After so many years of work and service, retirees naturally are looking forward to years of productive retirement. They see themselves spending good times with their family and loved ones. They picture themselves doing the things they love to do, which they put on hold but make it their purpose in retirement. More often than not, they aim to live a so-called perfect life, enjoying all the best things they deprived themselves of while working and providing for their families. Be it as it may, these baby boomer retirement fears are real, and often, they keep them inside.
These baby boomer retirement fears can sometimes paralyze their plans. But other times, these same baby boomer retirement fears propel them to work harder as they motivate them to do better than what they’re thinking of. You may be asking what scares baby boomers about retirement when they are supposed to enjoy their newfound freedom. Well, there are many of them and we can help our seniors with these baby boomer retirement fears by helping them and showing them how to overcome retirement fears.
1. Financial Insecurity
Financial worries in retirement are most often on top of the list. While retirees worked as hard as they could when they were active and able, they still worry that their savings will outlive them because of unexpected financial setbacks. To avoid this, consider maximizing employer contributions to grow your savings. Make sure always to have a fund for unforeseen expenses. If you think funds will be short because you’re behind in retirement savings, adjust your plans and take steps to catch up. You can trim unnecessary expenses, invest in side hustles, or even delay your social security.
2. Healthcare Cost
Healthcare costs in retirement are daunting, as always. It’s a major concern to have medical expenses that are difficult to match and cover with the rising cost of healthcare providers. What you can do is study and understand your medicare coverage and check other supplemental options in insurance. Give priority to preventive care to minimize your healthcare expenses in the future.
3. Loneliness and Isolation
Preparing for retirement emotionally is a must for all. Social isolation in retirement becomes significant since social circles become smaller and limited. Yes, others are saying that you really can’t prepare for something like this unless you’re in that situation already. So when that time comes, make sure to stay connected. Schedule phone calls with families and friends. If your schedules do not meet, you can opt for social media and join online communities. You can also volunteer for some good causes, and you can even join book clubs to have someone to talk to.
4. Cognitive Decline
In the US, there are approximately 2 out of 3 Americans that experience cognitive decline during the retirement years. So understandably, this causes a retirement depression for many baby boomers facing retirement. They have this fear of losing their memories or having Alzheimer’s disease. Several factors can help slow down cognitive decline if not totally prevent it. Mental stimulation is one factor to consider. Make sure that you continue discovering new skills, like learning a new hobby or perhaps a new language. Try mentally stimulating activities like crossword puzzles or playing chess. Reading a book is also great as you will learn new things and acquire a new perspective in life.
5. Physical Decline
Losing independence in old age is another cause of baby boomer retirement fears. Just imagine not being able to move like you used to and feeling that you are becoming a burden to the people around you, which is just too depressing. These concerns about declining health that affect your mobility can greatly impact your quality of life. To avoid this, engage in physical exercises. You can incorporate various activities like walking, dancing, swimming, and yoga. Eating healthy and nutritious food will help during these times. You may always want to listen to the advice of centenarians on how you can live longer.
6. Loss of Purpose
The fear of aging comes with the struggles to find purpose and meaning in their lives. Sometimes, as soon as baby boomers retire, they feel insignificant and unable to contribute to society in general. They get so used to working that they must feel they are still part of the workforce. To continue to feel significant, baby boomers can start a business where they do what they are good at. Being an entrepreneur gives you a new challenge while at the same time, you discover a little more about yourself, and then you start having a new appreciation of who you are.
7. Caregiving Responsibilities
There are several reasons why baby boomer retirees worry about caregiving responsibilities. The probable need to care for a spouse and other family members is such a big burden to think of. It demands time, money, and patience, which can later take a toll on you emotionally. Great planning ahead of time is very important to mitigate this kind of issue. Talk about the possible caregiving needs. Seek counseling support, think about long-term care insurance, and, most importantly, prioritize self-care.
8. Housing Cost
The rising cost of housing makes it doubly hard to maintain a comfortable lifestyle for baby boomers retirement. So it’s important to assess your individual needs and circumstances so it’s advisable to consult with housing experts. Sometimes, they will suggest downsizing, which does not hurt at all. You can move to a smaller home or condominium to reduce housing and utility costs. When possible, consider the rental property business to generate additional income.
How to Address Baby Boomer Retirement Fears
Addressing these baby boomer retirement fears proactively can help them enjoy their retirement. There are times when discussing these kinds of issues is already causing too much stress. But we have to be reminded that talking about it early on is better because we can still control the outcomes that we want to happen. On the other hand, avoiding it while we can still do something about it will only result in layers of fears and worries that eventually affect the quality of the retiree’s life.