Guest Blogger: Andrew Horowitz, CFP, Horowitz & Company, Inc.
May is Mental Health Month, and the truth is that feeling good about your financial position can help to balance other areas of your life. Too many of us stress about money, and that stress has negative health effects. Financial wellness is something that everyone can work on regularly in order to keep in fiscal shape.
Just the act of saving part of a paycheck can result in a big payoff — both financially and psychologically. The ability to feel good about your future financial condition goes a long way. Without it, there can be the lingering fear that a happy and pleasant retirement is never going to happen — at least the one that you may be looking forward to.
The good news is that there are plenty of ways to get started, or continue putting away a little today for a big reward in the future. An IRA, 401k, Thrift Savings Plan or other pension plan offers the advantages of tax deferral and even tax deductibility. In other words, you are getting help in the form of tax benefits while you are planning for your future.
If you haven’t started just yet, not to worry. The process is easy to start and becomes easier over time. Just a few dollars here and there can make a big difference. Saving can also have the added benefit of reducing the stress about your future.
Want more? Check out Mission Financial Solution’s article, The Psychology of Saving.
Source: Mission Financial Solutions
Mission Financial Solutions provides articles, interactive tools and even personalized answers to your financial questions free and exclusive to Compass Rose Benefits Group members. For a limited time, anyone can explore this financial resource on the Compass Rose website.