It can be enjoyable to think about retirement, but it can also be a little frightening. Who doesn’t worry about getting older while trying to manage daily expenses without a regular income?
Some fears are more significant than others. The Transamerica Center for Retirement Studies conducted a survey where over 10,000 adults shared their main concerns about retirement. Here are the fears that worry them about retirement.
Americans’ Greatest Fears About Retirement
Social Security reduction
35% of the respondents consider this as their top retirement fear. The Social Security system’s finances are widely reported to be in trouble. The amount of attention the program receives probably adds to the fear that Americans have about its future. Do we still have enough time to fix things? Jeff Miller, a Social Security expert, shared his opinion in an article titled “Can Congress Still Fix Social Security?”
Declining health that requires long-term care
34% of respondents consider this as a top retirement fear. If you are paying close attention, you may have noticed a common theme on this list. Many Americans are concerned about how their physical and mental health will affect their retirement years.
Inability to meet my family’s basic financial needs
30% of the respondents consider this as their top fear for retirement. As we age, we still have concerns about taking care of our loved ones. But it can be hard to support others financially when you don’t have a steady income anymore.
During your working years, it’s important to invest your money wisely. This can help you save a lot of money that you can use to support your loved ones when you retire.
Also Read: Florida Becomes Home to an Abandoned Town Most People Don’t Know About
Losing my independence
29% of the respondents consider this as their top retirement fear. Many older adults are scared of relying on others for help. Physical ailments and diseases, such as dementia, can quickly take away our ability to take care of ourselves. Many people, especially those who live a long life, experience this reality when they retire. We should get ready, both mentally and financially, for the chance that it might happen.
Possible long-term care costs
28% of respondents consider this as one of their top retirement fears. Retirement costs can be worrisome, but the cost of long-term care can cause even more financial anxiety. If you are prepared to confront this serious aspect of being a senior, take a look at “Should I Buy Long-Term Care Insurance?”
Feeling isolated and alone
24% of the respondents consider this as their top fear for retirement. Getting older can sometimes lead to feelings of loneliness. Some people feel lonely more often than they would like because they don’t have the companionship of their colleagues at work. This is a particular issue for men who are not in a relationship.
However, in general, retirement is determined by your own actions and choices. Make sure to prioritize building strong relationships with friends and family right now, as this will contribute to a joyful retirement later on.
Lack of access to adequate
21% of the respondents consider this as their top fear for retirement. As we get older, we usually need more health care services. Health care costs are increasing, but one way to control those costs is by opening a health savings account.
If you want to qualify for an HSA, there are specific requirements you need to meet. However, if you are eligible, this type of account provides some of the best tax benefits according to the IRS code.
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