August 2017

Planning Tips

Tips to Help Avoid Retirement Stress

While it is not inevitable that you’ll experience stress during retirement, here are three tips to help ward off retirement stress before it happens:

Have a game plan. Many people head off into retirement with little thought of how they’ll fill their days. It’s important to take stock before you retire, to create a game plan. What does retirement look like to you? Is it volunteering? Time with family? Travel? It’s a great idea to go into retirement with a plan for what you might like to try or accomplish during this time.1

Take care of your health. Obviously, not all health conditions are avoidable. However, taking a proactive approach to your health and lifestyle choices can help provide you with a healthier outlook throughout your retirement years. You don’t have to make major changes all at once: Start with physical activity and eating healthier.2

Build your relationships. Many people find it harder to maintain social connections during retirement, especially if they worked in an environment where they naturally connected with a wide variety of people. You may need to reach out to new social groups or become involved with new organizations.3

Wharton School of the University of Pennsylvania. Jan. 14, 2016. “The Retirement Problem: What Will You Do With All That Time?” http://knowledge.wharton.upenn.edu/article/the-retirement-problem-what-will-you-do-with-all-that-time/. Accessed June 27, 2017.
2 WebMD. “Healthy Aging – Topic Overview.” http://www.webmd.com/healthy-aging/tc/healthy-aging-topic-overview#1. Accessed June 27, 2017.
3  Nanci Hellmich. USA Today. May 27, 2014. “Five top stressors in retirement and how to cope.” https://www.usatoday.com/story/money/personalfinance/2014/05/27/retirement-five-stressors/9329991/ Accessed June 26, 2017.

 

Money Saving Tips

Create a Financial Strategy Now for Your Retirement

While adjusting to a fixed income during retirement can be stressful, you can help alleviate the stress by knowing your numbers. Many of us live with a “general idea” of our monthly income and expenses. However, a fixed income means you need a firm grasp on what’s coming in and what’s going out every month.1

To find out how much you’re spending every month, start with your fixed expenses. How much is your mortgage or rent? How much do you spend on insurance? Taxes? Utilities? Medical expenses? These are the hard-and-fast expenses that you’ll need to cover every month.

Next, track how much you spend on non-fixed expenses — things like eating out, clothing and gifts. Add this amount to your fixed expenses, and you’ll have a good idea of how much you spend every month.2

Finally, get a solid picture of the income you should expect every month, and from what sources. This income could include Social Security benefits, savings, investments, annuities and pensions. Not sure what income you should expect? We can help you create a financial strategy using insurance and investment products that can help you work toward your long-term retirement income needs. Our goal is to help you live a retirement that is stress-free. Contact us today!

1 Darrow Kirkpatrick. Money. July 16, 2014. “How to Figure Out Your Real Cost of Living in Retirement.” http://time.com/money/2987066/retirement-how-to-figure-out-your-real-cost-of-living/. Accessed June 26, 2017.
2 Dana Anspach. The Balance. July 19, 2016. “How to Estimate Your Retirement Expenses.” https://www.thebalance.com/how-to-estimate-your-retirement-expenses-2388830. Accessed June 26, 2017.

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