Don’t let retirement anxiety derail your holiday cheer
As the holiday season kicks into high gear, Americans have more on their minds than just gift exchanges and family get-togethers. According to Nationwide’s eighth annual Advisor Authority survey, powered by the Nationwide Retirement Institute, nearly half (43%) of non-retired investors are checking their retirement account balances more than three times a week.
It’s no surprise that in today’s volatile economic environment, investors are feeling increased pressure on their financial and retirement plans. In fact, most (51%) say they are terrified about their long-term and post-retirement financial futures, with only 2% of men and 1% of women planning to retire within the next five years.
So, what’s a worried investor to do as we head into the new year with the looming threat of a recession and higher inflation?
“As we head into the holidays, it may be best to take a break from obsessively checking retirement balances,” said Eric Henderson, President of Nationwide Annuity. “This can create self-induced anxiety, which can lead to emotional decisions.”
Instead, focus on being present with the people in your life that matter the most, and take time to recharge your batteries, Henderson said. Most importantly, make sure you are working with a trusted advisor or financial professional.
“If you want to take proactive steps, have a conversation with your advisor or financial professional and establish a long-term plan – or revisit the plan you already have in place to ensure it remains aligned with your goals in the current environment,” Henderson said. “This might be a good time to learn more about how protection solutions, like annuities, can guarantee income in retirement and guard against market volatility. Your advisor or financial professional can help you understand how these solutions might fit into your portfolio and help you rest easier in the future.”
Need to connect with a financial professional? Nationwide has a team of specialists ready to listen and learn about your unique insurance and financial needs.