3 retirees on their biggest fears in the year leading up to retirement, and which of them actually mattered

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• Money is a big concern for a lot of retirees, but there are fears that go deeper than that.
• One of the biggest concerns for retirees is what their retirement will mean for the people close to them.
• This article is part of "The Finish Line," a series that offers advice and answers burning questions about retirement planning.

For some, retirement is a time to kick back, relax, and relish those quiet moments you've spent 40 years working toward. However, rising healthcare costs, inflation, and unstable markets are all cause for pause and reflection in upcoming retirees.

Some obvious questions come to mind: What if your money runs out? What if Medicare isn't enough? But retirees also face more introspective fears, like the fear of properly expressing their feelings or the fear of losing an identity.

In 2023, Business Insider spoke with three retirees — Diane Wigger, an advertising sales executive; Wray Blattner, a lawyer; and Daryl Ward, a pastor — about the fears they faced as they approached retirement and the steps they took to overcome them. What they had to say was far more sentimental than finances, healthcare, or Social Security.

1. Diane Wigger, Paris, France

It's perfectly normal to have financial and healthcare fears, especially for those who are more self-reliant. "I've never been married. I've always known I will never inherit a lot. I put myself through university. So I always saved, but there was only me," Wigger said. What helped Wigger the most was budgeting, maxing out a 401(k), and putting a little money every month into savings.

"My second point of fear of retirement before the age of 65 in the US is healthcare, because you don't get on Medicare until you're 65," Wigger noted. But now that she's 65 and living in France, Wigger said, "I can afford to keep my Medicare and my French healthcare at the same time."

For Wigger, retiring abroad was empowering. Wigger conquered her retirement fears moving abroad, gaining access to good healthcare, and living within her means. Wigger said, "I have to tell you, I have the best life. You know, I love my life. I love just waking up every day in Paris and going for a run."

2. Wray Blattner, Dayton, Ohio 

Blattner is concerned about "continuing to feel like I have some value to the community."

To Blattner, this is a tangible fear, but it's one he's taking steps to address. "Joining boards and being on a nonprofit mitigates or solves the fear," he said.

Blattner recognizes his retirement fears are different from most. He had an easier work transition because his law firm prioritizes making retirees comfortable in handing off their work, and his spouse, Liz, is still working.

He emphasized the importance of telling people he loves them. He said, "When I think about it — about how easily the words come, but how meaningful it is — and I think about some of the people that I've reconnected with, I can tell just about all of them felt the same way." He's gotten "a few quizzical looks, but that's OK."

3. Pastor Daryl Ward, Dayton, Ohio

After 33 years of building a church and congregation he's proud of, Pastor Ward has been facing the fear of losing a part of his identity.

It was the moments immediately post-retirement that were most difficult. 

"After all of that settled down, then it was like, so what do I do now? Who am I? How can I make an impact on the world? So I had to struggle through all of that — that sense of self-worth that was here," Ward said. "You know, I was on my own. I had to figure it out. 'Who are you? Why do you matter?'"

He added, "It was the church that grew. It was a strong church when I left." That meant a lot of his identity was wrapped up in it: "It was who I was."

He looks to the lasting legacy he's built within the community for purpose now. He wants to ensure that the church and community he's built continue beyond his retirement. "A lot of people, they'll say, 'Your vision is coming true,' and that's still there. I get that, and I appreciate it very much."

Ward said his trust in God helped him clarify his passion and purpose post-retirement. He said, "I still have to navigate, but this deep sense of faith really helped, too."

This article was originally published in April 2023.