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Does the thought of retirement occasionally send a shiver down your back? If so, you are not alone.
Your golden years are supposed to be a time to relax and enjoy life. But the thought of financing decades of retirement without a regular paycheck is nerve-wracking for even the stoutest of souls.
More than 3,100 adults who work at for-profit companies recently revealed their biggest retirement worries as part of the Transamerica Center for Retirement Studies 21st annual Retirement Survey of Workers. Following are the dozen fears that haunt their visions of retirement.
12. Being laid off — not being able to retire on my own terms
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Respondents who cite this as a top retirement fear: 17%
Age discrimination in the workplace is illegal. Alas, it also is a fact of life.
A joint analysis by ProPublica and the Urban Institute estimates that 56% of workers experience at least one involuntary job loss after age 50. Just 1 in 10 of these workers go on to find a job that paid as much as their previous position.
If you are an older worker looking for a new job, check out “The 20 Most Popular Jobs for Seniors.”
11. Finding meaningful ways to spend time and stay involved
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Respondents who cite this as a top retirement fear: 21%
Many of us dream of a retirement full of endless rounds of golf or weekend getaways. But having too much time on your hands with nothing to do is not a recipe for happiness.
Volunteering is a great way to add meaning to retirement. But if you plan to volunteer in your golden years, get started now. As we point out in “12 Hard Truths About Retirement:”
“Among people who did not volunteer during their working years, just one-third finally begin volunteering during retirement.”
10. Affordable housing
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Respondents who cite this as a top retirement fear: 22%
A decade or so ago, homes were selling for bargain prices, thanks to the bursting of the real estate bubble that triggered the Great Recession. Since then, home prices have exploded, leaving today’s workers clearly worried about future costs.
Although you cannot control housing prices, you can lower your costs significantly by getting the right home loan. So, stop by the Money Talks News Solutions Center and search for a great mortgage rate.
9. Feeling isolated and alone
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Respondents who cite this as a top retirement fear: 27%
Senior life can …….