What’s Really on Retirees’ Minds? Top Concerns as Retirement Approaches

Retirement—it’s something many of us look forward to, but let’s be honest: it can also bring up a lot of questions and a few sleepless nights. If you’ve found yourself wondering, “Will I have enough?” or “What if I live longer than I planned?”—you’re not alone.

A recent study by the Society of Actuaries took a deep dive into what’s really on the minds of people nearing retirement, as well as those who’ve already made the leap. And the results? Let’s just say they hit close to home.

The Two Big Worries

Topping the list of concerns were two heavy hitters:

🔹 Paying for long-term care
🔹 Keeping up with inflation

Whether it's the rising cost of health care or the fear of needing extended care down the road, both current and soon-to-be retirees share these worries. And with prices going up on everything from groceries to prescription drugs, it’s no wonder inflation is a growing concern.

Expectations vs. Reality: Working in Retirement

Interestingly, the study uncovered a big gap between what pre-retirees plan to do and what retirees actually end up doing:

• 70% of pre-retirees expected to keep working after they retired
   
• 45% planned to delay retirement altogether
   
• But in reality, only 14% of retirees kept working
   
• And just 10% actually postponed retirement
   

Life doesn’t always go according to plan—whether due to health, family needs, or changes in the job market.

What Keeps Pre-Retirees Up at Night?

Compared to retirees, those approaching retirement are much more worried about their financial future. Here’s a quick snapshot of the top concerns:

Concern Pre-Retirees Retirees

 Savings not keeping up with inflation                        66%                               41%

 Not enough for long-term care                                      62%                              46%

 Unable to maintain lifestyle                                             59%                              30%

 Running out of savings completely                              59%                              32%

So, what’s behind this growing anxiety? One factor might be underestimating just how long retirement can last.

The Life Expectancy Gap

Here’s a surprise: while many pre-retirees guess they’ll live to around 85, more than half actually have family members who lived past 90! That’s a 5–10 year gap between what people expect and what’s realistic.

This gap can have a big impact on retirement planning. If you outlive your savings, it could create financial stress just when you hoped to relax and enjoy life.

One encouraging note: about 30% of people said they had purchased guaranteed life insurance to help provide long-term security. That’s a great start, but the study found most people still tend to think short-term when they should be preparing for the long haul.

What Surprises Retirees Most?

Even with good planning, retirement comes with its fair share of surprises. The top unexpected expenses included:

• Costly home repairs
   
• Dental work
   
• Prescription costs and out-of-pocket medical bills
   

These are the kinds of things that can sneak up on you—especially if you haven’t set aside a buffer for life’s “what-ifs.”

Debt Before and After Retirement

Debt is another area where retirees and pre-retirees differ:

• Over half of pre-retirees are still paying off a mortgage
   
• Many also carry significant credit card and auto loan debt
   
• About 30% reported having $30,000+ in non-mortgage debt
   

In contrast, over half of retirees said they had less than $10,000 in total debt—a far more manageable load.

Reducing debt before retirement can make a huge difference in your peace of mind and monthly budget once you stop working.

Planning for a Stronger Retirement

Here’s the takeaway: planning for retirement isn’t just about saving money. It’s about preparing for a longer life, expecting a few surprises along the way, and putting the right tools in place to help you weather those changes.

• Think long-term
• Plan for a longer life than you expect
• Get the facts about Medicare, long-term care, and insurance options
• Consider how debt and big expenses might affect your lifestyle
• 
  

Let’s Talk About Your Retirement Goals

If you’re feeling overwhelmed—or just want to make sure you’re on the right track—I am here to help. Whether it’s understanding long-term care options, exploring life insurance strategies, or building a more resilient plan, a quick conversation could give you the confidence you need for the years ahead.

Give me a call. I would love to help you build a retirement and life insurance plan that fits your life.