Retirement: Get Over Your Fears

By Perspecty Tube

Retirement is the beginning of a new and exciting phase in our lives. Since this is a time of great change, it can be challenging at the outset to estimate our spending needs. In the past, retirement was a 10-20 year period. Times have changed, and with longer life expectancy, retirement can last for up to 30-40 years. Since defined benefit pensions are less common and less generous, the onus lies with us to ensure that we have accumulated enough money to sustain the lifestyle we desire in retirement.

• Language: English
• Publisher: Perspecty Tube
• Release date: Jul 7, 2017
• ISBN: 9781370891085

Perspecty Tube

Library · California City, California

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3 COMMON RETIREMENT FEARS

It is impossible to know how the new phase of retirement is going to feel and how deeply it will affect you—until it happens. I want share some of the common fears people have about the process of retiring, so we can prepare for them both financially and psychologically.

RETIREMENT FEARS ABOUT LIFESTYLE

Fear is a powerful motivator, and the fear of losing money is a substantial one. But overwhelmingly, the greatest fear people have about retirement is not losing their money, but rather losing their lifestyle. Many soon-to-be retirees are uncertain about just how different things will be. Many different fears about retirement fall under this umbrella, including:

I don’t want to have to live less comfortably.

I don’t want to have to go back to work.

I don’t want to lose connection with my friends.

I want to stay active.

I don’t want to settle for lower-quality health insurance.

Overcoming The Fears About Lifestyle

Nearly every aspect of the planning process relates back to knowing the financial details of your life: in other words, having a monthly budget. Create a detailed budget, including all your income and detailed expenses. Now go through your budget (preferably with your partner) and try to note down what will change about it after retirement. Which expenses will increase? Which will likely go down?

Through this important document, you’ll be able to see what normal is for your family, and so be able to better understand how much difference retirement will make. Moreover, on the psychological level, simply reviewing your monthly budget can better prepare your mind for the transition.

Most of the time, the financial aspects of retirement planning begin to fall into place first. For your plan to be successful, though, it really can’t stop there. Look at some points that deal more specifically with that other, more human side of preparing for retirement: your life!

RETIREMENT FEARS ABOUT HOW TO SAY IT

Many clients told me how hard it was for them to bring up the fact that they wanted to retire to their spouses. The subject of leaving work is an intimidating one, because of the possible feelings of fear and uncertainty for the future it may bring up in your spouse. Moreover, telling one’s spouse can be more difficult for some. You can imagine how hard it would be to say, Honey, I’m thinking of retiring if you’ve never talked about it before. As such, my best piece of advice for couples is to make sure that when you bring up retirement, it isn’t a foreign topic!

Overcoming The Fear Of Telling Your Spouse

As is true with most difficult things in life, we want to minimize emotions and maximize productive discussion. Having a plan is a good way to achieve this. With a structure in place, you’ll find it easier to speak from the heart about this huge transition. Tell your partner how you’re feeling, physically and emotionally. Relate your intentions with as much detail as possible. Try to give a timeline that shows the planning and thought you’ve put into it. Finally, try your best to express why you think this is the best plan, and if necessary,