This may be hard to believe, but people like good news. Crazy we know, but it’s true. And some of the best news we can get is that there’s more money in the bank. Especially for seniors, as many retirees live on a fixed income, knowing that a retirement account has more in it can make it easier to kick back and enjoy the golden years.
But there’s a flip side to be aware of too. We can be so obsessed with good news that when we don’t receive that gratification, it can be damaging to our mental health. The answer on how to avoid that, according to financial advisors for lifehacker.com, is to simply stop over checking your balance.
An Annual Look is Enough
An investment’s growth rate depends on several factors, but all take time to mature. Financial advisor and retirement consultant Jim Keenehan suggests only looking at your account once a year, or better yet, only when necessary. It’s his belief, and the belief of policy makers, that people need to rethink about how they save for retirement. Instead of looking at your nest egg as a lump sum of money, look at it as if you were paying yourself a monthly wage.
Over-checking your balance, only to see minimal progress to no progress at all, will just stress you out.
Put Your Mind to Work
Seniors need to prioritize their mental health. Stress can wear a person down, and nothing is more stressful than money. Luckily, there are outlets. Other types of savings can put your mind to work. They have you do the math on how to allocate your resources to achieve the best outcome.
Additionally, financial advisors are here to help. You know that your money is being looked after and you don’t have to go crazy over checking your balance every month.
Follow the Council for Retirement Security for all things Social Security news and updates and get involved today.