If you’re approaching retirement age, it’s often a time of great excitement in your life. The prospect of joining the ranks of others who have thrown off the shackles of having to work for a living brings countless opportunities to look ahead with anticipation.
Yet by the same token, retirement age can also be a time of much uncertainty and upheaval. Retiring from the workforce is a major step for anyone, and this can take some serious adjustment after a long career. There are in fact many concerns that people have when it comes to reaching retirement age, and all of them are valid and need to be acknowledged. Let’s look at three of the top concerns of retirees as well as how to manage these concerns effectively.
The Biggest Retirement Concerns
Everyone is different and will have different things on their mind when they retire. Yet there are some universal concerns that just about anyone who is approaching retirement needs to keep in mind.
1. Saving Enough Money:
Perhaps the top retirement concern is the idea that without steady employment, it might be difficult to have enough resources to maintain your preferred lifestyle. The cost of living can be high, and Social Security benefits may not be enough to cover all your living expenses.
2. Paying for Healthcare
Speaking of affordability, healthcare costs are also a major retirement concern. The cost of medical care can be a substantial expense, especially since Medicare doesn’t cover all a retiree’s healthcare costs. This means that, in many situations, a retiree may need to purchase supplemental insurance if they don’t want to pay out-of-pocket for their medical expenses.
3. Loneliness and Boredom
Concerns about retirement aren’t always based on financial matters. Many older adults fear that they may have to battle loneliness and boredom after they retire.Retirement can be a time of loneliness for some people. If you don’t have a strong social network, you may feel isolated and alone. Likewise, if you don’t have hobbies or interests, you may find yourself with a lot of free time on your hands and nothing to do. This can have a major impact on your mental and emotional health.
Strategies for Addressing Retirement Concerns
Thankfully, there are several strategies you can use to address these top concerns of retirees. They include the following:
1. Start Saving Early
The earlier you start saving for retirement, the more time your money has to grow. Even if you can only save a small amount each month,it will add up over time. This will help you supplement your Social Security benefit payments every month, allowing you to enjoy a better, more secure standard of living once you retire.
Seriously, make sure you’re putting something away. And always take advantage of opportunities like employer match. Look at it as free money you’re opting not to collect otherwise.
2. Invest Wisely
Whether it’s a 401(k), a Roth IRA, or another type of retirement savings plan, be sure to manage it carefully and with forethought. When you invest your retirement savings, you should choose investments that are appropriate for your age and risk tolerance. You should also diversify your investments to reduce your risk. If you are about to retire and haven’t done this already, it’s time to discuss with a financial advisor whether you should re-allocate your investments. Invested savings should probably be in lower risk funds. Speak with a professional advisor for more specific financial advice.
3. Create a budget
Once you know how much money you need to live comfortably in retirement, you can create a budget to help you track your spending. This will help you make sure that you are not spending more than you earn.
Determine how you want to spend more of your time in retirement. Are you intending to enjoy a local diner for breakfast every morning? Do you have a list of places you want to visit? Do your grandkids deserve to be spoiled? Calculate how much you think you’ll need for your preferred lifestyle and determine what your budget can support. If possible, find an opportunity to make your monthly expenses more consistent, such as moving into a retirement community where home maintenance, lawn care, and even dining are all included and no longer ongoing question marks.
4. Stay Active and Connected
Retirement is a great time to stay active and engaged. There are many things you can do to stay active, such as volunteering, taking classes, or traveling.Retirement is also a great time to reconnect with old friends and family. You can also make new friends by joining clubs or groups. This will keep you busy, keep you happy, and may even keep you healthy.
The Benefits of a Retirement Community in Addressing Your Concerns
One of the best options to combat many of the top retirement concerns is moving to a retirement community. The many benefits a retirement community are impressive to say the least, especially since they can address so many of the most common concerns you might have about retirement all at the same time.
Retirement communities often provide living arrangements and healthcare options that can help you save money in the long run. Additionally, the many amenities offer countless opportunities to socialize, stay active, and enjoy your retirement. This makes retirement community living one of the best options for anyone with concerns about their retirement.
Think about some of your monthly expenses, and then realize they can be absorbed into one retirement community cost. That includes:
- Utilities like energy and cable bills
- Home maintenance like a new water heater
- Gym membership
- Local pool membership
- Lawn care and snow shoveling
- Hobbies and activities
- Dining
- Excursions into the nearest city
- Healthcare, if you move to a continuing care retirement community that includes health services such as assisted living and skilled nursing
- Much more
Additional Considerations
Retirement can be a wonderful time in your life. By planning ahead and addressing your concerns, you can make sure that your retirement is enjoyable and financially secure.
It can be hard to address your concerns about retirement if you don’t know where to start. If you’re feeling overwhelmed by the thought of retirement, you may want to consider talking to a financial advisor or retirement planner. They can help you create a plan that meets your individual needs.
Likewise,if you are struggling with other concerns like loneliness or boredom during retirement, don’t be afraid to reach out to your friends, family, or community for support. There are many resources available to help you make the most of your retirement. It’s true that retirement is a big change, but it doesn’t have to be a scary one.
Acts Retirement Life Communities operates some of the best continuing care retirement communities in the country. Stretching along the east coast from Pennsylvania to Florida, you are sure to find a campus that fits your personality and lifestyle, and as a result relieves many of your top retirement concerns.
