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Misconceptions about retirement probed

10/24/11

Many Americans look forward to their retirement, when they'll be able to travel, spend time with their families and take up hobbies they never had time for while they were working.

However, there are some common misconceptions about retired life as U.S. News and World Report points out.

One of the biggest misconceptions about retired life is that there will be less stress involved when the individual isn't working for a living. Although the news source states that more than half of workers 50 and older expect a less stressful retirement, only 39 percent report having less stress upon retiring.

"There are some false expectations about what life in retirement is going to be like," Gillian SteelFisher, a research scientist and the assistant director of the Harvard Opinion Research Program, told the news source. "The stress may be related to a decline in health or finances."

Another misconception about retirement many consumer's make is that their health will hold up. But only 43 percent of retirees say their health is similar to what it was five years prior to retirement, the news source states. Elderly individuals who still have family who depend on them financially may want to secure a life insurance policy to ensure loved ones have the resources they need should the primary caregiver pass away.  

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