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4 Financial Fears About Retirement, And How to Overcome Them

June 20, 2017

senior living 1Saving for retirement is inevitably a guessing game. No one knows how long they will live or how healthy they will stay, which means no one knows just how much to save.

Because of all these future unknowns, it’s not uncommon to develop a healthy – for the most part – fear about retirement. Whether it’s fear that the money won’t last, that Social Security won’t be there or that one’s health will deteriorate, concerns can drive savers into unnecessary or unsafe investment vehicles.

On the other hand, fear can also lead to avoiding risk altogether.

“You might have someone come in, totally risk averse,” says Greg Stevens, a financial planner at Cabot Wealth Management in Salem, Massachusetts. “It’s just as detrimental as being too aggressive,” since one’s savings will struggle to grow large enough without enough equity exposure.

Understanding where the fear comes from and how to attack it, can put savers at ease. Here are some of America’s biggest retirement fears and how to avoid them.

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