Money worries in retirement

When you were working, a bad month could be balanced by the next paycheck. In retirement, income may come from Social Security, a pension or savings, and it can feel like there’s no way to “earn it back”.

Price increases were the most common financial concern for U.S. adults in 2025, named by just over 9 in 10.

When income is fixed, rising costs can feel personal and threatening. Knowing your numbers and the help available can take some of the fear out.

This is one of the most common retirement worries. Free, unbiased help to look at your income over time can turn a vague fear into a plan you can see.

Many careful savers feel anxious using money they set aside for exactly this time. Giving yourself a clear monthly amount to spend, and checking in on a set day, can ease the guilt.

Not knowing what health care will cost can feed worry. Free Medicare counseling can help you understand what you’re covered for. See “Medicare and health costs” below.

These need a plan: a budget, a benefits check, a call to a lender, or free counseling. The sections below walk through each.

If you’ve checked and you’re on track, but the worry keeps coming back, try setting a short “money time” once a week. Look at your accounts then, and gently postpone worry outside that time.

Avoiding money can feel safer in the moment but often makes worry grow. Small, kind steps help, like opening one envelope with a cup of tea and a friend nearby.

Even a modest emergency fund means a broken appliance or a dental bill doesn’t become a crisis. Build it slowly if you need to.

Bills that made sense while working may not suit retirement. A yearly review of what you pay for can free up money without changing your life much.

Checking on a set day stops money from taking over every day. Pair it with something pleasant, like a favourite drink or music.

Medicare Savings Programs can help pay Medicare Part A and Part B premiums, and some also cover deductibles, coinsurance and copayments. You apply through your state.

Medicare.gov says that even if you don’t think you qualify, you should still apply. Some states have higher limits than the federal ones.

SNAP helps people buy food. Households with a member aged 60 or older can have more savings and still qualify, only need to meet the net income limit, and can deduct some medical costs.

The Low Income Home Energy Assistance Program is a federal program, run by states, that helps lower-income households pay for heating or cooling. In most states it can also help make homes more energy efficient.

BenefitsCheckUp, from the National Council on Aging, is a free online tool. You answer some questions confidentially and get a list of benefit programs you may qualify for. Visit benefitscheckup.org.

The Eldercare Locator connects older adults and families with local services: call or text 1-800-677-1116.

You can also call 211 to find local help with bills, food and housing.

State Health Insurance Assistance Programs (SHIPs) offer free, confidential, one-on-one counseling for people with Medicare and their families. They can also help people with limited incomes apply for programs like Medicare Savings Programs. Find yours at shiphelp.org.

Call 1-800-633-4227, 24 hours a day, 7 days a week (except some federal holidays). TTY users can call 1-877-486-2048.

Generally, your first chance to sign up for Medicare runs from 3 months before to 3 months after the month you turn 65. Missing it can mean waiting for coverage, and a monthly Part B penalty for as long as you have Part B.

The “Welcome to Medicare” preventive visit, within your first 12 months of Part B, costs nothing if your provider accepts assignment. It includes a review of your risk for depression.

The amount of your monthly Social Security retirement benefit depends on the age at which you claim. The Consumer Financial Protection Bureau calls this one of the most important decisions in retirement.

Social Security can answer questions about your own record at 1-800-772-1213 (TTY 1-800-325-0778).

The Consumer Financial Protection Bureau notes that a lump sum pension payout can give you flexibility, but carries risks. Get independent advice before choosing.

It’s natural to want to help children or grandchildren. Before you give or lend, check that it won’t leave you short. It’s okay to say “Let me think about it” or “I can help with this much”.

A simple rule, like waiting 48 hours before any big money decision, protects you from pressure, whether it comes from worry, a salesperson or a scammer.

Writing it all down can feel scary, but it usually makes debt feel smaller than the version in your head. It also shows which debts to tackle first.

Calling before you fall behind gives you more options. The “Debt & financial hardship” guide has a call script you can use.

The National Foundation for Credit Counseling (NFCC) is a nonprofit network of credit counselors. Visit nfcc.org to find a counselor.

Scammers may promise to make debt disappear. Pressure to act now or pay in an unusual way, like gift cards or cryptocurrency, is a warning sign.

Scammers often claim to be from the government, such as Social Security or Medicare, or from a familiar business. They can fake the name and number on caller ID.

They may say you’re in trouble, that a family member has an emergency, or that you’ve won a prize but must pay a fee first.

Scammers want you to act before you have time to think. They may threaten arrest or tell you not to hang up.

Insisting on a specific way to pay, like gift cards, cryptocurrency, wire transfers or payment apps, is a common warning sign.

You might ask a family member to help with paperwork, to sit with you while you call a lender, or to help you look into benefits. You stay in charge of your decisions.

If someone, even a family member, is pressuring you about money, taking it without asking, or controlling what you can spend, that may be financial abuse. The “Financial abuse” guide explains it and where to get help.

Telling a trusted person where your important papers are, and what your wishes are, can bring peace of mind for everyone.

What helps

• Ask open questions and listen without judging
• Offer specific help, like reading through a letter together
• Respect their right to make their own choices
• Watch kindly for signs of scams or someone taking advantage