Financial wellness is defined as effectively managing your economic life. It refers to the overall financial health of an individual. Someone in good financial health has control of their money, investments, and is not overcome with debt. Financial wellness differs from financial literacy though the two are often correlated. In most cases, poor financial wellness can be attributed to a lack of understanding. Just 57% of U.S. adults are considered financially literate. There are simple ways to increase your financial knowledge like educating yourself through research, podcasts, and consulting a professional. According to the Global Financial Literacy Excellence Center, older Americans are more likely to be burdened and distressed by financial obligations caused by earlier, un-informed decisions – and it impacts their life in retirement.
Setting and continually working toward financial goals can set you up for long term success and comfortable retirement. When it comes to improving your overall financial wellness, some goals to consider would be saving more, spending less, being more frugal, and sticking to a budget. Depending on where you are in your retirement journey, your goals will vary. If you are already retired, sticking to a budget is probably a higher priority, whereas someone who is close to retirement will likely want to focus on increasing savings.
The start of a new year is a common time for people to reevaluate current situations and make goals or resolutions. Financially-focused resolutions are within the top ten most common resolutions made every year. Now is your time to evaluate your financial literacy and wellness, and make strides toward ensuring a comfortable retirement.
A comfortable and happy retirement for our residents is what Twin Lakes Community strives for. As a Continuing Care Retirement Community where independence is treasured, we understand independence in retirement starts with financial freedom earlier in life. To learn more about Twin Lakes Community in Burlington, North Carolina call (336) 538-1572 or schedule a tour today.