Giving up your job to live on your savings causes stress.
Of course a lot of people look forward to retirement when the stress of work is removed. But retirement, even the thought of retirement, causes a different kind of stress.
A new survey from Franklin Templeton finds that nearly three-quarters (73%) of Americans report thinking about retirement saving and investing to be a source of stress and anxiety.
In contrast to those making financial sacrifices to save, three in 10 American adults have not started saving for retirement. The survey notes it’s not just young adults who are lacking in savings; 68% of those aged 45 to 54 and half of those aged 55 to 64 have $100,000 or less in retirement savings.
…two-thirds (67%) of pre-retirees indicated they were willing to make financial sacrifices now in order to live better in retirement.
“The findings reveal that the pressures of saving for retirement are felt much earlier than you might expect. Some people begin feeling the weight of affording retirement as early as 30 years before they reach that phase of their life,” Michael Doshier, vice president of retirement marketing for Franklin Templeton Investments, said in a statement. “Very telling, those who have never worked with a financial advisor are more than three times as likely to indicate a significant degree of stress and anxiety about their retirement savings as those who currently work with an advisor.”
One way of reducing the stress people feel about the financial issues surrounding retiring is to get the aid of a professional retirement specialist. When you head into uncharted territory, areas you have never been before, doesn’t it make sense to get the help of a guide who has been there, done that, and helped others find their way? Contact us. And while you’re at it order a copy of our book Before I Go.