Top 5 Retirement Concerns that I am Thinking About at 55
After turning 50 I started more and more to think about retirement. What will it look like for ME? What can I do to prepare better for retirement now?
I am 54 widow women with a yearly income of $ 37,000.00 and $ 15,000.00 in savings, which is nothing. All information I find is recommended to start to save $30,000.00 each year to retire comfortably. It’s just not possible for me.
The biggest retirement concerns for me are:
- Finances
- Personal Health
- Government changes
I asked myself “What can I control? “and “What can I change?”.
Are you the type of person that worries about the unknown? I know am.
Then write down all your worries and what could happen, you still have time to find a solution.
1. Personal Health and Health Care
- Will my doctor still be around?
- Who will look after me?
- What if I become ill with a serious or Alzheimer’s disease?
All your dreams that you have for your retirement can be gone in a moment. Life is never predictable.
Education is key. It’s doesn’t heart to find out what can happen and how it can affect your life.
Solution: Make your personal health a priority NOW, don’t wait until you have high blood pressure or other health complications and will be a force to early retirement.
Exercise daily in the comfort of your home. A mix of yoga and cardio will do wonders for your heart.
Eat wholesome simple food, start to collect binder with easy frugal recipes.
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2. Saving Enough Money and Maintaining an Income Stream
Let’s be real not all of us will retire with savings. You can retire without a pile of money, but it’s better if you will have some savings.
What I mean.
If you manage to leave on Old Age Security Pension (Social Security) which replaces somewhere between 10% to 25% of pre-retirement income. You will need extra money to buy a winter coat, boots, fix your teeth, or a broken stove.
Solution: Save money for “Rainy Day”. As much as you humanly can. After 50 your retirement not that far.
How much will depend on your leaving situation and if you have external help?
Start to think about it, write it down.
Make a hobby out of living frugally.
A single year of living frugally may not be enough to save much but trimming some expenses pre-retirement can still pay off.
You should have a clear understanding of where you are spending your money each month. This could include:
- Housing expenses
- Food and grocery expenses
- Utilities such as electricity bills, water, trash, etc.
- Transportation like gas, bus passes, etc.
- Insurance premiums
- Health and Dental care
- Debt payment
- Entertainment and travel
You can download my free Monthly Budget Template to get you started.
Track your spending for at least 3 months. Calculate average spending for a month. It will help you to understand what your budget likely to be in retirement.
It was an eye-opener for me. I realize that I will have to work until I die basically. Being single with a $37,000.00 yearly income, there is just not enough money to save. And sadly, my health will not allow me to work till 70 or even 60 for that matter.
Solution: Right now, I am actively looking for a side hustle that will create passive income or/and allow me to work from home.
RELATED: 17 creative ways to make extra money on the side after 50
3. Having too Much Debt
Many people I know pre-retirement age have mortgage and significant credit card or credit line dept.
By whatever mins get read of your dept. I know it’s much easier to say than do. ?
Most of today’s experts advise paying out high-interest debt first but let me tell you that paying out a mortgage fills very liberating.
4. Retirement Depression
Being lonely and bored in retirement is not so uncommon. Staying at home day and night can be hard for someone who builds their world around being on the go.
Solution: Start to think about all the things you want to do when you retire and start to do them now. Write them down or do a vision board.
A few examples from my list:
- Blogging
- Photography and Videography
- Exercise
- Reading detective novels
- Building and fixing stuff around the house
- Gardening
- Social Clubs and community centers in my area
- Mall walking
Friendships are also very important to me and are part of retirement concerns because it’s important to me to meet with people I like.
My goal is to extend my circle of friends and acquaintances. Connecting with friends that I have on a regular basis.
With social media right now, your friends don’t have to leave near you.
5. Where Will I Retire?
Search different areas around you for low-cost leaving options. It’s easier to downsize or move in your late 50 or earlier 60 while you still have energy.
Maybe even you will have time to save more money for retirement in the process.
Will you have access to bus service in your area to get from place to place?
How far is a grocery store or hospital?
If your solution is to move in with kids? Start to talk about it now, so they are preparing for it.
Our choices today will affect our future when our retirement comes around. Consider what is your concerns are and what the future may hold for you and plan, research, and educate yourself NOW, don’t wait until tomorrow.
Do you have any retirement concerns? Share in the comments below! As always, I’d love to hear from you!
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❤ Have a fabulous week and take care!
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