Many Americans are beginning to worry about their retirement. What has them so concerned about what should be a very relaxing time of life? Up next in this article, you’ll find 18 reasons why they’re so worried about retirement.
Retirement Age
There are constant threats going around that the retirement age in the U.S. is going to go up. This means that people will spend longer working and less time enjoying their retirement before they get too old to make the most of it. This makes people feel frightened.
The Inflation Rate
The figures from NerdWallet show that the current inflation rates in the United States are at 3.5%. Inflation affects the value of the money we have and how much things end up costing. People who are nearing retirement are worried that their budget won’t match inflation rates.
Society’s Negative View
Society in general has a negative view of retired people. They are often labeled as slow and not worth investing a lot of time and effort into. Many Americans are afraid of retiring because they don’t want society to write them off just because they’ve gotten older.
Expensive Travel Insurance
Some people are afraid of retiring because of how much travel insurance goes up when you reach retirement age. We all like being able to go on inexpensive vacations but know that this will all change when we have to pay expensive travel premiums after retiring.
Lack of Respect
Many people don’t respect older people like they used to. Older people now are the targets of online and telephone scams and even robberies. Many people are afraid of getting older and reaching retirement age because they think they’ll become more vulnerable and susceptible to violent crime.
Loss of Identity
Another reason why some Americans are afraid of reaching retirement age is because they’ve spent their whole lives identifying themselves with their profession and feeling like their jobs are part of their identities. So they’re worried about feeling like they’ve lost their identity when they enter retirement.
Media Attention
The majority of the media’s attention is focused on teenagers and those in their mid-to-late twenties. By the time we get to retirement age, we’re no longer in the media’s limelight. Being out of the limelight can make us feel rejected by society and fear retirement.
Nursing Home Abuse
According to statistics from the Nursing Home Abuse Center, “approximately 1 in 10 nursing home residents in the United States experiences some form of abuse.” Many Americans fear reaching retirement age, losing their mobility, and ending up in a nursing home where they might be abused.
Gas Prices
Many people are afraid of retiring because of the rising gas prices. They’re already struggling to pay for gas and worry that their retirement budget won’t allow them to spend a lot of money on gas. They’re afraid of being stuck at home because gas is simply too expensive.
Divorce Rates
You would think that divorce rates would lower when we reach retirement age but that’s actually not the case. Divorce rates during retirement age in the United States are alarmingly high. Some people are worried about retiring because they’re concerned about the effect it’ll have on their marriage.
Having to Schedule
People of working age are used to having their work speak for them, coordinating what they can do and at what time. But when we retire, we’ll be completely in charge of our schedules for the very first time. Some people are worried about this responsibility.
Health
“Common conditions in older age include hearing loss, cataracts and refractive errors, back and neck pain and osteoarthritis, chronic obstructive pulmonary disease, diabetes, depression and dementia. As people age, they are more likely to experience several conditions at the same time,” says the World Health Organization. People are afraid of reaching retirement age and getting sick.
Fighting With Partners
Some people are worried about retiring because they’re not sure whether they’ll get along with their partners during this stage of life. They’ve spent their whole lives apart working, and now, all of a sudden, they’ll be together all day every day. Will their relationship survive?
Overcommitting
Many people begin to worry about all the commitments they’ll have when they retire. They want to use their spare time to help out their children and grandchildren, but they don’t want to be so worn out that they have no time for themselves.
Being Bored
Before we retire, we’re very active people; we get out every day due to work commitments and other jobs. Many Americans fear retiring because they’re scared of being bored and not knowing what to do with their free time. They fear becoming inactive or lazy.
City Life
Figures by New York State’s Office for the Aging show that “New York has the fourth largest population of older adults in the nation: 4.6 million New Yorkers are 60 years of age or older, and 4.2 million are between the ages of 45 and 59.” Some Americans fear retiring in a city that’s too fast-paced.
Loneliness
One of the biggest concerns that Americans have about retirement is loneliness. They worry about being alone during their retirement and not having anyone to be with, as everyone else is busy working. They’re concerned about their mental health during this crucial period of life.
Future Planning
Another thing that Americans fear doing during retirement is planning for their inevitable future. They know that retirement is the last opportunity they will have to plan for what’s to come next, and this reality makes them feel very frightened, extremely morbid, and miserable.