With most big milestones in life, they come with excitement and fear. You are reaching the point in life where the workforce will not rule you. When you get up and what you do during the day will be solely up to your discretion. On the other hand, your earning days are over the fluctuation of different markets will affect you. It is also when your health seems to be going in the wrong direction. The good news is that you are not alone. Here are some of the top fears of your peers also entering retirement.
Depleting Savings
Before taking the plunge and turning in your retirement papers, you have looked over your savings and retirement account. You have probably spent the time punching the numbers to ensure that you have enough to live on. There is still a fear that something could not go to plan and leave you wanting. One of the best things you can do to try and calm this fear is to talk to a financial advisor. Get the best advice possible and maybe even get a second opinion. Talking to those whose job it is to help you prepare for this time in your life will hopefully help to make you feel more relaxed in your choice.
Medical Expenses
As we all age, things start to fall apart. The things we could once do start to cause us aches and pains. The days of staying out of the doctor’s office are over. To live a healthy life in our advanced years, we need to find a good doctor to help us. Unfortunately, medical expenses are not getting any cheaper. And there is always a chance that they can continue to creep up. To try and calm this fear, prepare for the worst-case scenario. Knowing your family history of illnesses will also give you more insight into the possible conditions you will face. Creating HSA accounts to be used in the future may be an option to ensure you have funds specifically for your health.
Inflation
Another common fear that is like raising medical costs is inflation. Over our lifetime, we can see that the cost of living and products are steadily increasing. And at times, they seem to make a huge jump. When we set up our retirements, we have to consider inflation. The fear that we live too long and end up not having enough to care for ourselves is a fear that many experience.
Death
We live through a lot of phases in life. One of the hardest is the last one when all our loved ones start to pass on. The fear of outliving those we love is not one you are alone in. Many do not want to be the ones having to bury all their friends and family. There is nothing to be done to prepare emotionally for this last phase in life. Just know that you are not alone in your fears.
All experience the fears of retirement.