Is there any time in our adult lives (and in many cases even as kids) where we're not worrying about money? For most of us regular folk, if we're not concerned about finances while we're working, we're worried about how to make ends meet if we're NOT working. Then when retirement age comes, we trade in the working-class money worries for the "now I'm not working but I am still breathing" money worries.
What about this whole "golden years" thing that people keep talking about? Shouldn't our retirement years be the time when we put aside cares and responsibilities and get that well-earned rest, which presumably includes a heap of that ol' peace of mind?
There's a difference between being worried about money and being concerned about finances
Here are a few things to keep in mind when it comes to retirement money worries.
Worry Versus Concern
Perhaps we should start by noting the difference between worry and concern. Worry is non-productive, and is usually a form of concern that's been raised to a toxic level because the subject of concern is something that's usually out of your power to change. Worrying, fretting, hand-wringing, all of them are useless and draining. Worry is when you fixate on the problem.
Perhaps we should start by noting the difference between worry and concern. Worry is non-productive, and is usually a form of concern that's been raised to a toxic level because the subject of concern is something that's usually out of your power to change. Worrying, fretting, hand-wringing, all of them are useless and draining. Worry is when you fixate on the problem.
Concern, on the other hand, is different. With concern, you're fixating on a solution to a problem, rather than just sweating over the problem's existence. Worry is passive; concern is active. So, going forward, let's use concern as our go-to term.
Don't Be Concerned More Than You Have To
The media is all too happy to subject you to a barrage of articles and news items, all of them screaming about things that you should be worrying about when you reach retirement age. Well, of course they are! After all, they have to grab your attention somehow, right?
The media is all too happy to subject you to a barrage of articles and news items, all of them screaming about things that you should be worrying about when you reach retirement age. Well, of course they are! After all, they have to grab your attention somehow, right?
According to the article "The Top Three Real Retirement Worries", the things that people approaching retirement shouldn't be concerned about are the alleged future insolvency of Social Security, and the supposed inability to meet monthly expenses. Social Security isn't going anywhere, and most people are actually pretty savvy when it comes to living within their means.
What Are The Areas Of Concern, Then?
The actual, genuine concerns facing future retirees are: covering medical costs, running out of money and not having enough money saved for the long-term. That's it, right in a nutshell.
The actual, genuine concerns facing future retirees are: covering medical costs, running out of money and not having enough money saved for the long-term. That's it, right in a nutshell.
Of course, when you get right down to it, all three of those concerns are actually very much interrelated. So yes, it all boils down to one word: MONEY!
What Can You Do About It?
If the concerns can all be distilled down to the word "money", the solutions can all be distilled down to the word "plan". After all, barring accident, disease or violence, we will all be faced with retirement, so we know it's coming one way or another. With that in mind, you start planning now.
If the concerns can all be distilled down to the word "money", the solutions can all be distilled down to the word "plan". After all, barring accident, disease or violence, we will all be faced with retirement, so we know it's coming one way or another. With that in mind, you start planning now.
Savings. Socking away even a little every week helps; a little is better than nothing. If you have the opportunity to open up a 401K or IRA, you can even get a tax break, since retirement savings gets taken out before the tax rate is applied.
Check Out Available Safety Nets. Thanks to the Affordable Care Act, health insurance is easier to get for the most part. Since health costs are a major concern, it's useful to check out what insurance options are available, specifically in the health marketplaces that have sprung up as a result of the ACA. Consider getting supplemental Medicare insurance. Also, educate yourself on your Social Security benefits and be aware of what's coming to you when you retire. Stay informed!
Come Up With A Strategy. As many business motivational speakers are fond of saying, "People don't plan to fail, they fail to plan." Sit down and create a realistic strategy, including savings goals and other milestones, something that you can adhere to. Check out some Retirement And Planning Websites for help.
Getting Old Isn't Fun
We all age; it certainly beats the alternative. But just because we're getting older doesn't mean we can't be pro-active in cushioning the blow and making the experience more enjoyable. Don't worry; have concerns, and use those concerns as a spring-board to take steps now while there's time. Only then will you be able to enjoy your retirement
We all age; it certainly beats the alternative. But just because we're getting older doesn't mean we can't be pro-active in cushioning the blow and making the experience more enjoyable. Don't worry; have concerns, and use those concerns as a spring-board to take steps now while there's time. Only then will you be able to enjoy your retirement
Article source: http://www.selfgrowth.com/articles/money-worries-and-how-to-avoid-them
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