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Financial vs. Physical Fitness

Is that really a contest?

Choose: Have your retirement account balance rise 15% this year or lose 15 pounds.

In a recent survey, 73% chose the higher balance.

And there’s more. Schwab found that 68% consider making good investment choices a higher priority than staying in shape (59%).

Of course, there shouldn’t be a contest between financial and physical health; you can and should pay attention to both.

But many find reasons (excuses) to avoid proper diet and exercise; the survey found that many don’t save properly for retirement for a variety of reasons (excuses), including:

  • It’s hard to save correctly: Less than half (44%) are confident in their ability to make the right investment decisions on their own.
  • Investing is confusing: 47% say materials explaining their retirement plan are harder to understand than those explaining their medical benefits.
  • It’s got competition: 35% aren’t willing to stop spending money on dinners out and vacations in order to save for retirement.

Those surveyed say they would like professional advice in making investment decisions, but inertia or discomfort stop many from asking. Yet research from Morningstar says that getting advice increases account balances by retirement. If you’re not already letting us help you with retirement savings, it’s time you started.

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