8 Ways To Alleviate Your Retirement Anxiety by Fixing Your Finances

8 Ways To Alleviate Your Retirement Anxiety by Fixing Your Finances

Cameron Huddleston   Fri, July 21, 2023

If you’re stressed about your retirement plans, it’s probably for a good reason. With economic uncertainty, rising living costs and the ever-changing landscape of retirement benefits, ensuring a comfortable and secure future can feel overwhelming. If you’ve woken up in the middle of the night thinking about your finances, you’re not alone. A recent survey conducted by Allianz Life Insurance found that “61% of Americans say they are more afraid of running out of money than they are of death.”

Still, worrying about your money problems won’t make them go away. In fact, it can cause more stress and lead you to make mistakes, said Scott Bishop, partner and managing director at Presidio Wealth Partners.

When you’re drowning in financial uncertainty, it’s time to take stock and make a plan. To rest easier at night, you should try to understand what it is exactly that you’re afraid of. This will empower you to get your finances on track and stop worrying about money. Read on to identify which of the following fears is troubling you.

1. You’re Afraid That You Don’t Understand Your Money Situation

The first step to take to stop worrying about money is to identify your assets — house, investments, savings — and your liabilities, or debts, said Michael F. Kay, a certified financial planner and founder of Financial Life Focus. Once you know what you have and what you owe, you can identify your biggest problem and assess what needs to change. For most people, it’s too little savings and too much debt, he said.

“Before you can stop worrying, you need to know where you stand financially,” Bishop said. “The best way to do that is to get a handle on or snapshot of your current situation.”

2. You’re Worried That You Don’t Know Where Your Money Is Going

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