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How to relieve financial anxiety and plan for retirement

0 2 years ago

Maybe you feel like you don’t earn enough. Or you don’t understand how investing works. Or perhaps you can’t organise your finances. These are factors that can lead to financial stress and set back your retirement savings.

A lack of assets and money management challenges are contributing factors to high levels of financial anxiety and stress, according to a 2021 report by the Finra Investor Education Foundation and Global Financial Literacy Excellence Centre.

“We also find that financial anxiety and stress can have long-term consequences: those who are financially anxious and stressed are less likely to plan for retirement,” the report says.

Sometimes, when people are worried about something financial, they just ignore it, says Adam Frank, a certified financial planner and registered investment adviser in Los Angeles.

“But the problem is, the longer you wait to start investing or continue investing for retirement, the more you have to do later,” Mr Frank says.

Strategies to reduce financial stress

If financial stress is affecting your ability to save for retirement, you may have to work longer and you may also risk running out of money in retirement. But getting started as soon as you can could help you reach your retirement goals faster.


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