Looking forward to your retirement? It is not all roses!
While retirement is, for most people, a wonderful opportunity to relax and live out your twilight years, for others, it can be a time of their life where they have never felt so lonely and vulnerable.
Many retirement issues can be ironed out with good planning and forward-thinking, but you will regret it in the future if you do not plan now.
Here are nine things you probably did not know about retirement that may be affecting someone you know.
Your Housing Matters
Many people worry about their 401(k) plans, but not nearly enough people put thought into their future housing when they decide to retire. It is not a case of waiting to see what happens, and housing is an incredibly important thing to get right, for both your current self AND your future self.
The fact of the matter is that your needs will change as you get older, you will need to be in a home or facility that will work with you and your changing needs for as long as possible.
The Auberge at Lake Zurich, for example, is a fantastic facility that caters to residents who have cognitive issues, allowing them to live a comfortable and dignified life whilst receiving the help they will need as they decline.
Healthcare Needs Can Creep Up on You
Speaking of changing needs, have you given any consideration to your healthcare needs? If you are in great health now, it is easy to assume that that will continue throughout your life, but the sad fact is that health issues can creep up on you without much warning.
If you do not have a health plan in place, and good health insurance, you could face incredibly high healthcare bills to keep you comfortable. Every day, thousands of Americans will skip medications or go without due to the inability to pay the bills through lack of finances or poor planning.
Ensure that your healthcare plan and insurance4 is in order, and make sure you are ready for a healthcare emergency or illness to creep up on you when you least expect it; because the chances are that it will do.
You Might Feel A Bit Lost in The First Few Years
You may have a rosy dream of reaching retirement age and skipping out of work for the last time, into the s4tting sun on pure luxury and fr3eedom.
Hate to burst your bubble, but you will likely spend the first year or two feeling a bit… lost.
Many new retirees report feeling underwhelmed by the “freedom” they now have because they have nothing to “do”.
Spending fifty or sixty years or so working every day and having that purpose can be a big driver for many, and [probably more so than they realize.
To combat this feeling of loss, join a few groups, and get a new hobby. Find something to fill your time with rather than just sitting around waiting for ‘something’ to happen.
You are Likely to Miss Work (and want to go back)
As well as feeling a bit bored and lost, many retirees admit to MISSING work. While few people say that they miss that overbearing manager or the long two-hour commute, the time spent during the day is something so many retirees miss a lot.
Many miss it so much that they go back! It is common for businesses to have a healthy workforce of 65-75+-year-olds that enjoy working so much that they continue to do so/.
If you do not fancy going back to work (and who could blame you) a great way to spend your time ‘working’ is to volunteer. Volunteer opportunities come in all shapes and sizes from little store jobs right to volunteering your time for local councils and state departments.
Your Savings Might Not Be Enough to See You Through
How much do you think you need in savings to live a good life in your retirement? Well, that depends on how long you plan on living for, and what kind of expenses you are likely to rack up.
The average life expectancy for Americans tops out at roughly around the age of 78, which means you could be spending means, if you retire at 67, you could need to sustain yourself for around a further 15 years. If like many Americans, you live even longer than 82, your need for a good savings pot will only increase.
You May Need to Retire Later
Now you know that your savings might not see you thought, you may be thinking that you can retire later, and that is certainly a possibility.
Thousands of Americans each year stay on at work for a lot longer than they would normally do, and it is common to have employees in their 70s still commuting into the office every day.
Stress Is A Real Thing in Retirement
Along with money worries and work worries, there are plenty of issues that are known to get on top of retirement age, especially health matters for yourself or your significant other.
Loneliness Can Be A Problem
Do you have dreams of sailing the oceans with lots of friends in your retirement? For many retirees, this is what they thought retirement would be like, but unfortunately, loneliness is a real problem.
This has become more of an issue thanks to the coronavirus pandemic, which has forced many older people to shield themselves away from their families and loved ones, causing a huge amount of stress and loneliness.
Scammers Target Retirees
Lastly, you will need to watch out for scammers.
Sadly, scammers see elderly and older people as good targets, and there are far too many stories of them being successful.
Scams such as romance scams, hacking, bank fraud, and money laundering can creep up on you. Remain vigilant, and if it sounds too good to be true, it probably is.