Today’s Hack
Are future retirement worries causing you mental health issues today? That’s happening to a lot of folks right now. There’s so much stress going on out there that we certainly panic about some of these things and maybe sometimes it’s justifiable. So let’s talk about the mental health challenges tied to future retirement worries and the ways we can hopefully avoid them.
Phil explains that reducing retirement anxiety starts with understanding your unique financial situation and creating a personalized plan. We’ll debunk the idea of a “magic number” for savings, explore the role of charitable giving in planning, and address the reasons why 80% of workers are worried about their retirement funding.
Here’s what we discuss in this episode:
0:00 – Intro
1:10 – Diving into the stats
4:59 – Charitable giving
9:13 – Fear of never being able to fully retire
12:01 – Average 401k contribution
14:12 – Target date funds
16:12 – Mental health
If you have any questions about what we discussed in this episode, reach out and we’ll be happy to set up a time to talk.