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The Growing Concern of Retirement Anxiety
Retirement is often seen as the time to enjoy the fruits of a lifetime’s hard work, but for many, it is overshadowed by anxiety and fear. Rising healthcare costs, longer life expectancies, and insufficient savings contribute to the growing concern about whether retirement funds will last. The Transamerica Center for Retirement Studies reports that nearly 76% of workers believe they are not saving enough for retirement. These worries are not unwarranted; the consequences of inadequate planning can severely impact quality of life during retirement.
Retirement is not the end of the road—it’s the beginning of a new journey. How smooth that journey will be depends entirely on the roads you’ve built before you get there.
-Vera Aza
Understanding the Problem
The anxiety surrounding retirement is rooted in several key challenges. First, many people underestimate how much money they will need to sustain their lifestyle after leaving the workforce. With life expectancies now averaging into the 80s, retirees must prepare for 20–30 years of living expenses.
Another major concern is the rising cost of healthcare. The Fidelity Retiree Health Care Cost Estimate shows that a 65-year-old couple retiring today can expect to spend over $315,000 on healthcare during retirement. This figure does not include long-term care, which adds an additional layer of financial strain. On top of this, market volatility can erode savings, leaving retirees without the steady income they had hoped for.
These challenges are compounded by a lack of planning. Many individuals delay retirement planning until it’s too late to make meaningful contributions, leaving them with fewer options and greater financial uncertainty.
How Veracity LD Can Help
At Veracity LD, we understand the complexities of retirement planning and work closely with clients to develop personalized strategies. Our retirement planning services are designed to provide peace of mind and long-term financial security.
We begin with a detailed financial needs analysis, taking into account your current savings, future goals, and anticipated expenses. Based on this analysis, we recommend a mix of investment options, such as indexed annuities and tax-advantaged savings accounts like IRAs or 401(k)s. Our team also helps you prepare for healthcare costs by exploring options like Medicare supplements or long-term care insurance. Through regular reviews, we ensure that your retirement plan evolves with your needs, providing ongoing support and guidance.
Retirement anxiety is real, but it doesn’t have to define your future. With proper planning, you can approach retirement with confidence and security. As Dr. Hillary Aza wisely notes, “Retirement is not about stopping work; it’s about starting a life free of financial worry. That freedom begins with the choices you make today.”
