• 3 Common Fears About Retirement and How to Manage Them

    3 Common Fears About Retirement and How to Manage Them

You are far from alone if fears about retirement are stressing you out. A recent study demonstrated that 95% of participants had at least one fear about retirement. The three most common fears are outlined below along with how you can manage them.

To learn how to save money in retirement, read this article.

Fears About Retirement

Outliving Savings

This should come as no surprise as the number one fear about retirement. Today, nearly 25% of Americans will live to 90 and many people are worried they haven’t saved enough for retirement. Building a large nest egg to last for three decades is a tall order. That’s why, among other options, one way to manage this fear is to push back your age of retirement. This gives you more time to save while also diminishing your retirement costs. Another benefit of waiting to retire, if you wait until you are 70, you receive delayed retirement credit from Social Security.

Social Security Will Cease to Exist

There are few federal programs more important than Social Security. Half of retirees in America depend on Social Security for half of their income, while another 25% rely on Social Security for roughly 90% of their retirement budget. The idea of Social Security running out is a fear for many in America. While Social Security is certainly in a little bit of trouble, it’s not going anywhere any time soon. This is because Social Security benefits increase at a greater rate than levels of inflation. Additionally, retirement security draws bipartisan support politically, so much so that the 2019 Security Act was passed.

Health Care Costs

Long-term care can easily cost large sums of money in the hundreds and thousands of dollars. These large amounts are enough to throw a wrench in any well-made savings plan. What’s more, is there is no way to know whether or not you will need it. However, there are a few ways you can protect yourself against the financial costs of long-term health care. 

The first way to protect yourself is to reduce the odds of needing long-term care by taking care of yourself as you age. Staying active and eating right is an advantage in preventative care. 

Another option for you is to purchase long-term care insurance. Though these can be expensive, they still give you a regular monthly cost you can plan for instead of the unknown expenses that come with sudden medical expenses.

Looking for some other new secrets to living a healthy lifestyle? With this FREE A-Z guide on Living and Aging the Way You Want you can learn the ABCs of aging successfully. Download your PDF and start living the lifestyle you want.

Concord Reserve is a continuing care retirement community in Westlake, Ohio, independent living apartments, assisted living, rehab services, and more. We’re focused on supporting the vibrant and active lifestyles of our residents so they can age well. For more information, contact Concord Reserve online or at 440-871-0090.

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