Paving the Road to Financial Security

Saving for Retirement

You may have heard the saying “you’re never too old to start saving for retirement.” While this may be true, a better suggestion may be “you’re never too young to start.” Saving money early in life can help prevent you from scrambling when you’re approaching retirement age. It can also help with unforeseen expenses along the way.

Life is full of obstacles and financial burdens that can get in the way of your journey to financial security. Some things are unexpected, like a car accident, and some things are planned, like buying a house. However, both cases still require you to spend more money than usual, which can strain your wallet. Consider some other common expenses that you may have before retirement:

  • Raising children
  • Paying off student loans
  • Supporting an aging family member
  • Developing a chronic medical condition
  • Buying a car

Are You Saving Enough

The IRS has many suggestions for saving for retirement, but one of the easiest ways is with a 401(k). Contributing even a small percentage of your paycheck each month can grow the account into a sizable nest egg. Here are some other tips for getting closer to your financial goal:

  • Take advantage of an individual retirement account (IRA) or other saving mechanisms.
  • Understand the savings options available through Ansay & Associates, LLC.
  • Know the difference between “Roth” and “traditional.” Pick the account that works best for you and begin saving.
  • Set money aside in accounts you can access prior to retirement.
  • Speak with a financial professional.

Getting into the practice of saving will help you become more financially secure. Plan ahead so you have money waiting for you at retirement and so you can afford unexpected costs along the way. With the right preparation, you won’t have to worry when life throws you a curveball.

Source: IRS and U.S. Department of Labor

Financial and Physical Wellness

We all know that financial stress can be a burden, but it can also have a negative effect on your health. Understanding the relationship between financial and physical wellness can help you improve both areas of your life.

Health Concerns

Financial stress often causes anxiety, depression and hopelessness, and that stress can also contribute to heart disease, high blood pressure, insomnia, more frequent colds and minor illnesses and more. Plus, many cope with financial stress in unhealthy ways, such as smoking, drinking and overeating, which can decrease overall health.

Impact on Medical Care

Often, people with financial burdens neglect important preventive care or medication regimens. While this saves money in the short term, it often leads to more serious health problems down the road—and more medical bills.

Making Smarter Decisions
Health care is expensive, but it should not be neglected due to financial trouble. Instead, there are ways to spend your money more wisely, which will improve your overall health and ease your financial strain.

  • Utilize preventive care services. Screenings and check-ups can help prevent bigger medical problems (and expenses) down the road.
  • Manage chronic conditions. By not adhering to treatment and medication regimens, your condition could worsen significantly. Consider mail-order pharmacies to save money on your prescriptions.
  • Learn more about your employer’s benefit plans. There may be cost-saving options of which you are not taking full advantage.
Coping with Financial Stress

Although the strategies above will help your medical costs and overall health, you likely still face financial worries. Here are healthy ways to cope with that stress and make it more manageable:
  • Recognize your unhealthy coping methods and find alternatives such as meditation, exercising or talking with a friend.
  • Take care of yourself. Get enough sleep, eat right, drink plenty of water and exercise regularly. Make time for yourself to just relax and unwind.
  • Talk to an advisor regarding your financial troubles. You won’t be able to fix them overnight, but having a plan of action can help you feel in control and minimize feelings of hopelessness.

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