Knowledge and preparation will yield success in retirement.
Is there a real fear of retirement?
ARE you afraid to retire?
Retirement is a time in one’s life which everyone should yearn to reach but the reality for many is quite the contrary. Even for the financially well-off, the thought of retiring can create emotional conflicts.
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Having spent most of one’s life working, saving and investing, some retirees have a challenge transitioning to spending, fearing that resources will be drastically reduced with little or no opportunity of earning in retirement.
For some pre-retirees and retirees, saying goodbye to years of working and anticipating boredom in retirement has given them much anxiety, as little or no consideration was given to pastimes and other engaging or activities that will make retirees have meaningful lives. It’s a challenge for some professionals, who have built solid careers for themselves, to welcome retirement as it means giving up a dream job, career status, and the prestige of the working life. For some seniors, retirement represents a finality and not the next phase of a lifelong journey.
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Planning for retirement is much more than budgeting and having adequate financial resources to last during retirement and beyond. With the help of qualified financial advisors, pre-retirees and working adults can plan to enjoy their time in retirement by designing a plan of action that will be executed throughout the retirement years. Working adults may consider working part-time for a few years while in retirement; this will make the transition to full-time retirement easier, and allow for more time to spend on leisure activities as well as provide the opportunity for family time. A designed retirement lifestyle may involve learning new skills, volunteerism and finding new hobbies. It’s important to plan for the retirement lifestyle you desire and to take steps to make that lifestyle a reality.
There are working adults who dread retirement because they have not saved enough for the retirement years or they doubt that they will save enough for retirement. Losing their health insurance or having inadequate health insurance coverage as a retiree is a major concern. The picture gets worse if it involves tending to the health-care needs of loved ones or family members who are not able to provide for themselves or who may need help to cover health-care and other financial obligations. It is best to confront these fears early by having a well-resourced retirement plan that covers financial and social needs. Retirement ought to be a time of less stress, but without a plan in place the retirement years can become daunting.
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A recent study by career website Zety revealed that 40 per cent of Americans fear retirement more than death. An analysis of the findings revealed that more men fear retirement than women. Forty-seven per cent of all respondents fear retirement more than sickness or poor health. What’s even more alarming is that for respondents aged 39 and above, 33 per cent fear retirement more than death; while for respondents below age 39, 52 per cent fear retirement more than death. Also, of those respondents below age 39 some 53 per cent fear retirement more than poor health. But why is the younger population so fearful of retirement? Is it that young people fear retiring with inadequate income?
FEAR — false evidence appearing real — may prove appropriate when it comes to many fearing retirement. A number of people have a fear of the unknown. It is, therefore, best to understand your retirement needs through strategic planning and to take action early. The earlier working adults begin contributing to a formal pension and have in place a diversified investment and financial plan, the more the fear of retirement can be eliminated. Taking action early will thwart the fear of retiring.
In Jamaica nearly 20 per cent of the working population contributes to a pension plan. Many of the pension contributors have no idea how much income they will have in retirement and fail to make maximum contributions. There seems to be a comfort level with making minimum contributions, which is likely to result in “minimum wage” income during retirement when the years of working are over, especially if working adults postpone pension contributions to the latter years of their work life. Planning for retirement, for many, has been rather transactional than strategic. This increases fear about the future.
Financial literacy remains the key to understanding retirement needs and the impact of inflation on savings. With knowledge, working adults can plan ahead to live comfortably in retirement instead of realising their fears. It’s the lack of action that realises fear. As Shakespeare said “Take arms against a sea of troubles and in so doing, end them.”
Confront your fears today; don’t wait until retirement to regrettably say “I am living my fears.” Knowledge and preparation will yield success in retirement. Success occurs when opportunity meets preparation. Retirement is an opportunity to fulfil your dreams.
Grace G McLean is financial advisor at BPM Financial Limited. Contact her gmclean@bpmfinancial. and visit the website: www.bpmfinancial.com. She is also a podcaster for Living Above Self. Email her at livingaboveself@gmail.com
It’s important to plan for the retirement lifestyle that you desire and to take steps to make that lifestyle a reality.
