Study Shows More Women Are Suffering from Insomnia Due to This Retirement Fear
While most people love the concept of retirement, it can be a blessing or a curse when it comes to your funds and savings, especially for women. According to Nationwide Retirement Institute’s latest study, most women tend to outlive men, leaving them with the responsibility to take care of family members for years.
Not only does this be a cause for major anxiety for women, but they also fear if their retirement savings (as well as their husbands) are enough to support and sustain the family. This, apparently, is the major cause why most women nowadays suffer from lack of sleep as they dread entering the retirement age.
The NRI conducted an online poll on over 1,0007 adults aging 50 years and above with a household income of at least $150,000. They also conducted a poll on a separate group of 522 adults in the same age range who have been caregivers.
Out of all the participants, the study reveals 71% of women said they were worried about their retirement savings if whether or not it can help sustain their family and pay for their long-term social care expenses. This kind of fear was mostly dominant on caregivers, in which three out of four said they were concerned about paying for their long-term care costs.
Most women feel the pressure of shouldering their expenses as they tend to be the ones looking out for their elderly parents and godparents, their children and even their grandchildren. Hence, Martin says the responsibility to take care of the family falls into the hands of daughters or women.
They also tend to accept the responsibility wholeheartedly even if they don’t understand the complexity and magnitude of their obligation. Martin provides everything a woman should know to prepare their retirement savings fund to support their long-term care.
Talk To Your Family About Your Dilemma
It might be an awkward thing to do, but you need to open up your woes to your family since they will be affected too. You also need to identify where and how to receive your care. Do you want to rely only on your Medicare? Or do you want to have a separate funding for your health? What about your expenses? Do you, and your family members want to live a luxurious life or buy that expensive house when you retire?
What about your children or grandchildren’s education? Do you want to help to support them? By considering and identifying these crucial factors, you and your family can determine your estimated costs in the future.
Consult With Your Financial Advisor.
Now that you’ve identified your goals, expenses, and plans when you retire, Martin recommends you consult with a financial advisor to plan your finances to accomplish your goals. Depending on your social care preferences, your financial plans may include availing of a long-term insurance policy, or a hybrid cash-value insurance to protect you and your family while still accessing the policy to cover up your expenses.
Your financial advisor may also recommend investing your money in stocks if you want to travel the world with your family when you retire or buy that luxurious house. Or invest in bonds if you want more security in your money to fund your grandchildren’s education.
Work on Your Legalities
To ensure everything is still running smoothly even if you’ve become incapacitated or unfit to make informed decisions about you and your family, you need to designate your responsibilities to your trusted person through the special power of attorney.
You can work on your attorney to appoint a health-care proxy to oversee your medical care. This proxy of yours can communicate with your professionals to make sure they comply with your wishes. You can also select a trusted person who can make financial decisions on your behalf to make sure all your bills and other responsibilities get paid if you’re unable to do so.
More in Retirement
50 Cent Finally Sells Off His Connecticut Mansion at a HUGE Loss After Several Failed Attempts
Sale at a Lesser Price After struggling for over a decade, 50 Cent has finally succeeded in selling off his Farmington...April 8, 2019
Jessica Alba Puts Her Luxury Beverly Hills Property Up for Sale. Check Out The Impressive Details
Alba’s Real Estate Prowess It wouldn’t be out of place to add real estate titan to the ever-growing portfolio of the...April 8, 2019
Kim Kardashian Faces Heavy Law Suit Over Her Kimoji App. Check Out the Details that Will Leave You Speechless
Although Kim Kardashian is popular for her self-promotion over the years, not being a tech geek meant that she needed some...April 5, 2019
The Story Of How Patty Duke Went From Nothing to Everything as Told by Her Book
The story of one time American famous actress Patty Duke according to her biography is one that will definitely inspire you....April 5, 2019
Lewis Hamilton Acquires a Multi-million Dollar Mansion and the Details Have Left Everyone in Shock
Lewis Hamilton is one of those folks who could be sitting at the table beside you in an eatery, and you’d...April 5, 2019
Mayweather Shows off His Latest Acquisition on Instagram and People are Having Mixed Feelings about It
Floyd Mayweather is famous for displaying his monstrous individual riches frequently on the internet. His most recent magnum opus is a...April 5, 2019
Read How Charlie Sheen Went from Being a Multimillionaire to Broke in a Sec!
Once Popular, rich and famous Charlie Sheen ended up notorious for his substance abuse, and liquor imbued shenanigans, and now he is...April 3, 2019
Jillian Michaels Puts Up Her Luxury Home on The Market for This Whooping Amount
Jillian Michaels has now placed her home in Malibu on the market for a second time and at a different price....April 3, 2019
Dr. Dre Deletes Daughter’s Celebratory Post After Remembering What He Did in 2013. See Details
Truly Young’s Admission Into USC Dr. Dre recently took to social media to flaunt and celebrate his daughter for gaining admission...April 2, 2019