Retirement is a time of mixed emotions—excitement for the future and fear of the unknown. Justin Halverson of Great Waters Financial joined Good Morning Northland to share insights into the most common retirement fears and how to address them for a more confident financial future.

Justin explains that people naturally resist change, and retirement comes with plenty of it—new routines, financial adjustments, and questions of purpose. A major concern is: Do I have enough money? Even those who’ve diligently saved in 401(k)s and IRAs often worry about how to convert their savings into paychecks that will last.

With increasing life expectancy, retirees face challenges like inflation, rising healthcare costs, and the potential need for long-term care. These uncertainties, coupled with insufficient Social Security increases, amplify fears about financial stability.

Many retirees struggle with losing the identity tied to their careers. “We are more than what we do,” Justin says. Developing a plan for this new chapter is crucial. Great Waters Financial’s life design process helps clients redefine their purpose and transition into retirement with confidence.

Justin breaks down how to plan for retirement:

Start budgeting: A spending plan ensures you understand what’s going out and what’s needed to replace your paycheck.

Save early and automate: Younger individuals can benefit greatly from compounding interest over time.

Work with professionals: Tax strategies, income planning, and financial guidance are key to ensuring your money lasts.

“Planning is critical,” Justin says, “whether you’re near retirement or years away. A thoughtful approach can help you feel excited rather than anxious about this next phase of life.”

For those looking ahead, it’s never too early—or too late—to plan for a fulfilling and secure retirement.