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After a lifetime of hard work, you want to be sure you will be comfortable in retirement. Understanding the ins and outs of retirement while in your working years can take some time, but will be worth it in the long run. Even people with a good knowledge of retirement issues can be fearful about a future so different from what they’re accustomed to. Consider the most common retirement concerns and prepare yourself so you will not fall victim to potential pitfalls.

1. Running Out of Money

Between saving enough, being able to spend efficiently, affording your desired lifestyle and the possibility of outliving your money, running out of funds is likely your top retirement concern. It may seem overwhelming to live without working, but if you plan well, it can be possible. It’s important to determine how much you will need to save, create a budget that factors in reaching that amount of savings, and you should be able to live without this fear.

2. That Empty Feeling

Once you become accustomed to the busy schedule of juggling your work routine and your personal life, it may be challenging to have so much free time. To avoid being in a slump and experiencing the empty agenda feeling, consider taking up some hobbies more seriously, joining a local group, spending more time with friends and family or planning a trip to kick off your retirement.

3. Healthcare

While health declines as you age, affording healthcare is a common concern among retirees and individuals preparing for retirement. While it is true that maintaining your well-being can be expensive, insurance should help cover your costs and this is just one reason it’s important to maintain an emergency fund into retirement — in case of any uncovered health issues.

4. Not Finding Work or Forced Retirement

Since not all retirement is a choice, a common fear about retirement is that it will happen before you are ready and you will not be able to find another full-time — or even part-time — job. For this reason, it’s a good idea to maintain your online work profile, continue to network and keep your resume up to date, so you can be prepared for a job hunt, if it becomes necessary. This is true even if you plan to finish out your working days with one company.

5. Falling Home Values

Oftentimes, people plan to supplement their retirement savings by selling the home they lived in while working and possibly raising children. If you planned your retirement timing and total savings taking in the factor of home appreciation, it’s a good idea to allow that to be a bump up in lifestyle but not the money you need to live. This is in case home values decline or a recession sets in just as you retire.

6. Investment Losses

Investing always involves some risk, and many planning for retirement fear that investment losses will ruin all they have worked for. It’s important to adjust your investments as you get nearer to retirement. In general, you can take bigger risks when you have more time to recover any potential losses. As you approach retirement, it’s generally a good idea to invest more conservatively.

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