The Retirement Fear No One Escapes
You’ve saved money throughout your working life, planning for retirement. Now you’re ready to retire.
We all worry about one thing.
What if I run out of money before I die?
No matter how much we’ve saved, almost every retiree wrestles with the same nagging fear: Will my money last? It’s a question that comes up with every retirement coaching client I’ve ever had—and maybe it’s one you’ve asked yourself, too.
In recent decades, life expectancy has increased significantly. So, it raises the question: Will I have enough money to last my entire lifetime?
When we worry about not having enough, we underspend. We don’t take advantage of opportunities in retirement because we’re afraid to spend money.
The good news? You don’t have to let this fear rule your retirement.
Here are five practical ways to quiet the worry and live with confidence.
Five Practical Tips to Stop Worrying
1. Get Professional Financial Guidance. Make an appointment with your financial advisor. Ensure your financial advisor is aware of all of your assets and have them evaluate whether you have enough to last your predicted lifetime.
The first thing my wife and I did when we seriously thought about retiring was to meet with our financial advisor. Even though we had made a preliminary budget of expected income and expenses, we wanted his professional evaluation to make sure we weren’t missing anything. His encouragement gave us the confidence to take action.
“Consulting a knowledgeable and trusted financial adviser can be enormously helpful.”
Roberta Taylor and Dorian Mintzer, The Couple’s Retirement Puzzle
A financial advisor can help you decide what percentage of your savings you can spend regularly without shrinking your principal. That way, you can draw an income and still protect your nest egg.
2. Build—and Use—a Realistic Budget. Include fixed expenses, such as housing, food, utilities, and auto expenses, as well as discretionary spending. As part of your budget, be sure to include big-ticket items like furniture, home maintenance, and travel, if that’s something you’re interested in doing.
3. Remember the Safety Nets Available to You. If you run out of money at the end of your life and you need care, you’re not going to be put out on the street.
Medicaid provides for long-term care. For veterans, the VA may also provide long-term care and financial assistance under the Aid and Attendance program.
If you’d like to know more about these programs, speak with an elder law attorney. They stay up-to-date with the latest changes and benefits.
4. Trust Your Experience With Uncertainty. The fact is, there are no guarantees in life. And as you’ve gone through life, you’ve had to deal with uncertainty. You’ve successfully done that during your life, and you’ll likely continue to do so in retirement as well.
“Just because certainty about the future is off the table, though, it doesn’t mean you can’t feel confident in your abilities to deal with the future when it does eventually arrive.”
Oliver Burkeman, Meditations for Mortals
5. Challenge Whether the Fear Is Realistic. You’ll likely find that it’s not realistic, and that will help lessen some of your anxiety. Of course, there’s always a possibility that you might somehow run out of money, but the chances of that happening are likely minimal if you’ve done proper planning and budgeting.
Take Action, Not Just Worry
We all fear running out of money during retirement, but there are things you can do to stop worrying and start living.
You can consult with a financial advisor, create a budget, and track your expenses. Be aware of government-funded safety nets. Realize that you can deal with uncertainty and understand that excessive fear is not realistic.
Don’t let money fears steal your joy in retirement.
Take one small step this week—schedule a check-in with your financial advisor. You’ll walk away with more confidence and a clearer plan for the years ahead.
AI Note: I wrote this blog post myself, using my own words and thoughts for the initial draft. I used AI only to suggest headlines, section headings, images, and text improvements.
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