To most young people, retirement means relaxation every
day, with mornings spent leisurely reading the paper over coffee, afternoons
hitting the links or chilling on the beach, and evenings at pleasant dinners
with your spouse and friends or watching your favorite programs.
But for many retirees, it’s just the opposite. Out of
43 potentially stressful major life events, retirement is ranked the 10th most
stressful, ranking just higher than a major change in the health or behavior of
a family member (11th). The death of a spouse, something many people experience
in their retirement years, ranks number one.
Studies show that money tends to be the number one
stressor. Running out of money to live comfortably is the biggest concern for
members of both the Silent Generation (people aged 68-88) and baby boomers,
followed by the worry that they are or will be a burden to their family. Only
39% of people who are actually retired say that it is less stressful than life
was during the five years before they retired,
Believe it or not, it’s hard for many retirees to
give up working. For some people, a job gives life meaning and purpose,
providing satisfaction and happiness. Other retirees get stressed out by the
lack of structure in their days, and others find change, even if it’s positive
change, to be stressful.
Roughly one in 10 people aged 65 and older report
that they are severely lonely, according to a study published in 2012 in the
Journal of Psychology. Retirement ends many of the daily connections we tend to
take for granted. People in their 80s and older tend to experience higher rates
of loneliness than do younger people, other research shows, as spouses and
friends pass away.
Worse yet, loneliness can lead to health problems
and premature death. Older adults who report extreme loneliness had a 14%
greater risk of premature death than those who didn’t. Researchers noted that
loneliness can be twice as unhealthy for older people as obesity can, with
health consequences that include disrupted sleep, elevated blood pressure,
increases in the stress hormone cortisol, altered gene expression in immune
cells, increased depression and lower overall well-being.
It’s an unfortunate reality of aging: our health
declines as we get older and many retirees and seniors are in denial about
their health problems. Almost half of Americans ages 55 — 64 say they are in
good or excellent health, while only about a quarter of those 65 and older say
the same. Major studies found that the most common ailments facing older adults
are hypertension, heart conditions and arthritis. Roughly one in four people ages
65 — 74 and nearly one in three people ages 75 — 84 have two or more major
health problems.
A semiprivate room in a nursing home costs a median
of roughly $77,000 a year and living in an assisted living facility costs $42,000
a year, according to 2014 data
Given how little most people have saved for
retirement, many retirees are likely to struggle to afford the health care they
need. And some are already feeling the strain of these expenses. Nearly one in
four retirees say they’ve had trouble paying for the medications that they or
their spouse needed; 21% say they’ve had trouble paying for health insurance
premiums, 21% for medical bills, 19% for long-term care and 18% for
preventative services
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