But studies also show that not being able to afford retirement is only a cover up for the real reason of the shift. Most boomers are actually afraid of the uncertainties of retirement. “What will I do when I retire? Will I engage in business? Will I be financially able to support my retirement?” These and many other issues cause retirement fears.
So, how do you do about facing these fears? Managing your retirement fears can actually help you out of this dilemma. It begins from knowing what you fear and plan out what to triumph over those fears.
Insufficient Money
Unstable stock market, higher healthcare contributions and pay cuts altogether create fears of having insufficient money at retirement. These fears are actually baseless because you have the social security to take care of your money upon retirement. The real reason that you will encounter insufficiency of money at retirement is unpaid debt.
Make sure that you pay all your debts before retirement. You should be able to enjoy your retirement pensions in full.
Monotonous Life
You might worry about a life devoid of excitement and fun at retirement. This holds true especially if you don’t expect to travel and find leisure because you do not have enough money. You hate the idea of sitting around the house and not doing anything.
You can dismiss this fear by making a work plan. List down the things that you love doing but missed while you are at work.
Idleness
It is scary when you think that upon retirement you would feel the drag of boredom and end up feeling idle and useless. You have to think that retirement is a reward for your achievements. However, you still have to deal with the possibility of feeling idle. Here’s how.
Before retirement, plan out to volunteer something to do. You may want to baby sit your grandchildren, join a charity work or tutor your neighbor’s children.
Health Problems
Of all the retirement fears that might possibly deter you from retiring, health problems is the most valid. Old age is always accompanied by declining health. However, you can conquer this fear.
You can take care of your health now. Eat healthy foods. Get enough sleep. Visit your doctor regularly. Plan out a routine daily exercise. Don’t forget to take a rest.
You can have an enjoyable retirement. You just need to learn to manage your fears.