3 Reasons Not to Fear Retirement
If you’re nearing retirement age, you are not alone. Roughly 10,000 Baby Boomers retire every day in America, and that number is set to stay true for the next 19 years. Many people face uncertainties and fears about their own retirement. When it should be a well-deserved rest after a lifetime of hard work, a lack of planning may result in apprehension and stress.
Here are some things that could help overcome those retirement fears:
There’s been a lot of talk about the instability and unreliability of Social Security. Fears of being left high and dry have been swarming around the rumor mill. But experts sing a different tune. While people under the age of 40 may have legitimate cause for concern, the idea that someone over 50 won’t get Social Security is borderline ridiculous.
Lack of Money
The idea that one needs $1 million dollars for retirement has again become the “common knowledge” narrative. In actual fact, people’s ideas about retirement have shifted over the years. And this figure doesn't account for any other income sources, such as Social Security, pensions, rental properties, or inheritance — not to mention any part-time work you may pursue during retirement.
Boredom & Loneliness
Like anything in life, your retirement is what you make of it. If you choose a life of sitting alone at home and not being very productive at anything other than crossword puzzles and daytime TV watching, then sure, you might end up being lonely and bored after a week or less. But if you’ve planned family trips, holiday getaways, adventures, and general involvement in the stuff of life, then you might be surprised at how occupied and surrounded by friendly faces you may be.
On this same subject, the planning ahead comes into play. If you’ve been smart about your retirement planning and have some savings ready for you to take advantage of, you could find yourself following a passion in your later years that you never had time for while you were younger. Being stuck in the workaday world may not have allowed you the time to chase a passion or live out a dream. Retirement may offer you a new lease on those passions.
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