My Worst Retirement Financial Fears. What Are Yours?

My retirement fears are not all based solely around my personal finances and investments. A large number of them though, are some how related to these aspects of retirement life. While for most of us our health, family, and personal and financial security probably top the list of retirement worries, there are a few sub-categories of these topics that particularly play to my worst retirement fears.

Besides the obvious concerns mentioned above, here are a few of my greatest fears about my retirement.

Lost Opportunities

I'm not so much worried about running out of money in retirement, but instead concerned about having enough to get by but not do anything else. What's the point of retiring if you just sit at home alone all day -- unless that's what you enjoy of course?

I've always been good at living frugally and keeping expenses low, so I'm pretty sure I'll be able to get by in retirement, but my real concern (especially being self-employed and without an employer sponsored retirement plan or pension, and with social security uncertainty becoming an ever more prevalent issue) is being left with enough to get by but not to be able to do much else.

To me, retirement is a time to be spent visiting friends and family, doing special things for them, traveling, and doing the things you couldn't afford or didn't have time to do when you were working. I think that sitting in a chair watching game shows or doing the crossword all day would get old quick, and I half to ask myself whether it would even be worthwhile.

A Burden to Loved Ones

While I hope that I'm not so much of an old coot that my family will still want to see me in my retirement years, I don't want to be a burden. I hope that they love me enough to be willing to take me in should I need it, but never have to do so. The thought of imposing upon my children to have to support or help take care of me is not one I enjoy. Rather, I hope that it's the other way around. If anyone needs to provide a little help along the way, I hope that it is me assisting my children.

To help me avoid being a burden to loved ones, I would hope to have a home paid off and be in the clear when it comes to any other outstanding debts in an effort to minimize my expenses. Hopefully, I will also be able to continue to work at least part-time for the initial period of my retirement to help supplement my income and provide a cushion that I can utilize to enjoy time with friends and family.

Not Leaving Something Behind

It's such a shame when I see people who have worked so hard throughout their lives burn through all their retirement savings in the last few years of the lives. It's especially difficult when these people have hardly any quality of life and the cost to maintain this sad existence is extraordinarily high. Such a situation not only makes it difficult upon the family, but eats into any inheritance they may have hoped to receive.

While none of us can say for sure how our latter years will play out, I hope not to destroy any legacy I might leave behind to my family by living longer than I should. Not only do I not want to be a burden to my family, but I don't want them starting to resent my continuing to live just to be alive and in turn burn up money that they could put to much better use.

It's not that I think my heirs will be money-grubbing or anything like that, but spending tens of thousands of dollars a year to keep a 90-year-old in a near state of dementia or in a severe amount of pain alive, seems a bit ridiculous to me. I would rather just move along when I get to that point. My living will, power of attorney and other estate planning will hopefully help to ensure that this is the case.

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Disclaimer:

The author is not a licensed retirement or financial professional. The information provided in this article is for informational purposes only and does not constitute legal or financial advice. For financial advice, readers should consult a licensed financial advisor. Any action taken by the reader due to the information provided in this article is solely at the reader's discretion.