What’s the best way to overcome the fear of uncertainty that retirement brings? It helps to know the sources of that fear. This will guide you as you fill in the blank retirement often presents.
Without sufficient planning, it’s extremely hard to have a firm grasp on where you stand in terms of finances. This leaves you susceptible to worst-case scenario thinking. You’re consumed by the thought of running out of money.
“Perhaps the biggest concern is whether you can afford that new lifestyle,” says Mark Schrader, TIAA Financial Planning Thought Leader located in Charlotte, North Carolina. “TIAA did a Financial Wellness Survey earlier this year, and we found fewer than 30% of Americans feel confident they’re on track with retirement savings to retire when they want, afford the lifestyle they want in retirement or live comfortably throughout retirement without running out of money.
“Many of us started working in our teens with babysitting or paper routes; we’ve built up a lot of momentum towards getting up and going to work,” says Warren Ward, Senior Planner at WWA Planning and Investments in Columbus, Indiana. “If asked to describe ‘who they are’ without being able to state ‘what they do,’ they are at a loss. It’s this transition from being busy all the time at something they are known to be good at to having nothing required of them that is at the heart of the anxiety.
“Some people are worried about retirement before they retire because they do not know how they will spend their retirement,” says Annette Harris, the Founder of Harris Financial Coaching in Jacksonville, Florida. “They are used to working for people requiring their expertise in their area of work. In retirement, you are in charge of your life and have to plan your days, weeks and years on your schedule and not at the beck and call of others.
Can you remember what it was like on your first day of school? Sure, you knew what it was like boarding that bus, but did you really know what was beyond the bus? Retirement can be like that.In this unexplored environment, all the usual worries take on new meaning. They can be amplified. They can be distorted. They can mutate into a wholly different animal.
“People fear retirement because of all the unknown variables,” says Stephen Dunbar, Equitable Advisor at Equitable in Atlanta.
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