Anxiety about retirement is a global phenomenon and not strictly linked to a country’s specifics, a recent study found out. Nearly 15,000 people from the US. Australia and Europe were questioned and the majority shared concerns about the availability of financial resources during their senior years.
Of all people questioned in Spain, 69 percent shared such concerns. The situation was similar in France, Poland, the Czech Republic and the US where more than 60 percent of the population has such issues to think about.
Money ranks as the number one concern but it’s not the only retirement aspect that people worry about. Entering one’s senior years is marked by a massive lifestyle change that some are unprepared for.
Enjoying comfortable senior years is all about preliminary planning. The sooner you start working on your retirement plans, the better the outcome is going to be.
While thinking of your retirement is definitely an alien concept in your 30s and even in your 40s, there are small things you can do to ensure your future stability and peace of mind.
Finances Come First
Financial worries affect nearly every aspect of retirement planning.
Studies show that 48 percent of older households in America do not have any retirement savings. Pushing financial planning to the future is one of the primary contributing factors.
It’s easy to start setting a small sum aside in your 30s, 40s, and 50s. Planning an investment portfolio with an experienced consultant will grow your money and deliver an excellent return. You don’t need to be saving a massive sum to invest – micro investment opportunities also exist.
Begin thinking about financial discipline. You can still enjoy a few luxuries here and there but get in the habit of budgeting and living within your means. The earlier you accomplish the goal, the more flexibility you’ll enjoy as you grow older.
Plan as a Family
Your significant other should also be involved in retirement planning. Hopefully, both of you will get an opportunity to enjoy numerous years of retirement, fun, and relaxation.
While retirement isn’t something to post about on your DoULike.com profile or even DoULikeSenior.com profile, you need to talk about financial issues the moment you notice things are starting to get serious.
Financial issues have been known to cause the end of more than one relationship. Thus, you have to be open and you have to manage expectations early on.
According to financial advisor boise, tell your spouse how you envision retirement and what financial resources you feel comfortable with. By talking about these issues, you’ll get to see if both of you are on the same page. If you have differences of opinion, work towards a compromise. Alternatively, you can start conceptualizing the investment strategies and the financial discipline policies that will give the household a good outcome.
Retirement Isn’t Just about Finances
While financial planning is crucial if you want to enjoy peace of mind during your senior years, it’s not the only important issue to tackle.
Studies show that retirement is closely linked to an increased risk of depression. The likelihood that someone will experience clinical depression increased by 40 percent after retirement.
Many people anticipate this moment because they imagine having a lot of free time, relaxing and doing the things they enjoy the most. Becoming retired, however, is also connected to a huge social and lifestyle shift. As a result, some retirees start feeling useless and they lose the sense of purpose in life. Such sentiments can easily contribute to anxiety and depression.
To bring down the risk of feeling lost, sad and isolated, you’ll have to consider an activity that will make you feel good.
Retirees may want to travel, explore their relationship with a spouse, start a business, volunteer or focus on health and exercise.
The nature of the activity itself isn’t as important as the feeling of fulfillment it would bring to the table. Taking care of the grandkids while their parents are at work, for example, could be a viable option for overcoming retirement blues.
Think about Your Health
Finally, peace of mind is linked to physical health.
As you grow older, your need for quality healthcare services will increase. You have to make sure that easy access to medical assistance is available throughout your retirement.
First of all, think about your insurance or the medical plan under which you’ll get access to healthcare services. What medical care benefits do you have access to under your employment plan? Do you have to spend a lot more out of your pocket to get coverage? If so, wouldn’t it make sense to switch the medical coverage providers?
Another difficult but important decision you’ll have to make is the appointment of a health care proxy. This is the person that will choose the right healthcare options on your behalf if you no longer have the capacity to do so yourself. Children and significant others are often chosen for that role but they’re not the only option. A good friend could also become your health care proxy.
Don’t be afraid to tackle sensitive or problematic issues at an early age. A failure to speak about the most challenging aspects of retirement could contribute to serious problems down the line.
It’s never too early to start planning your senior years. Begin by pinpointing the specifics of your retirement life and what you’d like to accomplish in these years. Once you have formulated specifics goals, you’ll find it a whole lot easier to determine the steps that will take you there.