April 09, 2018
Top Worries for Individuals Facing Retirement
Retirement should be a time when we can relax and enjoy the fact that we are not restrained by work requirements. However, any major change in life, including retirement, can cause anxiety. For many, their feelings about retirement are a mix of anticipation and apprehension. However, with careful retirement planning, many of the concerns about retirement can be resolved.
Common Retirement Concerns for Retirees
The concerns and worries you may have about your retirement are specific to your situation. However, many people share some of the same concerns about their retirement years including:
- Saving Enough Money — It can be difficult to know how much money you need to save for retirement, especially because we are living longer, and the cost of living continues to increase each year. Social Security income usually falls short of covering daily living expenses at the standard of living you enjoy right now. Therefore, you need to ensure that you have sufficient income from savings to supplement Social Security benefits during retirement. Careful retirement planning is required to ensure you contribute sufficient funds to your retirement accounts while you are working.
- Retiring with Debt — It is common for couples or individuals to retire while owing a mortgage, car payment, and other debt. However, during retirement, it can be very difficult to pay those monthly bills on a reduced income. Debt management now and after retirement is important. A retirement planning attorney can help develop a strategy to help ensure debts are paid before retirement or paid down to a level that is affordable during retirement.
- Paying for Health Care — Typical health care costs can be difficult to manage without any major costs. However, unexpected costs for health care can deplete retirement savings very quickly. For many retirees, health care costs are a substantial portion of their monthly budgets. There are ways to plan for these expenses to help ensure you can pay for health care without exhausting your retirement funds.
- Outliving Retirement Savings — It is wonderful to think that we could live to be 100 years old or older. However, the longer we live, the more money we need in our retirement accounts. A fear for many people is outliving their retirement savings and being forced to sell assets. Retirement planning can project the amount you need to live to be 80, 90, or even 100 years old, so that you can ensure you have sufficient income for your entire life.
- Lack of Social Security Benefits — For many young people, the fear that Social Security will not exist when they retire is a common fear. We cannot predict what will happen in three or four decades, but we can take steps now to provide for our future with or without Social Security benefits.
Planning for the Future
Regardless of your current financial situation, you can begin planning for your future with the help of a Michigan retirement planning attorney. Retirement is a stage of life when you should be able to enjoy spending time with your family and pursuing your interests without the constraints of a full-time job. However, without adequate retirement planning, your golden years may not be as stress-free as you envision.
Our Michigan Retirement Planning Lawyers can help you develop a strategy to increase retirement savings so that you have more than enough income during retirement. There are several different tools you can use to improve your retirement plan.
Call 888-390-4360 or use the contact form on our website to schedule a consultation with our retirement planning attorney. We also offer comprehensive estate planning services, which are another important factor in planning for your retirement.