3 Common Retirement Concerns & How You Can Solve Them

Many working professionals exert all their energy and effort based on different goals, such as achieving a higher level of fulfilment or earning enough money to buy a house or a car. Those giving their all at work, however, typically share a common goal: comfortable retirement.

The common problem for retirees

From books to movies, retirement is a time to reap all the rewards of working hard for decades. The majority of future retirees envision their actual retirements consisting of overseas trips, buying that desired sports car, and being able to make the most out of senior citizen discounts. However, though retirement should be a time of celebration, most soon-to-be retirees become anxious and worried.

The harsh truth about retiring is that no one can ever be truly prepared for it. Often, most people have an overwhelming amount of concerns regarding retirement, most of which go unanswered until they have to navigate the situation and find the answers themselves.

Common retirement concerns (and how you can deal with them)

Fortunately, being able to handle retirement concerns doesn’t have to be too complicated as long as you know what to do when the time comes. To help you prepare for retirement, we’ll go over the most common concerns and how they can be dealt with effectively:

POST-RETIREMENT CONCERN #1: Money

Most people approaching retirement ages worry about their financial ability to sustain a life without work. Even if a financial planner’s services are involved, most people still nervously sweat at the thought of having to rely on a cornucopia of funds saved up from their working years. Typically, every retirement fund is comprised of the following sources of cash:

• Your state pension
• Your private pension
• Your savings

The solution: Financial planning businesses or financial advisors can help manage your retirement funds without having to skimp out or go overboard in your spending. Before seeking their assistance, it is essential to determine how much you’ll be getting through your state and private pensions and the total amount of your savings. Then, set up a budget that you can implement and use to achieve a more relaxed and fulfilling lifestyle for the rest of your retired life.

POST-RETIREMENT CONCERN #2: Health

Understandably, health is a common worry during retirement for all the right reasons: there isn’t an employer that can provide medical insurance, and many health problems come up with age. Although it is often said that “health is more important than wealth,” it’s different during retirement because more wealth means that you can stay on top of your health.

The solution: Most wealth management firms and financial advisors understand the concerns that come with staying healthy for retirees, which is why they will recommend health insurance. With an airtight health insurance policy in place, you know that you have a back-up plan to rely on when problems arise. Retirement also gives you more time to work out and stay in shape, so seize the opportunity by walking, swimming, playing sports, or going to the gym! 

POST-RETIREMENT CONCERN #3: Boredom

Let’s face it: spending a few decades working as hard as possible to reach your dreams can let a bit of culture shock kick in once you have all the time to do whatever you want. With rushed deadlines, 8 A.M meetings, and all-nighters buried in the past, the amount of free time you’ll have as a retiree can lead to a bit of boredom because the routines that used to take up all your time aren’t there anymore.

The solution: Once you have assistance in handling your retirement funds and pension, you can finally do all the things that you’ve always wanted to do. Whether it’s a trip to the Bahamas or a brand new project business to work on, you’re most likely going to be able to afford the opportunity to follow your passions.

 With the right planning and knowledge, any concerns that you might have with retirement can be easily handled and turned into opportunities to enjoy your well-deserved break. By applying the solutions mentioned above and the preparatory steps, you can make the most out of your retirement without encountering any hiccups along the way.

At Innes Reid, we offer services that will help you plan your pensions, portfolio, taxes, mortgages, and more. Let us make life easier for you. Give us a call today!