Retirees without savings face numerous stressful challenges that can severely impact their quality of life. Overall, the absence of savings can turn what should be a relaxing and fulfilling period into a time of significant stress and uncertainty.
1. Losing Control of Your Future
We all want to plan for our future in the best way possible. But not saving for retirement is losing total control of it. One person said, “Many seniors fear outliving their money. With this kind of fear lurking, sitting back and enjoying retirement is almost impossible.”
2. Unhappiness
Will you be happy when you can’t provide for yourself in your old age? You could quickly fall into unhappiness and possibly depression, which can be devastating for seniors. Living in sadness is no way to spend your old age!
3. Over-stressing Your Kids
Let’s face it: good parents do their best to take care of their kids, and when they grow old, they hope their kids will look out for them in one way or another. It’s one thing to ask your kids to visit and check on you as much as possible, but it’s another when you rely on them entirely for your financial needs, stressing them out even more.
4. Scraping to Get By
“If your job came with benefits like health insurance, you’ll have to scrape by to get good medical care and other necessities. You’ll probably need a lot more medical attention in your 70s and 80s as your body is giving in. Bad knees, a hurting backside, and getting all shriveled up, I can’t imagine,” said one person with sage advice.
5. Facing a New Reality
Without retirement savings, it might not be as easy to maintain the same lifestyle you’re currently living. Take things like vacations, fancy dinners, and expensive hobbies out of the question. You’ll need to downsize so you can afford your new lifestyle considerably.
6. Taking On a Roommate
As a senior who has not saved for retirement, you could turn your home into a source of income by inviting in a roommate. However, your senior years should be about enjoying peace and tranquility away from the everyday madness. It’s not time to keep tabs on a roommate like you’re in college again.
7. Continuing to Work Part-time
Keeping up with expenses may be unbearable, so you might have to keep an extra income stream. Ultimately, this could mean getting a part-time job. It’s unfortunate when you’re looking to get away from your work years but still have to work in your old age.
8. Drowning In Debt
“Without savings, how on earth will you pay your bills?” asks a curious person. You’ll probably drown in debt as you’ll not be able to keep up expenses. Considering it, you’ll still need to pay for your internet, cable, groceries, and more. How will you keep up with these bills? Debt will catch up to you rather quickly.
9. Never Resting
The point of retirement is to rest, take a moment, and enjoy life for everything it is. You’ve worked for many years now; it’s time to rest. It’s devastating when you can’t slow down because you have nothing to live on. It’s even worse when those around you can enjoy their golden years while you can’t.
10. Constant Insecurity
People build a financial safety net to secure their future. You’ll live in constant insecurity without one. You’ll also battle the fear of not affording your lifestyle, paying bills, depending on others, and much more.
11. Being Poor
One person said they thought not saving for retirement equals being poor. They said, “It would help if you found out where the resources are. You don’t know how to do or fix things yourself, so you often go without whatever it is.”
12. Excessive Borrowing
“I have a cousin in his seventies who has resorted to borrowing,” said one person. “Seeing him borrow money for his bills and personal needs is pretty safe. At the bottom of the barrel, he borrows cigarettes. Save for retirement, guys!” A final person reminded us to work harder by saying, “What retirement? You keep working until you’re physically unable to anymore. Between that and social security, you scrape by. Imagine living in a cheap college apartment with roommates, except you’re 70.” Please start saving now so the retirement bus doesn’t get you on the wrong side of town!
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