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Strategies for Fighting Pre-Retirement Anxiety

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Friday, August 10, 2012   

SALT LAKE CITY – The Anxiety Index is the aptly-named new survey from AARP that labels 50- to 64-year-olds the "most politically and economically anxious voters." Seventy-two percent said they'll probably have to delay retirement, and half said they won't be able to retire.

Retirement educator Andy Landis, an author of books about retirement planning and Social Security, hears those concerns frequently - but he wonders how many people have actually run the numbers.

"If you've got anxiety about retirement money, first of all, let's get clarity. Sit down with one of those simulators or with a financial planner and let's see where we stand. How far apart are we from the numbers we need to make ends meet?"

The survey included 1,852 people. Only one-third of those over age 50 were concerned about finding or creating jobs. Instead, their top worries centered around other aspects of financial security - like inflation, taxes, and health care costs.

Sixty-five percent said they doubt they'll be able to live comfortably in retirement. So, Landis suggests a 'trial run,' and describes what a teacher told him after taking that advice.

"'I lived on what I knew I would have in retirement - between Social Security, pension and savings - I lived on it for a year. And what I discovered was, I can make this happen.' So then, she had tremendous confidence."

He notes most people find delaying retirement isn't so bad - and it can make a big difference in savings and benefits.

"It's interesting when you look at that as a strategy, how you can turn the numbers around with very little additional work - one year, two years, three years, that kind of thing, or even five years, can really reverse the numbers."

Landis says he reminds clients in his "Thinking Retirement" workshops that even in the darkest financial times, people have still managed to retire.



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