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.