by BECCA KATZ

July 10, 2022

The Top 4 Retirement Concerns—And How To Handle Them

Retirement has the potential to be happy and fulfilling, but there are challenges, too Here are the top 4 retirement concerns reported by retirees and those about to retire:

Paying for Health Care

Health care costs are the number one retirement concern for Americans. 28% of people are worried their medical expenses will be too high. Here are some things you can do:

doctor
  • Calculate what your medications will cost and use that information to select a Medicare Part D drug plan
  • Add to your emergency fund
  • Consider long term care insurance
  • If you are still working, look into a health care savings account
  • Keep up your health insurance payments

Saving Enough Money

piggy bank

Social Security predicts that 25% of 65 year olds will live to 90

Calculate your existing savings and expected retirement income

Estimate how much you will need and make a budget

If you are still working, keep contributing to your IRA and 401K


Maintaining an Income Stream

make money

Stay in you job a few years longer

Work part time

Look into new streams of income. Many retirees start online businesses to supplement their income.


Having Too Much Debt

debt

How to reduce your debt

  • Organize your debt. Know all your sources of debt, amounts, interest rates and payment terms
  • Prioritize your payments. One strategy that may help you reduce your debt the fastest is to pay the minimum on all of your debts each month – except for the one with the highest rate.
  • Consider consolidating your debt.

About the author 

beccak - Becca Katz

Becca Katz is the owner of Becca Katz Printables, a shop specializing in paper products that can be downloaded and printed. These include calendars, planners, kids educational materials and games, party goods, and puzzles.
She also designs clothing to sell in the Katnovations Etsy shop, birthday shirts sold in the It's Your Birthday Etsy shop, books on Amazon KDP and a wide range of other products on Redbubble and Amazon.

  • Many of my friends have gotten to retirement and are finally exploring their passions as a means to bring more income. They find it fun! Or, they get bored and suddenly a part time job is highly desired. Great tips!

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