What happens next Where's my refund? Best CD rates this month Shop and save 🤑
PERSONAL FINANCE
Social Security

5 fears you shouldn't have about retirement

Emily Starbuck Crone
NerdWallet

Retirement should be like dessert — a well-deserved treat following a lifetime of hard work. But an increased average life expectancy and shaky economy may have you feeling financially and even emotionally unprepared.

Retirement can also be scary because there are few role models for the type that most Baby Boomers want, says New York City psychologist Vivian Diller. "We've grown up thinking of retirement as closing down," she says. "It's relatively new to think about retirement as opportunities for more rather than less. Baby Boomers are pioneering into a different kind of retirement psychology."

It's time to start looking forward to retirement again. Here's why some common retirement concerns really shouldn't be cause for alarm.

1. I won't get Social Security

Many feel financially unprepared for retirement.

With talk of Social Security's uncertain future rampant in the media, soon-to-be-retirees may fear there will be nothing left for them.

"That's a lot of fear-mongering," says Peter Mallouk, president and chief investment officer of Creative Planning, Inc., and author of The 5 Mistakes Every Investor Makes and How to Avoid Them.

"If you look at Social Security, it's a huge national liability that's recurring and expanding, and it's absolutely not sustainable as it is today," he says. "But almost any feasible solution that would pass won't impact anybody within 10 to 15 years of retirement." While Mallouk predicts that people under 40 may not get Social Security until later in life, he says that "the idea that someone who is 58 won't get it is borderline ridiculous."

2. I won't have enough money

It's easy to worry you won't have enough, especially when experts often cite $1 million as a retirement savings goal. This number seems unattainable, but Mallouk says most people won't need so much. Why? This figure doesn't account for any other income sources, such as Social Security, pensions, rental properties or inheritance — not to mention any part-time work you may pursue during retirement.

"You need to take the magic number in the articles and adjust it for what's actually happening, and figure out how to make up the difference," Mallouk says. "That makes it more attainable." Keep in mind that our income needs also tend to decrease as we age. Those in the later stages of retirement usually don't travel or spend as much as in early retirement, Mallouk says.

You may also feel more prepared after consulting with an expert. "Before retirement, it's best to work with a certified financial planner to complete a comprehensive financial plan, because it is the closest thing to a crystal ball you will find," says David S. Hunter, a financial advisor with Horizons Wealth Management, Inc., with offices in North Carolina and South Carolina. "We work on fixed-income planning, map out expenses, adjust investments and so on. We do everything we can to make the transition smoother."

3. The transition will be difficult

Diller says retirement is a transitional life phase similar to leaving adolescence, and these shifts can cause sadness. "There will be periods of time when you feel like the ground under you isn't the same, friendships will change, you won't be surrounded by people at work and relationships with your mate will change because you will be home," she says.

But don't panic. What we eventually realize, Diller says, is this next phase brings new opportunities. "Instead of just seeing losses, we start to see there are certain things about that age we can look forward to." You could have decades ahead of you, she points out, and "if you've taken care of your health and your finances, they can be the best years of your life."

4. I'll be lonely and bored

Your retirement is what you make it. Some people look forward to having time to read, garden, or be with grandchildren. But if you're a social creature, that support is there — just be proactive.

"It helps to remember that there are 77 million Baby Boomers out there," Diller says. "A lot of them feel the same way and also want company, so you're not really alone if you look around." She suggests looking for activities that connect you with other adults, such as joining a book club, bridge group, golf club or theater-going circle.

Retirement is also the perfect time to pursue passions and learn new things. But if you want to avoid loneliness, seek groups with similar interests. For example, if you've always wanted to learn piano, take adult group lessons instead of private lessons.

5. I'll become invisible

Another common fear is feeling invisible.. "I try to help people understand that their visibility isn't necessarily about trying to look younger, but maintaining their health and well-being and feeling passionate," Diller says. "What you become visible for is different as you age, but that doesn't mean you disappear."

MORE: How to retire with a six-figure income

MORE: America's fastest-growing retirement places

MORE: Should retirees start looking to find the best life insurance?

NerdWallet is a USA TODAY content partner providing general news, commentary and coverage from around the Web. Its content is produced independently of USA TODAY.

Featured Weekly Ad