Excerpt |
“A nickel ain’t worth a dime anymore.” —Yogi Berra
One of the biggest concerns for many older adults is running out of money. Products and services seem to cost more each year, yet many older adults live on fixed incomes. Although some retirement payments, such as from Social Security, are adjusted to try to accommodate for inflation, many people believe these adjustments are inadequate, especially in the face of rapidly rising costs in health care, transportation, and other key areas of life. As a result, surveys show that two-thirds of Americans don’t feel confident about having enough money for their retirement years, and that money issues remain one of the top concerns that keep people awake at night.
Financial well-being is important because it allows you to invest in yourself—to eat well, stay active, and socialize—and to have the freedom to do what you want to do in life. Retirement is expensive, and you can no longer expect to rely on the government to help meet your basic needs, much less enable you to live well.
Keep What You’ve Got
Major life changes, even if they’re positive, can cause stress. Things that can make retirement stressful include changes in:
Being stressed about money can be bad for your health. It can induce a vicious cycle—interfering with your sleep, eating habits, and overall mental well-being—potentially causing more health problems and costing you more in medical treatments.
Despite government estimates showing that a greater number of older adults have sufficient income to meet their basic living needs, many individuals still struggle with expenses, especially health care expenses. Some respond to their reduced circumstances by delaying or even foregoing medical treatments, and some cut back by reducing activities and social contacts, which can lead to isolation and depression.