Achieving Your Dreams - After Retirement Barriers
Turning 65 and entering retirement is no time to stop dreaming. In fact, many newly retired people list "fulfilling life dreams" as a major goal saved for the retirement years. Many new retirees think about having a more flexible lifestyle and time to revisit activities they haven't participated in for years, or maybe even decades when the additional time that becomes available to them.
An interesting study was recently produced by AARP asking Baby Boomers going into retirement to assess this transitional stage of life as it relates to achievements thus far and dreams and concerns going forward. Lending value to this study is a gap of time that transpired between first asking these questions (at 60) and asking them again (at 65).
At 60 years, Boomers responded:
- Personal Finances - 31% said it was worse than expected while 29% responded that it was actually better.
- Physical Health - 32% responded that it was worse than expected while 28% said it was better.
- Relationships - 7% said they were worse than expected while 44% responded that they were better.
- Work - 29% stated their jobs were better than expected although 24% were in jobs that they didn't like.
- Spiritual Life - 39% felt their spiritual life was better than they'd expected with only 8% saying it was worse.
- Leisure Activities - 29% enjoy better leisure time and 25% experience worse than expected leisure time.
5 years later, Boomers who were 65 responded:
- Personal Finances - 25% responded it was better while numbers climbed with 32% who felt it was worse.
- Physical Health - 26% said it was still better than they expected and 31% said it was worse.
- Relationships - 42% stated they were better and 6% said they were worse.
- Work - 22% said their workplace was better than expected while only 18% said it was worse.
- Spiritual Life - 38% felt it was better while only 5% felt it was worse.
- Leisure Activities - 22% felt their leisure time was worse than expected while 29% responded that it was better.
You can see that Personal Finances and Physical Health continue to dominate the concerns of Baby Boomers as they hit their retirement years. In fact, when Boomers were asked to identify what the primary barriers are to achieving what they really want from the rest of their lives, retiring Baby Boomers responded:
1. Better Health - 28%
2. More Money - 26%
3. Nothing - 11%
4. Don't Know - 11%
5. Lack of Motivation - 6%
6. Family Obligations - 5%
7. The Government - 4%
8. Others - 4%
9. Having More Time - 3%
10. Training/Education - 1%
Note that the overwhelming concerns for Baby Boomers about to enter retirement boil down to two: Finances & Health.
Better Health - Better Finances
Taking care of yourself financially and physically may not be easy as you cross the retirement threshold, but that doesn't mean there aren't steps you can take to ease these concerns. Most Boomers turning 65 are eligible for Medicare Benefits. This health insurance program is designed to help cover medical costs inherent with getting older. Unfortunately, with Medicare, because there are multiple parts and plans to understand, it's not a "one-size-fits-all" decision . In fact, there are some important considerations that must be made on an individual basis, including the decision to continue working, if you want or need a supplemental plan, which plans make it easier to see the doctors you already have and more. Anyone turning 65 in America should understand their Medicare eligibility and assess their choices to make sure they are maximizing their Medicare coverage.
Financially, look toward safer havens for your savings and stable assets as places to park money in this economy. Visiting a retirement financial consultant is highly recommended if you have not done so already.
Break Through the Barriers and Realize Your Dreams
To ensure there is plenty of time to invent the next best pasta dish, travel the world and have plenty of time for the grandkids, use the newly found freedom of your time to do accomplish the fundamental steps toward health care and financial security!
About the Author
Finding a low cost, high value Eastern Colorado Medicare plan is essential to attaining the better health and more money many retirees desire. Rock Mountain Health Plans (RMHP) works hard to make researching Front Range Medicare coverage and eastern Colorado Medicare coverage options as easy as possible, so decisions can be made confidently. Visit http://www.rmhp.org/medicare-beneficiaries/front-range/ for more information.
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