Top 10 Retirement Worries That Baby Boomers Have (And What To Do About Them)
Believe it or not, from now until 2030, over 10,000 Boomers will hit retirement age every day. That’s a lot of retirees! And while some might view retirement as the time to settle down and relax, their brains might not be on board with that plan. Sadly, a lot of retirees worry even more in retirement than they did when they were working. Here are the top 10 retirement worries baby boomers have…and how you can overcome them.
1. Outliving your money.
Did you know that the average life expectancy in 2025 is 79 years? No wonder many boomers fear they may outlive their money! One survey even showed that 60% of baby boomers worry they will outlive their savings and won’t have enough money to carry them through their retirement years. The solution? Start saving and investing sooner rather than later. A financial planner can help you create a budget and share some killer investment strategies. You should also aim to save at least 15% of your income for retirement and budget, budget, budget! Now might also be the perfect time to downsize or hop onto the Golden Girls bandwagon. No, we aren’t suggesting that you start hurling sarcastic zingers like Bea Arthur, but we are suggesting that you consider getting a roommate! Not only can a roommate (or housemate) provide some company, but they can help share the costs of groceries and other expenses, too!
2. Healthcare costs
In an ideal world, we’d have perfect health well into retirement. Sadly, that’s not the case for most older adults. According to LifeHappens.org, 69% of people will need long-term care at some point. But we probably don’t need to tell you that long-term care is expensive. Now (not later) is the time to start looking into long-term care insurance. Not only can it help cover the cost of long-term care, but it can also give you a little extra peace of mind. You can also start doing a little preventative care, no insurance company required! Eat a healthy diet and exercise a few times a week to decrease your risk of type 2 diabetes and heart issues. If you smoke, quit! If you drink more pop than water, change that! There are a hundred tiny lifestyle changes you can make to be the happiest, healthiest version of yourself.
3. Changes to Social Security
Raise your hand if you’ve ever seen a terrifying headline about Social Security. Or maybe you’ve gotten some sort of promotional email that claims it will cease to exist soon. With news like this coming from every direction, a lot of older adults are probably a little on edge. And understandably so! According to one report by CNBC, Social Security payments for retirees will still be available after 2033, but they’ll only receive 77% of their full benefits. In other words, whether you’re retired or not, don’t rely on Social Security alone. If you haven’t retired yet, keep working for a little while longer. If you are retired, you could always get a part-time job to supplement your income.
Social Security Information and Resources For Seniors and Retirees
4. Inflation
You don’t even need to watch the news to know that inflation is on the rise. All you have to do is take a trip to the grocery store and see the cost of eggs or milk. Inflation is no respecter of persons. It affects everyone, including retirees. So, how can you protect your finances against inflation and have some much-needed peace of mind? You could always look into A TIPS (Treasury Inflation-Protected Securities). These exist to protect your assets against inflation, and you can purchase one directly from the U.S. Treasury for a minimum purchase amount of $1,000.
5. Becoming a fraud victim.
These days, fraudsters are sneaky and too smart for their own good. Sadly, they often take advantage of the fact that retirees are frequently home alone during the day (and not always tech-literate). To protect yourself against fraud, don’t trust anyone. If someone calls claiming to be from Apple, don’t automatically trust that they’re genuine or provide any of your account information. If an email looks fishy or “off”, it probably is. If you receive an email from Wells Fargo and notice that it’s from a Gmail account, don’t click any links. Remember, if something appears too good to be true, then it probably is!
Phone and internet scams are only two branches of the rotten tree that’s fraud. Remember to also vet contractors, financial advisors, and other service providers. Don’t assume that the person who offers to pave your driveway or cut down a tree in your yard is legit. Check the Better Business Bureau and do a little research on Google before you hire anyone.
6. Running out of savings.
If you’re a boomer who’s worried you might run out of money before you die, you aren’t alone. But there are some precautions you can take NOW. Review your spending habits and cut out unnecessary purchases. Your daily coffee run might not seem like such a luxury, but even small purchases add up in the long run. Maybe you’re subscribed to Netflix, Amazon Prime, Hulu, Disney+, and Paramount+. But which one do you actually use the most? Could you limit your subscription services to one or two? Do you spend enough money on Amazon to justify paying for Amazon Prime? And what about Kindle Unlimited? Do you read enough books to get your money’s worth? Look at everything you’re paying for, then make those hard (but necessary) cuts.
7. Maintaining your lifestyle.
If you’re a boomer, you probably take a lot of vacations and might even own an RV. However, what will happen if you can’t enjoy the retirement lifestyle you want? Or what happens if you run out of money and have to adjust your lifestyle accordingly? If you’re terrified that those frequent trips might be rough on your bank account, then make some tough sacrifices. Do you need all those trips, or would one big vacation satisfy? Do you really need that RV? There are also plenty of low-cost hobbies that boomers can enjoy and thrifty ways to save money on vacations!
10. Legacy and estate planning
We all want to leave a good financial and personal legacy for our loved ones. Sure, you could waste your precious time fretting about it. But you’d be better off getting proactive instead! If you don’t have an official estate plan, make one. Then review and update it regularly. You could always contact a professional estate planner! They can help you create the perfect estate plan for you and your family. You can also sit down with your loved ones and ask what they want. While a little morbid, it can help you know exactly how to write your will, and save your loved ones the headache of probate court.
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Originally published May 19, 2025
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