Written by Glen James
Host of the Retire Right & money money money **(formerly my millennial money) podcasts & author of *The Quick-Start Guide to Investing***.

Glen James, the host of the Retire Right podcast smiling at the camera

Let’s talk about everyone’s favourite topic when it comes to retirement - fear!

If you have fears about retiring you are certainly not alone. Retirement is an entirely different way of life to that of your working years, so moving into it can feel a bit disorienting. As we transition from structured routines and steady incomes to a more open-ended phase of life, it's natural to face uncertainties. These fears, ranging from financial security to finding purpose and maintaining health, are common among retirees. By acknowledging and understanding these concerns, we can better prepare for a fulfilling and confident retirement journey. Here are the 3 main areas that commonly create concern:

#1 having enough money and making it last

How do you know if you’ll have enough money to support yourself? This can feel like trying to predict the future with your non-existent crystal ball, impossible! But the best way to dismantle fear is with education and by making the unknown known.

How you can tackle this fear:

Determine your goals for post-working life. What would an average day, week, month or year look like? Will you work one day a week, volunteer, travel, look after grandkids, play golf with your friends, enjoy gardening – whatever it will look like for you.
Estimate how much you think you would need to cover your basic living costs, and how much you would need for the lifestyle choices you’d like to make, whether it be travel, hobbies or just how you’d like to spend your time. Even if this figure is a rough estimate, you’ll see some of your fear start to dissipate because you have an idea of your target.
Seek out financial advice if a third-party sounding board could help. As a former adviser myself I’ve seen how useful advice can be for people who need support getting all their ideas and finances organised. If we can help connect you with an adviser please reach out.

#2 loneliness

Loneliness is a significant fear for many approaching retirement, particularly if you've shared your life with a partner and now face the reality that one of you may experience health decline or pass away. The prospect of losing a life companion can be daunting. By no longer engaging in a workplace you also lose quite a bit of day-to-day social interaction, so it’s key to build this into your retirement years.

How you can tackle this fear:

Engage in social activities. Volunteering, choosing a regular hobby or activity group, or joining clubs can provide meaningful connections and a sense of belonging. Whether it be aqua aerobics, book clubs or golf – choose something that enables you to come into contact with others during your week.
Talk with your family about times you can connect with them. If you have children, grandchildren, siblings or other family members, reach out and see how or when you can connect with them. Even a phone call once a fortnight can bring lightness, connection and support.
Write down some phone numbers you can call. There are a number of wonderful services available that you can call to be connected and followed up on. The Red Cross operates a service called Telecross (1300 885 698) for people who live alone and are at risk of an accident or illness that may go unnoticed.

an elderly woman at home washing fruits and vegetables

#3 housing suitability and affordability

This is becoming a significant issue for all but particularly for women over age 50, who are suffering from homelessness at much greater rates than other groups within our population. Another issue also lies in the suitability of your home – is it too large to maintain? Is it suitable for accessibility for walkers or motorised scooters, should you need one? Can you maintain the garden long term?

How you can tackle this fear:

Consider all housing options. Housing in Australia is unfortunately suffering from a supply and affordability crisis. Regardless, do whatever you can to secure safe and affordable housing. From living with others or family, to renting, to owning, look into all possible living arrangements. Seek the support of family, friends or support workers to find the right housing for you. ‘myagedcare’ can also offer assistance with finding appropriate housing if you’re over age 65.
Modify your home to suit your needs. If you’re 65 or older, look into whether you’re eligible for any modifications supported through ‘myagedcare’ – you may be able to alter your home environment to be safer and more accessible.
If you choose to downsize it’s important to look at the move through a positive lens and create spaces in your new home that you know you’ll enjoy. Even if you can’t maintain a large garden anymore, are you able to downsize to a courtyard of pot plants? Find new ways to enjoy your home, just on a smaller scale. Or find ways to enjoy those activities in community groups or public spaces, rather than your home.

If you’d like to hear more about these topics I’d encourage you to please listen to an episode I recorded with Prof. Joanne Earl who's based in the Psychology Department at Macquarie University and an Executive Member of the Centre for Ageing, Cognition and Wellbeing. We chatted about some of her research which focuses on pre and post retirement planning and helping people transition and adjust to retirement. You can listen on Spotify or Apple Podcasts.