Are you Afraid of Retirement?

When you think about retirement, you suddenly realize that your mind is full of questions and fears. It’s not easy to see that you are not young anymore and above this, we must admit that money, or better said, the lack of them can cause us a lot of nuisances. We should ask ourselves some questions before getting retired such as:

1. Do I still need to save money during my active life? Unfortunately, yes. We should start saving money in the first years of our marriage when we are still a young couple without children, because yes, we must admit that children, besides joy, mean a lot of expenses with: food, clothes, education, entertainment and many, many other things.

2. How much money do children need? Speaking about children, there is a big question: when do I have to say "no" when my child asks me for money? Well, it’s just a matter of priorities. What do I want to say with this? It is simple. We all want to save money. And we can save money by delimiting what is necessary indeer for our child by what it’s just a whim. This doesn’t mean that our child or our future teenager is not allowed to go to any party. No. We must teach our children the value of money and especially that money can be obtained only by working very hard or study as it should be normal.

3. Do I need to save money during retirement? Yes. Being retired doesn’t mean you cannot save some money. Of course, many people believe that the end of their active life means also the beginning of a new life, a life without financial problems, a life in which you can afford all the things you’ve thought about when you were young. But the life offers us many surprises, many of them not quite nice. So, we have to try to save some money even if this means to have a shorter holiday, to eat cheaper food or to buy clothes when they are on sale.

Of course, we must not imagine the retirement as the worst period in our life, because it is not. We just have to realize that never is too early to start saving money. I’m sure that all of you have a mobile phone but did you ever ask yourself if you really need all the options that the mobile company offers you? Do you really need Internet connection on your phone? No? Then, why pay extra money for something that you never use? Like marriage, retirement is unpredictable and constantly evolving. The old days of sitting in a rocking chair until your number comes up are gone. Savings can be found in regular places like groceries. 

Also, retirees shouldn’t refuse savings just because they feel like turning up their nose at "senior discounts". Instead, use the savings to offset a gym membership, haircut or activities with grandkids. Finally, that extra savings can be a major benefit when something unexpected happens. Many of the soon-to-be retired fear this period mostly due to the decline in property values, pensions, and personal savings. We have to make our life easier so we have to think about how we can manage the most popular fears such as:

1. Health related fears - Although it seems expensive, when you get old, you must think about a private health insurance which can cover many of the expensive treatments or surgeries. Yes, you didn’t even thought about it when you were young but getting old may also mean expensive pills or more expensive food when your illness forces you to keep a healthy diet. Remember when I told you to buy cheap food when you were young? That’s the reason why. You may have to buy more expensive food later.

2. Home related fears - If you don’t have an affordable place to live, consider moving. Be creative. Many villages of the country have very cheap, affordable housing. If you want to stay near family, consider moving to a smaller, less expensive place. At the end, being old also means that you need a smaller place? Why living in a big house when all the children are gone?

As I said at the beginning of this article, we must think about retirement even when we are young. Because if we do so we can take advantage of some beautiful, stress-free, retirement years. Yes, we all need our children support from time to time, but this doesn’t mean that we have to be a penalty or a burden for them. Help yourself to be a joy for your children, even when you are old. Author Bio: Ana Miller, bridging finance specialist and marketing manager for Vision Finance in London. Enthusiastic about travel, personal development and hot air balloons.