People approach retirement in many different ways. Some focus on financial matters which, while undeniably important, should not be the only concern. Others fail to pay attention to the financial components, exclusively focusing on other issues. Rather than judge, please share your thoughts below. First, please tell me by answering the poll question: what are your retirement concerns? Then, please share why your concerns are what they are and what you plan on doing about them in advance of your retirement.
Thank you for your participation!
Official projections notwithstanding, how long will SS remain healthy. Also…will the gov change the rules of the game insofar as Roth distributions being tax-free.
Of course, there is always the concern over the possibility of outliving your money. However, that’s something over which I hold oversight and control, so, as long as I can think straight, that will be an issue of minimal concern. The biggest concerns center on Congressional judgements as to how they will view retiree issues.
As a recent retiree, at the age of 58, my biggest concern is health insurance. I have insurance though my former employer, but I pay 100% of premiums for my wife and myself. The gap between now and Medicare concerns me. It is tough finding work and even if I do, the decision to take their group health would be a tough one. If I lose that job I would be without insurance.
I fear that I will never be able to retire, due to my present cost of housing, healthcare and transportation. Before Medicare, we accrued significant debt due to layoffs and healtcare expenses, and may never be out from under that debt. While over retirement age, my husband and I still work full time and enjoy a moderate but not extravagant lifestyle, but would have to downsize significantly to afford to live on social Security alone. Don’t know if we could do it and still live in this country.
I am not yet retired. My concern about retirement is that taxes will increase and reduce my retirement income. The U.S. government is spending more that it takes in. The politicians are creating an unfair future tax on the entire tax paying population with their out of control spending. Obama requesting a trillion dollars for a socialist health care fiasco just shows how out of control government spending is trying to go.
@Sarge: I’m with you on the whole “how long will Roths stay truly tax-free” concern. I preach tax diversification for exactly that reason. I respect where you’re coming from in terms of controlling your spending – good for you.
@Jim: I know people who have struggled with what you are going through (and of course if you had a pre-existing condition the costs would be stratospheric). Who knows whether the health care legislation will help people in your situation – tough to tell but I can appreciate it being a major retirement planning concern.
@Waylon: You bring up an important consideration in your final words – that of leaving the US for retirement. From what I sense, you would be far from alone should you choose to pursue that path.
@Joe: Agreed. Sooner or later we will have to pay the piper and rising rates may be the only way to get there – or so they will say. It’s hard to plan for that, however, so I guess we just have to control what we control.
Mike, thanks for your replys to many concerns of the inevitable…retirement, and living reasonably well in the advancing years.
Waylon, yours is a concern shared by thousands of expatriates…citizens who decide to retire in countries other than their homelands. It is my understanding that countries such as Mexico and Poland are dotted with growing communities comprised solely of expatriates. As with many ventures in life, retiring to foreign lands can be a big gamble. Having researched the topic, I have found that, with proper planning, these “golden year lives” can be quite pleasant, and at nominal cost. However, the key is “PLANNING”. Internet research can provide more info than stacks upon stacks of books, pamphlets, and other documents would have provided in the past. Besides economic considerations, there are political concerns, particularly in countries currently experiencing social difficulties. Language and cultural barriers, of course, can become major hurdles in acquiring a modicum of social equilibrium. If at all possible, you would probably do well to visit your country of choice…easier said than done when on restricted finances. If you have a computer, fine, if not, use one in the nearest library. Learn everything you can about your country(s) of choice, and about the actual process of relocating to strange new lands.
Waylon, good luck to you and your family!
I retired two years ago at the age of 44. With years to go before I can get Medicare, I worry most about the escalation of health care insurance premiums. Most of my expenses I can easily control, but this is the big wild card. The first year our premiums went up 25%, FAR outpacing inflation.
Having said that, I have a retirement blog and the number one search phrase that brings people to my blog has nothing to do with money, it’s “boredom in retirement.”
Other than health insurance, my expenses have drastically decreased in retirement, so the truth is, money isn’t that much of a concern. More of my mind share is now devoted to how to decide what to spend my new-found freedom doing. With so much to choose from, it’s hard to pick what to do next!
@Retired Syd: No doubt, a problem most of the working world would long to have. Yet, for a certain segment of retirees, it is a very real concern. Thank you for sharing.