Anxiety. We’ve all got it. Germs, jobs, raising kids, Russian invasions; the reasons for sleepless nights are endless. I can’t cure them all, but here are some ideas if your worry set is centered on being retired.
Fear #1: Running out of money.
Pretty much all other worries fall under this one.
Solution: Meet with a financial planner who uses retirement planning software to determine your ideal retirement spending. It might be better than you think. If it’s worse (i.e., you need to spend less money), at least you know and can make intelligent money decisions that will increase your financial security.
Fear #2: Spending too much and…running out of money.
Solution: Knowing where your money goes will make you feel more in control and less fearful.
- Sit down with your checkbook and credit card statements to determine where your household income is going.Feeling tech savvy? Use web programs Mint or YNAB to track spending.
- Shop around for a better deal on home/car/health insurance.Ask me for a referral to property and casualty insurance brokers who will shop multiple carriers to find you the best deal.
- Do you really need that life insurance policy now that your kids are grown?
- Is your home too expensive?
Fear #3: Large medical or long-term care bills…that lead you to running out of money.
Solution: Again, knowledge is power.
- Understand your options for Medigap plans.What are the annual out of pocket maximums? Maybe you can set aside money for that in a separate account to be ready.
- Do you have old whole life insurance policies that can be converted to Life/LTC hybrids? Ask your insurance agent or e-mail me for referrals.
- Do you have enough money to self-insure against a long-term care claim? Many people do, but they haven’t worked with a financial planner to run the numbers. E-mail me to set an appointment for just that type of calculation.
Worry is natural. Living with it is a choice.