Biggest Worries Before And After Retirement
The biggest worries for people BEFORE they retire are financial. AFTER someone retires, the biggest worries are health related. These findings are consistently reported in polls and surveys done by Gallup, AARP, Wells Fargo and others.
The reason for this difference is common sense. Before someone retires, they worry about having enough money to live on or outliving their money in retirement. It’s a bit of fear of the un-known. However, once someone retires, the reality of their finances sinks in and they adjust to whatever income they have. A retired person is still concerned about maximizing investments and cash flow, but the bigger worry becomes health, especially the fear of cognitive decline.
Ironically, you can do something about these concerns before and after you retire. When it comes to finances before you retire, take the time to do a realistic retirement readiness financial plan. Save smart and make good use of tax-deferred savings vehicles offered by your employer. And read a few good books. Many books have been written about saving for retirement so read a few. Most importantly, if you aren’t already doing it, start tracking your real living expenses.
Before retirement, taking care of your health should be on the top of your list, maybe even before finances. The choices you make about your health before you retire impact your health down the road tremendously. Think of it this way: taking care of your physical self before retirement is like making deposits into a savings account that will pay dividends later.
After you retire, you will manage your money differently. Have a plan and stick to the plan. Read some good books. Track your spending. Invest for the long-term. When it comes to health, retirees have more time to focus on getting and staying healthy. I suggest that you make your health your number one priority when you retire.
Next time: good books for retirement planning and living well in retirement.