There are many retirement challenges for seniors. After all, there are a lot of changes that take place when someone moves into their retirement years. But few people truly understand all of the challenges a senior faces when they decide to leave their work years behind.
But how do we avoid these challenges, and what are they? Talking through issues with a personal counselor can help.
Some of the Retirement Challenges for Seniors
In an article posted on US News, twelve retirement challenges for seniors are listed. The following are included:
- Job loss or income decline
- Pension payments are eroded or lost
- Illness or disability
- Rising healthcare costs and insurance changes
- Losing a spouse, family, or friend
- Caregiving demands
- Financial stress
- Investment losses
- Social benefits reduced or do not provide the support one expected
- Outliving one’s resources
- Combination of retirement stresses
- Unexpected changes
The article goes on to say that when people were asked about the retirement challenges for seniors, the discussion often illustrated that there are a lot of roadblocks to successfully living a serene retirement life.
The truth is that sometimes just one of these challenges listed above can totally change all of your retirement plans. It’s like a surprise that no one wants to get, because how can you prepare for circumstances when you don’t know what the circumstances will be? What you can do, however, is have some type of a contingency plan, a what-if list of options.
For example, you can think of small lifestyle shifts as being similar to car insurance, renters insurance, or flood insurance. You buy these types of policies for your own protection in case something does happen. The same is true for being prepared, to the best of your ability, for the challenges that will face you as a senior.
Many find it helpful to approach one issue at a time. When a person attempts to tackle all of the retirement challenges for seniors at once, they can become overwhelmed. There are many many scenarios, so simply look at each one separately.
For instance, this year you could look at how you might be able to improve your finances or put more money aside. It’s one thing to figure out. Then when you have found a solution to that first item on your list, you can move on to the second item. Think it through, talk it over with friends and family. If you want to connect with someone outside of your social circle, reach out and make an appointment with a personal consultant. Then, you will be able to make decisions on how to improve your life, now and throughout your retirement years.
We can overcome challenges. If you are concerned about retirement challenges for seniors, know that you can make positive changes. It simply takes practice and foresight to think about it now rather than later.
Kendall Van Blarcom is a senior helping seniors. Contact Van Blarcom Consulting today for help with your personal problems. Or, reach out to provide support for an older adult in your life.