When people consider adopting healthy habits, they often forget to take their financial health into consideration. But your financial health can be equally, if not more important to overall happiness than other goals, such as starting a new diet or joining a gym.
So how can savers commit to a more financially sound future and stick to it? Here are some tips for achieving financial happiness.
• Embrace uncertainty. When it comes to markets, the only known is the unknown. And many experts believe that 2020 could be a particularly unpredictable year. In fact, research from Lincoln Financial Group shows that 76% of investors feel the upcoming presidential election will affect the market. Taking steps to protect your finances and retirement plan can help you feel less anxious and more empowered in uncertain times.
• Protect your income. Lincoln Financial’s research also shows that 82% of pre-retirees are rightfully concerned about what will happen to their investments if the market drops. Many advisors suggest diversifying your portfolio to include an annuity with optional income benefits.
• Build a relationship with a financial professional. A trusted financial professional looks at your situation holistically to help you determine whether you are on track or need to rebalance, help you employ tax-saving strategies, answer your questions and help you strengthen your financial knowhow. Most importantly, building a relationship with a financial professional means bringing predictability to your future in an unpredictable market.
Setting goals? Take the retirement questionnaire at LFG.com to find out what you need to do to reach your goals.
Be sure to factor financial health into the equation. With smart strategies, you feel more confident about a financially sound future and retirement, come what may.
~ Provided by StatePoint