.

  • Obey your state’s guidance

Listen to suggestions from your public health department in your area. Decisions about community procedures are made by local and state officials, in communication with federal officials based on the extent of the outbreak and the seriousness of the illness. You need to be aware of the instructions provided by your state.

Following these simple tips can help reduce the spread and impact of this virus. Learn more information at https://www.cdc.gov/coronavirus/2019-ncov/index.html.

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