As I move closer to retirement, here are my biggest financial fears in no particular order:
My investments will not generate enough income to pay the bills. Lower interest rates means I have to put money into riskier investments. Stocks and bonds can lose value quickly when the economy goes into a recession.
Unplanned expenses like car repairs, home and appliance repairs, and healthcare. Unexpected bills can deplete savings in a hurry. Where will I find the money to replace my 10 year old car?
Cost of everything keeps going up. There isn’t much you can do when property taxes and insurance rates go up every year. At some point I will be forced to find lower cost housing.
I’ve already cut back on spending to the point where I’m running out of things to cut back on. No restaurants, no movies, no trips, no luxury purchases of any kind. No fun.