Retirement is supposed to be exciting and the conclusion to your working career, however, it can also lead to some fears if you are not appropriately prepared. A new TransAmerica study indicates that American workers are dealing with fears about health and financial security in retirement.
As you might expect, healthcare and longevity both factor heavily into anxiety over the retirement process.
The most common fears that showed up in the survey of retirees included:
- Up to 51% of American workers are concerned about outliving their investments and their savings.
- Current employees are concerned their social security will be eliminated or minimized in the future.
- Long term care expenses are on the rise and Americans are concerned about paying for it.
- Cognitive decline is an issue that is currently worried about by 35% of workers.
- Lack of affordable and adequate health care since Medicare only goes so far and the costs not covered by Medicare can be catastrophic. This is why 32% of the survey respondents listed this as a major retirement fear.
Planning ahead can give you much more peace of mind and confidence about how you approach your individual retirement. It’s important to state necessary planning steps now to feel confident about how you approach the prospect of estate planning. Look ahead to a more confident future for both you and your loved ones by thinking about retirement and estate planning together. Scheduling a consultation today with an experienced estate planning lawyer is helpful.