Many struggle with economic anxiety. After all, seniors see the reality of their work years ending. This can be difficult if you are not earning a sufficient income or if you are living on a fixed income from Social Security or retirement accounts. In these situations, individuals begin to worry they will outlive their savings. Part-time jobs and developing forms of passive revenue are options for some, but others seniors are unsure where to turn.
Age and Economic Anxiety
Everyone has worries, and the last thing a person entering or living in their senior years needs is to experience economic anxiety. Wondering how to pay bills each month is stressful and frustrating. Plus, getting a job at the age of 65 or older can be difficult. Talking through your options with a personal counselor can be helpful.
For example, planning can be beneficial. Likely you remember being 20 or 30 years old and not thinking of money and retirement. And many forty-year-olds are in what is called the sandwich generation, which means they have to pay for and take care of their parents while they still have children living at home. In those scenarios, trying to put money aside for your own retirement, which is twenty-five years later, might not seem like an immediate concern. Addressing some financial retirement factors can bring you relief from economic anxiety, at any age. Questions such as the following:
- During retirement, how much do I expect to bring in each month?
- Is there a set amount I can draw from retirement accounts?
- How long do I expect my savings or investments to last?
- What factor is creating the most economic anxiety?
Preparing to Live Longer
It is a known fact that people are living longer. So, before you get to the point where you’re in a situation of being unable to work and earn any extra income, take a few hours to consider what your options are, and then create a plan for how you can begin making changes in your life to be able to afford your basic needs.
Depending upon where you live, local banks, chambers of commerce, and community groups often host presenters and speakers to talk to seniors about retirement and options. Collect information, but don’t sign or agree to anything before discussing them with trusted friends or family members.
Once you have factual data, sit down with a person you trust and discuss your options. This person is going to help you make the decision, not make the decision for you. They are a checkpoint.
You have nothing to lose by asking for help. Along the way, you might be surprised by a brilliant idea that helps to reduce your economic anxiety. For example, there could be a way to adjust your expenses so you can live worry free throughout retirement.
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.