Are you above 40? Read the top financial coping guide for seniors
As we get older, it is becoming more imperative that we have a financial plan in place so we can gracefully transition into retirement without the stresses and worries that being financial insecure can bring. Unfortunately, this isn’t the case for most seniors as the majority are now entering their former years with their finances not being in a strong position and have found they haven’t began preparing early enough.
This has become increasingly evident financial stress is now peaking for people in their 40s with 45% of individuals suffering. This is due to a number of pressures being placed on them like families, mortgages and long-term loans. This does affect less individuals as they approach their 50s, 60s and 70s but at this stage, individuals are faced with other financial problems. With deteriorating health and reduced wages along with retirement on the horizon being common at this stage of peoples’ lives, this presents an increased financial burden.
Unsurprisingly job loss and income reduction are the main worry for 51% of Americans’ in their 40s with healthcare second, affecting 29.5%. Given job loss, income reduction and healthcare costs are going to pose more of a problem as we age, there is no surprise that seniors are suffering from financial stress.
The problem is that stress has a negative impact on our health, especially for the older generation. It is important that our seniors are physically and mentally healthy so they are in the right frame of mine to tackle any financial issues that they may face. Having a comprehensive coping strategy like the one found here is important so that they can enjoy
retirement without the stresses that financial uncertainty can bring. Read up more on guide for seniors
Jenny Holt wrote this one.
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