What’s Really on Retirees’ Minds? Top Concerns as Retirement Approaches

Sandra Sands • June 19, 2025

Top Concerns as Retirment Approaches

Retirement—it’s something many of us look forward to, but let’s be honest: it can also bring up a lot of questions and a few sleepless nights. If you’ve found yourself wondering, “Will I have enough?” or “What if I live longer than I planned?”—you’re not alone.

A recent study by the Society of Actuaries took a deep dive into what’s really on the minds of people nearing retirement, as well as those who’ve already made the leap. And the results? Let’s just say they hit close to home.


The Two Big Worries

Topping the list of concerns were two heavy hitters:


🔹 Paying for long-term care
🔹
Keeping up with inflation


Whether it's the rising cost of health care or the fear of needing extended care down the road, both current and soon-to-be retirees share these worries. And with prices going up on everything from groceries to prescription drugs, it’s no wonder inflation is a growing concern.


Expectations vs. Reality: Working in Retirement

Interestingly, the study uncovered a big gap between what pre-retirees plan to do and what retirees actually end up doing:


  • 70% of pre-retirees expected to keep working after they retired
     
  • 45% planned to delay retirement altogether
     
  • But in reality, only 14% of retirees kept working
     
  • And just 10% actually postponed retirement
     

Life doesn’t always go according to plan—whether due to health, family needs, or changes in the job market.


The Life Expectancy Gap

Here’s a surprise: while many pre-retirees guess they’ll live to around 85, more than half actually have family members who lived past 90! That’s a 5–10 year gap between what people expect and what’s realistic.


This gap can have a big impact on retirement planning. If you outlive your savings, it could create financial stress just when you hoped to relax and enjoy life.


One encouraging note: about 30% of people said they had purchased guaranteed life insurance to help provide long-term security. That’s a great start, but the study found most people still tend to think short-term when they should be preparing for the long haul.


What Surprises Retirees Most?

Even with good planning, retirement comes with its fair share of surprises. The top unexpected expenses included:


  • Costly home repairs
     
  • Dental work
     
  • Prescription costs and out-of-pocket medical bills
     

These are the kinds of things that can sneak up on you—especially if you haven’t set aside a buffer for life’s “what-ifs.”


Debt Before and After Retirement

Debt is another area where retirees and pre-retirees differ:


  • Over half of pre-retirees are still paying off a mortgage
     
  • Many also carry significant credit card and auto loan debt
     
  • About 30% reported having $30,000+ in non-mortgage debt
     

In contrast, over half of retirees said they had less than $10,000 in total debt—a far more manageable load.


Reducing debt before retirement can make a huge difference in your peace of mind and monthly budget once you stop working.


Planning for a Stronger Retirement

Here’s the takeaway: planning for retirement isn’t just about saving money. It’s about preparing for a longer life, expecting a few surprises along the way, and putting the right tools in place to help you weather those changes.



Think long-term

  • Plan for a longer life than you expect
  • Get the facts about Medicare, long-term care, and insurance options
  • Consider how debt and big expenses might affect your lifestyle
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