What is the major emotional challenge related to planning for retirement mentioned?

The major emotional challenge related to planning for retirement, particularly regarding the worry about insufficient funds due to inflation, is significant because it highlights a key concern among retirees about the adequacy of their financial resources over time. Inflation can erode purchasing power, meaning that even if a retiree has saved a certain amount, the actual value of that money may diminish as prices increase. This concern can lead to anxiety about whether one's savings and investments will be enough to sustain a desired lifestyle throughout retirement.

This fear often stems from the unpredictability of economic conditions and the potential for rising costs in essential goods and services, which makes budgeting for retirement more complex. Therefore, understanding and preparing for the effects of inflation on retirement savings is crucial for effective financial planning and can provide peace of mind for individuals as they approach this major life transition.

The other options address valid concerns, but they do not reflect the overarching emotional hurdle of ensuring that one’s savings will maintain their value in real terms over decades of retirement.