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Fear Factor

      Many people fear retirement.

      To some, it means aging, and in today’s youth-oriented culture, age is not seen as desirable. Others may view retirement as a loss of independence or power. And for those who have already retired, it may symbolize a loss of status and financial security.

      As we get older, we may fear that our grown children will be burdened by our increased physical dependence. Along with this fear comes the fear of loss of respect from loved ones.

      Fear of developing chronic illnesses is another factor. Again, it will mean becoming more dependent on others and having less control over our own lives and destinies. Fear of falling also comes into play here. It’s been proven that many serious injuries are the result of accidental falls. Many elders become incapacitated and never fully recover their former mobility and independence.

      Another big fear for many people is running out of money to support themselves. The image of an old person begging for money, living on the street, and eating in soup kitchens can make anyone anxious about growing old and penniless.

      All your fears about retirement and aging are real. They are challenging to your mental health and quality of life. Nonetheless, it’s important to remember that confronting your fears is your best defense. Knowing what those fears are and then systematically dealing with them by planning your retirement can give you back your power and peace of mind.

      There are actions you can take to diminish each of these fears. For example, remaining physically active and leading a healthy lifestyle can reduce your chances of developing illnesses. Kicking bad habits such as smoking and excessive alcohol consumption can improve your physical well-being, thereby minimizing your fear of developing terminal diseases.

      Participating in meaningful activities can help you maintain your perspective on your usefulness and can bolster your self-esteem, especially if you pick activities that revolve around your interests and beliefs.

      Unlike your preretirement phase of life, when your identity was likely connected to what you did for a living, you are no longer defined by your employment. This change can be a huge relief for many people who were plagued by status-conscious work associates. Now they can contribute to society in other meaningful ways, and enjoy doing it without worrying about how other people see them.

      Staying physically active can improve your overall well-being. Weight-bearing exercise and calcium supplements can improve your bone density. These and other “good for you” habits will not only make you feel better and stronger, but will also minimize your concerns about falling and injuring yourself.

      Staying engaged with life can help you maintain a positive perspective about your future. Join in with friends, neighbors, and loved ones for social events, volunteer activities, and family get-togethers. People are social creatures, and connecting with society prevents loneliness and helps you stay emotionally healthy.

      Be realistic about your fears of retirement. Facing up to and tackling them logically will set you up for a great retirement. Statistics show that most retirees are living longer and healthier lives than ever before. For most, there’s no regret.

      The Current Model of Retirement

      Retirement isn’t what it used to be. It’s not as straightforward as it was for our parents. Not only are retirees leaving the workforce earlier in life, they are also staying in retirement longer due to better health and increased longevity. Today’s retirees have a different perspective on their ideal lifestyles. They are active, they pursue dreams, they maintain close social ties with their communities, and they emphasize personal growth in their everyday living.

      There’s a myth out there that most seniors are living in nursing homes. This couldn’t be further from the truth. In fact, only about 4 percent of the population at any one time is living in such facilities. Most seniors live in their own homes, with relatives, or in other arrangements within their communities.

      What’s more, there is also the emerging trend of younger retirees returning to work. In today’s world, retirement doesn’t necessarily mean a lifestyle of pure leisure. Many retirees are pursuing the work of their choice (as opposed to working from necessity). More and more retirees view a nice blend of part-time employment along with enjoyable leisure activities as the ideal work/life balance for themselves.

      Regardless of their reasons, whether they are working out of choice, boredom, or necessity, older workers are becoming the preferred employees for many businesses. Seniors who postpone retirement or return to work part-time after retiring have become the country’s retail- and service-sector darlings.

      Due to our aging population, a revolution is happening. A new model of retirement is emerging for the baby-boom generation. Retirement today can be as flexible and different from the past as you want it to be.

      Changing Needs, Changing Plan

      There’s no doubt that the key to ensuring you have choice in retirement is financial security, and to achieve financial security, you must stay on top of your financial plan. The main objective of retirement planning is the preservation of your standard of living and the minimization of your chances of running out of money. You may also have other objectives, such as pursuing a hobby or interest, planning for long-term care in your advanced years, and preserving your capital to leave to your heirs.

      If you are single, it’s important that you start planning now, no matter what your age. The fact is, you have only yourself to rely on. You must realistically budget for your retirement years. Many single seniors are women who are barely making ends meet. Starting to plan as early as possible is crucial for your well-being in retirement.

      If you are part of a couple, your finances may be in better shape. You will likely be receiving two income streams while sharing expenses for one household. However, it is incumbent on both of you to communicate your retirement needs and goals to one another. Documenting these wishes can help you avoid misunderstandings later. And even if you are part of a couple now, consider planning also for the eventuality of being single. Undoubtedly, it will happen to either you or your partner at some time.

      Regardless of your marital status, planning is crucial to your financial and lifestyle success. Planning must be ongoing for the rest of your life. Retirees need an evolving and flexible money plan. Your needs, spending, and resources change as you age. Your plan must take into account all aspects of your retirement living. For these reasons, planning needs are best examined by breaking down retirement into three distinct phases — active, semi-active, and passive.

      Active retirement

      This phase of your retirement has more to do with mindset than physiological age. Certainly, for most retirees, it means those years in their lives when they are physically healthy, financially stable, and believe there are still many things to pursue in life and goals that they want to accomplish.

      More often than not, active retirees are individuals or couples who are in their early retirement — from their mid-50s to late 60s. They want to travel and see the world, start a dream business, or get involved with legacy or humanitarian projects such as Habitat for Humanities or Oxfam International.

      Semi-active retirement

      Still mobile and independent in their communities and remaining relatively healthy, retirees at this phase of their lives are likely to slow down the pace of their activities. They are likely to be in their 70s. They have less energy than they used to have, and in the semi-active retirement years, they want to stay closer to home, family, and friends. They want predictability and stability in their daily living. They are less likely to travel far. They are more likely not to be working or be involved in business. Their health is still relatively good, and their interests have now shifted to more gentle activities such as reading, attending regular religious services, or volunteering at a slower pace and closer to home.

      Passive

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