Reducing Stress

  • Hello to all my Frugal Friends!

    Just recently I saw something from The Employee Benefit Research Institute. Each year they do a survey regarding how confident people are regarding their finances in retirement. They survey both people who have retired and those who are still working.


    The 2017 Retirement Confidence Survey was just published. Here are two quotes from the report:


    "In addition to lacking confidence, 3 in 10 workers report that preparing for retirement causes them to feel mentally or emotionally stressed. These stressed workers feel less financially secure and are far less confident about having enough money for a comfortable retirement than those who do not feel stressed.


    "Approximately two-thirds of nonsaving workers say they would be likely to save for retirement if automatic paycheck deductions with the option of changing or stopping them, at either 3 percent or 6 percent of salary, were used by their employer."


    You may have read in other places that continual stress is hard on our bodies. The chemicals released in a 'fight or flight' situation are great for a few minutes, but can be harmful if they're continually present in the body in high levels. (a doctor would say that more eloquently, but you get the idea)


    So you might want to ask yourself if you're one of the 30 percent of workers who are regularly/continually stressed by fear of not having enough money for retirement. And, if so, what are you doing to relieve that stress?


    The second quote leads me to a question. If 2/3 would save if their employer made it automatic, why wouldn't they set it up for themselves? Not to belittle anyone, but the fact that their employer didn't do it for them will be small comfort in 30 years when there's not enough money for retirement.


    So I offer a small challenge. Start saving for retirement today.


    Now I'm guessing here, but follow for a minute. I'm guessing that the reason many don't save is that they don't have any money left at the end of the month. So why don't you read How to Save $1,000 While Living Paycheck to Paycheck and give those ideas a chance?


    Then follow it up by opening a savings or retirement account. You can find rates here. And, in case you were wondering, there are accounts that don't require a large initial deposit.


    So if you're someone who's been concerned about your retirement, why not reduce your stress levels in 2018? Just 1 percent of your take home pay is enough to get you started!


    Keep on Stretching those stress-free Dollars!

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