4 Tips for Achieving Financial Wellness in Retirement

Getting gray hair or losing it due to worrying about money is a common problem. According to a study in 2019 conducted by the American Institute of Stress, 62% of Americans are stressed about their finances on a regular basis. To make matters worse, this stress can often carry over into retirement, which is supposed to be a time of relaxation and pleasure-seeking.

To combat the stress caused by money in retirement, a select few financial professionals including David Swenson, Founder and Lead Advisor at Swenson Wealth Advisors, are working to teach the public about Financial Wellness.

“While the term Financial Wellness may sound new, it’s not and it should be a part of our everyday lives. Our goal is to help people not just make progress but also find confidence, reassurance, and balance along the way. In doing so, we hope to help many people and especially retirees live out the retirements they worked so hard for,” added David Swenson.

According to the Consumer Financial Protection Bureau financial wellness is defined as:

“A state of being wherein you have control over day-to-day, month-to-month finances; have the capacity to absorb a financial shock; are on track to meet your financial goals; and have the financial freedom to make the choices that allow you to enjoy life.”

Reliable Income

After retiring, the biggest concern for many Americans is how much income can they pull from their savings and how long will it last. For those that don’t know the answer, this concern can often overshadow many of their plans and ultimately the quality of their retirement.

A steady and reliable income is one of the cornerstones for financial wellness. Having a portion of retirement income that is guaranteed can provide stability and, in some cases, keep retirees from depleting their savings prematurely.

Budget

After retiring, there’s no longer a paycheck coming in to replenish the savings that are being depleted, so it is important to understand where the money is going each month. By creating a budget, not only can retirees account for all their expenses but they’re more likely to make sure that money is available for important things like going on vacations or eating out. A good budget should account for fixed expenses like mortgage payments and insurance, and variable expenses like eating out or gifts during the holidays.

Plan for Emergencies

If there is one thing that is guaranteed it’s that life will throw us a curveball from time to time. For those who are not prepared financially, such curveballs can often be detrimental. There are several different emergencies that could come up but during retirement. Some of the most important that should be accounted for include unforeseen expenses, medical/healthcare needs, and the loss of a spouse or loved one.

Work with a Professional

Navigating the road of retirement can be complicated and if done improperly can lead to more stress. To help alleviate stress, retirees should seek the advice of a financial professional that specializes in comprehensive retirement planning and can provide advice from a variety of vantage points including tax planning, social security timing, estate planning, and wealth management.

About Swenson Wealth Advisors

The firm offers its clients a comprehensive and detailed approach to financial planning with individualized solutions rather than a one-size-fits-all approach. By having open and honest conversations, the team at Swenson Wealth Advisors not only creates an excellent retirement income plan but also identifies its clients’ current goals, motivations and objectives to allow them to enjoy their life to the fullest. 

The firm provides many services. Some of them are retirement income strategies, Asset Protection Strategies, Investments, Wealth Management, and Insurance Solutions.

Investment advisory services offered only by duly registered individuals through AE Wealth Management, LLC (AEWM). AEWM and Swenson Wealth Advisors are not affiliated companies. Investing involves risk, including the potential loss of principal. Any references to protection benefits, safety, security, or guaranteed lifetime income generally refer to fixed insurance products, never securities or investment products. Insurance and annuity product guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company. Neither the firm nor its agents or representatives may give tax or legal advice. Swenson Wealth Advisors is not affiliated with the U.S. government or any governmental agency. 867483 – 4/21

Media Contact
Company Name: Swenson Wealth Advisors
Contact Person: David Swenson
Email: Send Email
City: Denver
State: CO
Country: United States
Website: www.swensonwealthadvisors.com