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Tough Lessons For New Retirees

Thursday, October 17, 2013 - 8:12 PM
From Bankrate.com:

http://www.bankrate.com/finance/r...-way-1.asp

Some sobering lessons/warnings for new retirees or people who plan to retire: On health issues, part-time work, taxes/penalties, and stress-causing problems:

"The notion that retirement is stress-free is greatly exaggerated. Hebeler knows this all too well, saying, "Whether it's your daughter getting a divorce, a parent running out of money or time to prepare for another surgery, the list of challenges you face can seem bigger than ever."

The need to provide financial support to an adult child, aging parent or to cover a medical condition is well understood, but the emotional side of these issues can take an unexpected toll on new retirees. With extra time and fewer distractions to divert their attention, retirees can be consumed by the drama surrounding these events instead of living out their lifelong desires."

It is important to know that problems and stress do not stop at retirement.  We all have to evaluate our own situations and determine the best time to retire.  We always wish to paint the retirment picture as care-free golfing or sitting near a beach for day-dreaming.  That is far from the reality of retirement.   



 
10
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,426
1. Friday, October 18, 2013 - 1:33 PM
From my own personal experiences, the info in 51hh's post is right on target.  My advice would be for people not to wait until they retire if they want to travel.  I planned two trips a year for us to all destinations we ever hoped to see. It was much easier while we still had DP's regular paycheck from work and I made sure traveling budget was not connected to my future savings plans. 

As his post brought out, once DP retired so many of those unexpected bills, medical and otherwise, popped up and there would have been no way to do all the things we did with SS and the small bits of interest income we are getting now.  So if you have your heart set on doing something special that makes you and your spouse happy, I would recommend, do it, if you can, while you still have a regular paycheck and those unexpected bills don't befall you.  Our "Golden days" are behind us now but at least we can be at peace knowing we accomplished things we wanted to do and still reached our financial goal so we can still survive with these terrible low interest rate times.  It takes great self-discipline and determination but it can be done if both parties are willing to cooperate with the plans.
4
paoli2paoli21,372 posts since
Aug 10, 2011
Rep Points: 6,011
2. Saturday, October 19, 2013 - 9:06 AM
I think worrying about what could happen can and would be very stressful and very damaging to ones health. I tend to not worry about things I have no control over and try to change the things I can change or deal with it if I can't change it. It has worked for me for the 18 years I cared for my husband while he was on disability and the 23 years I worked 2 jobs before that. This outlook has helped me keep my sanity, disposition and outlook on life and in the end I think it helped me stay healthier so now  I am still able to help care for my grandchildren when needed and to care for others in need. Each person is different on how they deal with the unexpected or things they had not thought of that pop up.  Worrying is not going to change things. We need to prepare as best we can for retirement and not worry about what can or what might happen. This is what I do and is best for me. 
3
Ally6770Ally6770912 posts since
Jan 16, 2010
Rep Points: 2,655
3. Saturday, October 19, 2013 - 9:28 AM
#2  I disagree with you that "worrying can't change things".  It can be positive if it gives someone that added "jolt" to do things they ordinarily wouldn't do to protect their finances and family.  I have never worried about something and just ignored it.  If something worries me, I get to work on resolving it and many times it never happens because I did take the time and effort to resolve it.  Worrying and doing nothing can and will be negative and not accomplish anything.  I never waste a good "worry" session.
1
paoli2paoli21,372 posts since
Aug 10, 2011
Rep Points: 6,011
4. Saturday, October 19, 2013 - 9:34 AM
I think you misunderstood my post. It said prepare as best we can and don't worry about things you cannot change. 
2
Ally6770Ally6770912 posts since
Jan 16, 2010
Rep Points: 2,655
5. Saturday, October 19, 2013 - 9:50 AM
I understood your post to mean you never worry about things since you wrote "I tend to not worry about things I have no control over".   How do we know we have no control over them unless we take action to control them?  How many times my own family has told me we had to accept something because it was out of our control and then I decided "I" was taking action and did manage to get the problem resolved.  I believe in the Serenity Prayer but I focus on "The courage to change the things I can" more.  Sounds like you are doing the same thing in your own way.  I believe there are very few things in life we can't change if we really are willing to do the work it takes. 
2
paoli2paoli21,372 posts since
Aug 10, 2011
Rep Points: 6,011
6. Saturday, October 19, 2013 - 10:26 AM
If you can change it you have control. I guess I don't understand what you are posting. 
1
Ally6770Ally6770912 posts since
Jan 16, 2010
Rep Points: 2,655
7. Saturday, October 19, 2013 - 11:41 AM
#6  My point is that in my case, many times, worrying about it gives me the impasse to take control of it and change it.  Worrying keeps me from being in a passive state and just allowing things to fall apart.  It's that simple.  May not work the same with you or others.  I was trying to give an example about how "worrying" can be positive in my life.  My DP never worries or is concerned about anything.  By the same token, it never occurs to him to "do" anything about problems.  He waits for me to take control of everything. 
1
paoli2paoli21,372 posts since
Aug 10, 2011
Rep Points: 6,011
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