Most, if not all, Americans want the American dream. That means they want to live a successful and prosperous life. This, in turn, results in financial wellness and security. The words “financial wellness” are being thrown around lately, but what do they mean actually?
z Financial wellness involves the process of learning how to successfully manage financial expenses. Money plays a critical role in our lives, and not having enough of it impacts health as well as performance. The 2017 Stress in America™ Survey revealed that 62% of Americans reported money was a significant source of stress in their lives. This is nothing new. Work and money-related stressors have consistently topped this survey.
No surprises here either. Over half of all Americans have absolutely nothing saved for retirement, and just 35% have under $1,000 or just a few hundred dollars set aside.
z Making sure that you are prepared for retirement is essential for financial wellness. It isn’t just retirement that is an issue. According to FINRA, only 46% of us have a rainy day fund at all. It seems that setting money aside for the future is not as common or as easy to accomplish as one would hope.
For many, actually confronting the fact that time is going by, and they may be hitting retirement age sooner than they think is a really tough thing to get their head around. But as with most things in life, the wrong thing to do is nothing. Ignoring the problem is not going to save your money, or your retirement, or provide financial wellness.
Another thing to consider is that Americans are living longer than ever. Research suggests that some people may need to provide for 38 years of retirement, as they may live far longer than expected. Making sure you are ready for retirement means you have to set your budget and then work out how to make a plan to achieve the goals you have set.
Find a reputable financial advisor who you trust and that you can work with. If you want your golden years to be golden, start planning as soon as possible for them, and financial wellness could be yours to enjoy.
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