Fear, Panic, Hysteria About Retirement, Why?
If retirement does scare you, you are not alone. Many investors waffle about retirement; should they stay or should they go.
You have put in your time, you’ve worked for almost 40 years, now you want out, you want to retire; but you can’t quit make the decision to do so. Taking retirement is a big decision, especially during turbulent economic times.
Your apprehension may be causing many stressful discussions and perhaps even sleepless nights. If you are over anxious you may be able to delay your retirement for a while, but you cannot delay forever…you will eventually have to retire.
Step #1 – Acknowledge Your Fears
Many investors close to retirement age have some of the following fears, do you have them also?
- Can you really afford retirement, right now?
- What if the economy bottoms out after you retire?
- What if inflation shoots up further and devalues your retirement income?
- What if the market drops and your retirement income can no longer even pay for your basic expenses?
- After your retired what if you want to go back to work but can’t find a job? Maybe you should just continue working?!?
- What if social security goes bankrupt and your personal retirement investments are not enough to live on?
Step #2 – Eliminate Your Retirement Anxiety
What if, what if, what if…you are just scaring yourself. Stop driving yourself nuts with all of those fears and worries about retirement. You may always be able to talk yourself out of retiring. Maybe you would be better off trying to find a way to calm your fears and move on.
The best way to eliminate retirement anxiety is to put your emotions aside.
If you make financial decisions with your emotions, be ready for a financial train-wreck. Finance and emotions do not mix. When you are emotional you may make impulsive decisions…bad move.
The financial side of retirement is basically black and white…you either have enough money to afford retirement or you don’t, period!!! If you cannot afford it, you either delay it until you build up your savings or you retire and live on a smaller budget.
Find A Silver Lining
A retirement calculator is your silver lining.
Find out if you are well capitalized before you retire. You cannot afford to retire until you run your numbers through a retirement calculator. The purpose of these retirement calculators is to help you target your retirement income and help you determine how much money you really will need before you pull the plug on work.
You Can’t Control Everything
Retirement anxieties only build up when not identified and addressed. You cannot personally control the economy, inflation, the markets or social security; but you can control your financial situation.
You can control how much you save and invest into your retirement plans. You also control your emotions, which do not belong in financial decisions; save your emotions for a sad movie.