The things that scare us most about retirement
As we keep hearing the ‘’baby boomer” generation is hitting retirement age with at least 10,000 turning 65 every day. While not everyone can afford to retire or even wants to, there are a number of issues on the minds of many nearing retirement.
Running out of money
It will be no surprise this is people’s biggest worry when it comes to retiring. Nobody knows how long we’re going to live so we’ll never really be able to calculate exactly how much money we are going to need. Whether we should be planning financially for 10, 20 or 30+ years. People used to fret whether they’d have enough to leave their family. The question nowadays doesn’t seem to be do I have enough? But rather, how can I accumulate more? Outliving your money is many retirees worst nightmare.
“What will I do all day?” Not knowing how to fill your retired days worries a lot of people… Nobody wants to sit around the house all day in front of a TV or scrolling the internet. Okay, maybe some people might like that idea. But in reality the majority won’t. Some people define themselves by their jobs where they are likely to have spent many years. To suddenly have that removed from their life can be an extreme shock leaving many struggling to discover their position in a ‘new world’. Finding or rekindling hobbies is highly recommended for retirees. Some consider volunteer work or starting a business of their own, often based on personal interests. The main point is, you need to seek out situations that spark your interests because doing nothing can feel fine for a while, but that can soon pass.
Loss of importance / value
Will you feel needed or useful once you’ve stopped working and started the longest holiday of your life? Everyone enjoys feeling as though their views count and having their opinions listened to. Retirement doesn’t have to diminish your value. There are stories of retirees teaching classes in community colleges. Not for a financial need but because mentoring gives them the ability to influence decisions and opinions. There are many associations and clubs aimed at the more mature, this can be a great way of developing other friendship groups, keeping active and feeling valued.
Living outside society
Some can see retirement like stepping off a speeding bullet train. You get off at the stop but the train leaves the station carrying other people you know: friends and family. Within a short amount of time you feel you can no longer participate in certain conversations. The best way to avoid this is to stay involved. Keep interested and informed on the world around you. Get out more, literally and in the online sense. Social media is an amazing way to stay connected, broaden your social circles and extend your social outreach. As long as you make the effort you’ll reap the rewards.
Many people fear change and retirement is definitely a big change. With some careful thought and advance planning you can overcome any fears; being one of the many who end up saying ‘I don’t know how I had time for work!’