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:
- 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
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
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
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.
All four are great points. Now I’m teaching my kids to plan. Thanks for the tips
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!