retirement

7 real retirement worries to focus on

7 retirement worries to dread
7 retirement worries to dread © Monkey Business Images/Shutterstock.com

Whether your retirement is months, years or decades away, you probably have a long list of retirement worries. Will Social Security survive? Will the stock market crash? Should you pay off your mortgage? Should you pay for your children's college costs? Will your children ever launch?

Worrying isn't always bad. After all, it can help you focus on improving your retirement prospects. But are you worried about the right things? Bankrate looks at seven retirement issues that you might be stewing about that don't matter ... at least not as much as these other, much more troubling, issues.

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Some people worry about all the wrong things when they're planning for retirement.

Worrying can be a good thing since it might inspire change. But are you worried about the right things? For instance, some people worry that Social Security won't be around when they retire. That program is a popular one and won't go away any time soon. What they should be worried about instead is picking the right time to begin drawing Social Security.

If you begin taking benefits at age 62, you'll miss out on getting the bigger payout that you'd get if you wait until full retirement age, which is 66 or 67, depending on your year of birth.

Likewise, some people worry that the stock market will crash. But if they invest too conservatively, their portfolio won't grow enough to keep up with inflation. When allocating your assets, you need to achieve a balance among investments that can cushion the blows of the market with those that can provide some growth in your portfolio.

 

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