Retirement may seem like a lifetime away for most of us, but that doesn’t mean we can’t feel the pressure of the unknown future. Here are some common fears that people have when it comes to retirement and what you can do to overcome them.
RUNNING OUT OF MONEY
This may be the number one fear for people who are getting to close to retirement. No matter how much you plan or how organized you are, it’s still impossible to know what financial hurdles you will face once you retire. Make sure you use a retirement planning calculator to ensure you are on track for your goals.
STOCK MARKET CRASH
If your retirement savings so tied up with the stock market, watching the ebbs and flows can be stressful. It has been recommended that the closer you get to retirement age, the less risk your portfolio carries. It may be helpful to reach out to a financial advisor to help you through these adjustments.
MISTIMING SOCIAL SECURITY
It can be tricky to know when the best time to take your social security benefits. Starting this too early or too late may cause you to miss out on funds. While you can start taking these payments as soon as you hit 62, the longer you wait, the closer you will be to hitting your max limit.
TOO MUCH DEBT
Entering you golden years with a pile of debt isn’t an ideal situation for anyone. Come up with a plan to get most of, if not all your debt handled before you retire. This can include your mortgage, auto loans, outstanding medical bills, and more.