There is an old joke that says, when someone tells you, \u201cI slept like a baby last night,\u201d what that really means is that they woke up every two hours, had to go to the bathroom, and decided they needed a snack before they went back to bed.<\/p>\n
We worry about everything, family, health, finances, and the economy of our nation.<\/p>\n
So, what keeps you from falling asleep when you climb into bed? What wakes you up in the middle of the night that has your heart pounding, and your mind racing?<\/p>\n
The causes can be age-related. Say you are a recent college graduate, and you landed a job in your field of study. Life should be grand, but the $119,000 of student loan payments begin next month, and with rent, car payments, and everyday expenses, your budget has no room for hiccups. Every month you stress over whether you can pay your monthly obligations.<\/p>\n
What if you\u2019re 63 and at the other end of the age spectrum. You are finally beginning to believe that your working journey is winding down, but questions keep rolling through your mind. How do I know if I can retire early? Should I take Social Security now while I\u2019m working? Do I have enough funds in my 401(k)? What about health care? When can I sign up for Medicare? Will it cover all my health needs? Thinking of health, what about COVID-19? What happens to my finances if my spouse or I need to be hospitalized for extended periods? What if one of us passes away? Are we prepared for this type of life crisis?<\/p>\n
The American Psychological Association has conducted a yearly survey since 2007. The 2020 report reveals that all the stress issues from the past are still in play, and now combining those with the COVID-19 pandemic, they state, \u201cWe are facing a national mental health crisis that could yield serious health and social consequences for years to come\u201d *<\/p>\n
When it comes to our later years, we visit our physicians for a yearly checkup. Blood work, X-Rays, and Stress Tests are just a few of the exams performed to confirm our physical wellbeing. Hopefully, by being proactive, we can uncover potential issues in their early stages and treat them before they can cause multiple problems. Unfortunately, many people wait until their retirement years are within reach to seek out a financial professional to discuss their financial wellbeing, just like catching cancer early, before it can metastasize. Working with an advisor throughout your career, setting goals, and meeting yearly planning and strategizing sessions can help ensure a successful retirement.<\/p>\n
How do you start? Be proactive and find a fiduciary advisor, an individual that is bound by law to put your interests ahead of their own. Tell them what keeps you up at night and develop a plan to end those sleepless nights.<\/p>\n