Relax for Your Financial

Well-Being

It’s no secret that the ongoing COVID-19 pandemic has impacted the economic health of many Americans. So, it’s completely understandable if you’re feeling anxious in general, including about your finances. However, it’s important to avoid making poor financial choices about your future when you’re under stress. While immediate expenses need to get taken care of, it’s just as crucial to take a deep breath, keep a clear head, and stay focused on your long-term financial goals. Here are some things to keep in mind.

1. Stay connected. Our Participant Account Representatives (PARs) can address questions you may have about your retirement plan and preparing for a financially secure future, which may help reduce any financial stress you’re feeling. Equally important, make a point to stay in touch with people in your personal life. If you can’t physically be near them, call or video chat. Sharing your thoughts, concerns and experiences, rather than keeping them bottled up, can help you keep a clear head.
2. Stay informed, but not overwhelmed. This might be a good time to enhance your financial literacy. There are plenty of resources that can help, like budgeting worksheets at mymoney.gov, as well as our retirement calculators and useful articles with practical tips. Plus, with so much news available about the COVID-19 pandemic, it’s important to stay educated by separating fact from fiction. Remember, though, that taking breaks to unplug and unwind can help minimize information overload and reduce stress.
3. Stay positive. Keep in mind that financial markets historically have bounced back from declines over time. The recent downturn is no different, as the markets generally recovered from their lows in March. Consider checking your asset allocation in My Account to make sure it continues to fit your age, risk tolerance, personal circumstances and expected retirement date. If so, it’s typically best to stay on course rather than make hasty decisions that may hurt your portfolio’s performance over the long term. As always, it’s important to remember that past performance does not guarantee future results.
4. Stay active. In addition to keeping up to date on what’s happening with your retirement savings plan and long-term goals, try to continue doing some of the things that brought you joy before the COVID-19 pandemic and the associated market volatility. Exercise, meditate, paint, do crosswords, or start writing that novel you always dreamt of. Staying present with activities you love—while adhering to CDC guidelines—is helpful in managing stress today and uncertainty about the future.

Above all, remember that while there are some things out of your control, there are many other things you can control each day to help your physical, mental and financial well-being.

If you have questions, and to learn more about your retirement savings plan, please call your local Mutual of America representative today.