Most people have the expectation that life after retirement is a chill one that’s free of worries and responsibilities. Sadly, this is not everyone’s reality, especially in the COVID-19 era. Senior anxiety is, in fact, more prevalent than most people think and higher than ever, with older adults facing more stressors in their golden years than they did when they were younger. This doesn’t have to be your future, however. By knowing what you’re up against after retirement and caring for your health and spiritual well-being, you can be adequately prepared and, in turn, really look forward to spending your twilight years in relative comfort and safety. Let’s get started.
Your financial situation is arguably among your biggest concerns post-retirement, which is why it definitely warrants special attention. In an ideal world, you will have a nice nest egg made up of your retirement savings and benefits waiting for you in your twilight years, which you can then use to provide for your needs like care and housing and maybe even have enough left over to really enjoy your newfound free time.
Of course, not all seniors are lucky enough to have this in the cards. Many are facing the prospect of living on a fixed income that will be challenged by today’s rising medical costs and general cost of living. In this scenario, it becomes doubly important to leverage the benefits available to you, as well as take certain measures to grow your savings and investments.
In the same vein, your long-term care and living arrangements are also of some concern. This can be of greater concern when you have mobility limitations or a medical condition. And while there are, of course, different living arrangements for seniors that you can explore based on the level of care and assistance that you need, more often than not, these do not come cheap.
Unfortunately, many seniors assume that their Medicare or Medicaid coverage and/or health insurance will provide for their stay in an assisted living facility or nursing home, and this is simply not true. As a result, they are caught off-guard when confronted by the costs. With this in mind, understand that your health insurance will generally cover your medical bills and, depending on coverage, even prescription medication, but it will not cover your stay in a facility. Furthermore, it’s also wise to explore other ways to cover your living costs, ranging from financial aid to some types of insurance.
No doubt, one of the biggest stressors that seniors face is an intangible one. Aging comes with a multitude of changes, running the gamut from physical and cognitive decline to loss of independence. These changes, in turn, lead to emotional and mental problems, making it not uncommon for seniors to spiral into anxiety, depression, and other such disorders.
Know that certain problems are more deeply rooted than others. So if you’re feeling out of sorts, it’s important not to dismiss it as mere melancholia as it can be a threat to your emotional well-being. Rather, it’s more than prudent to consult with a mental health professional. Medicare Part B actually covers various mental health services, including psychiatric health and counseling, so coverage is one less thing to worry about. Furthermore, such coverage also provides for a yearly depression screening in your primary care physician’s office, so make sure to take advantage of that, too.
Suffice it to say, worrying about what the future holds for you as a senior is a very natural thing. However, there really is no reason to let worries consume you. Doing so is not only counterproductive, but it’s also keeping you from enjoying the best that life still has to offer, but being too stressed can also lead to more issues, either physical or mental. So, know what problems you could face as you enter this new and unfamiliar phase of your life and prepare yourself accordingly — your quality of life depends on it.
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