Fears About Retirement

Is long-term care insurance right for you?

Is long-term care insurance right for you?

No one has ever said to me, “I can’t wait to move into a long-term care home!” So I think it’s a safe bet to say that very few of us want to do so. e want to stay as independent as possible in our own home for as long as possible.  

If you take care of yourself as mentioned in an earlier blog, you can hopefully push back long-term care needs well into your senior years.

Whether you will need long-term care or not, there is no doubt however, that long-term care is expensive. Has this been factored into your overall financial plan?

What does financial stability mean to you?

What does financial stability mean to you?

Getting personal with you means showing you my humanness. I may have training and expertise to serve you with, but that doesn’t mean I’m without fears! 💜

One of my biggest fears is wondering if I’ll be financially stable in my retirement years. For me, being financially stable is knowing that I’ll have the money for the things I want to do.

Loss of partner and then what?

Loss of partner and then what?

In 2016, Statistics Canada stated that the life expectancy at birth was 79.1 years for men and 83.4 years for women. So, if you are a woman, chances are that you will outlive your partner.

Death, however, is guaranteed to happen as we all die expectedly or not. Let’s look at a few things you can do to prepare in advance to alleviate some of the burden on those left behind as well as to decrease any stress or anxiety you may have around this.

Do you talk to your partner about retirement?

Do you talk to your partner about retirement?

Many people have no idea when their partner is going to retire. They just know their own date of retirement. 🎉

Since retirement is a HUGE change in someone’s life and will certainly impact a relationship, it’s important to find out what you’re each thinking.

The best action to take is to talk about it and there is certainly a lot to discuss such as:

Are you going to be a full-time babysitter in your retirement?

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People have told me that one of their fears about retirement is that their adult children will expect them to care for the grandchildren on a day-to-day basis or to change their plans at a moment's notice.

If this is a concern for you, then you need to think about whether or not this is something you want to do.

Once you are clear on what it is you want and are willing to do, have a conversation with your adult children around expectations and boundaries.

This may be an uncomfortable conversation for you to have. However, doing something you really don’t want to do has a cost on you and your relationship with your adult children.

Be honest with yourself and your adult children even if it means disappointing them. At the very least they will know where you stand. 

Fear of loss of health

Fear of loss of health

My health means everything and I am doing all that I can to be in the best shape possible so I can continue to have a great quality of life in retirement. 

If you want to have great health in retirement, but you haven’t donned track shoes since your last gym class; you don’t eat well, sleep well, take time to recharge your batteries, are often stressed, or are generally in poor health, then you are at a crossroads and you have an important decision to make.

How do you want to feel and what do you want to do in the second half of your life? 

Fear of having to go back to work

Fear of having to go back to work

Studies show that more and more retirees are either delaying their retirement past the age of 65 or going back to work. In 2015, StatsCan, found that 53.5 per cent of men and almost 39 per cent of women who were 65 reported working during the year.

Some reasons for delaying retirement past 65 or going back to work include - not ready to retire; don’t have enough money; bored; lonely; want to meet new people; want to keep busy; etc.

Fear of a Lack of Purpose in Retirement

Fear of a Lack of Purpose in Retirement

A purpose is very important to living a meaningful life. Ernie J. Zelinski, author of How to Retire Happy, Wild and Free says that, “Two essentials for successful retirement are sufficient funds to live on and sufficient things to live for.”

You may have a lot of hobbies, interests and leisure activities that may keep you busy, however, if you want your retirement to be meaningful, these will most likely not be enough. You may need to find your purpose.

Fear of Boredom in Retirement

Fear of Boredom in Retirement

According to Family Service Canada, boredom is the number one reason for dissatisfaction in retirement. Without a person’s routine and social contacts of the workplace, many people feel alone and disengaged from their usual social circle. 

You are going to have a lot more time (at least 8 hours / day or 2000/ year) and anywhere from 20 – 30 years + of life in retirement available to pursue personal interests or hobbies. How will you spend all this extra time?

Fear of social isolation in retirement

Fear of social isolation in retirement

Loss of social network is a big concern among pre-retirees. When you will retire from your career, you more than likely won’t be seeing your colleagues and / or work friends everyday but that doesn’t mean that they are gone from your life forever. If you had good work and personal relationships with your co-workers, then these friendships may be strong enough to continue once you have left work.

Like all relationships, however, you need to make time and work on your friendships to stay connected.

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