Retirement isn’t always an easy phase to adjust to. Many seniors spend years just getting used to their
changing bodies, lowered energy levels, waning savings balances and newfound freedom. After a
lifetime of working, taking care of families, and physical independence, these are not easy adjustments
But no one wants to spend their retirement living in fear of all the things that could happen. Instead, it’s
important to take the necessary steps to actually enjoy retirement. To do that, let’s take a look at a
couple of the things retirees fear the most and ways to overcome them.
The Fear of Running Out of Money
This is, by far, the biggest fear of retirees. Suddenly tapping into your savings and living without an
employer’s income can be scary—no matter how much you’ve set aside. After all, you have no idea
what expenses life will throw at you over the years or how your investments will perform. There are
three important steps you can take to eliminate this fear:
1. Have a budget. When you live on a budget, you control your spending so that it stays in line
with your savings and interest. Without a budget, you could easily overspend for a number of
years and too quickly deplete your savings.
2. Focus on income-generating investments. When you have savings vehicles and investments
such as annuities with guaranteed income and dividend stocks, you are creating an income that
keeps your principal safe.
3. Buy insurance. If you don’t have insurance protecting you from the various liabilities of life, then
you are putting your savings at risk. Don’t self-insure your future.
Your Changing Body
No matter how healthy you are, your body is going to change as you age. As your body becomes less
responsive and can’t do the things it once did, you might feel insecure about your day-to- day existence.
Here are two things you can do to combat this:
1. Pay attention to the changes. Don’t ignore sudden changes in your physical capacity or health.
When your body starts acting differently—even in a minor way, talk to your doctor and ask about
ways to compensate for the differences.
2. Seniorize your home. Every year, 33 percent of seniors suffer from a fall in their home. It’s
important to make sure your home environment has minimal opportunities for falls and provides
support in key areas. Have handrails installed in your bath and along your staircases, remove your
throw rugs, and make sure you have wide, clear pathways for walking throughout your home.