Over the course of the last 200 years or so psychiatrists have been keeping track of what events in our life cause us the most stress. The list has changed as our way of life changes, but ultimately the top reasons for stress remain the same.
Death or serious injury/illness of a spouse or family member always ranks No 1 followed closely by other family issues - Divorce, Separation, Infidelity, becoming a single parent, a new baby, assuming responsibility for a sick or elderly family member.
Financial issues such as foreclosure on a mortgage, becoming unemployed, general financial stress, loss of income through illness or accident form a core component of the top 20 concerns we have.
What might be surprising is that Retirement usually ranks in the top 10 and not just because of concerns over how you might afford it. The transition from fully occupied with constant contact with other people on a daily basis, to perhaps only seeing your significant other each day, and being solely responsible for occupying your daylight hours can be huge.
The emotional and social impacts of these life events should be considered in equal measure to the financial outcome.
Kerrianne Hebinger
Financial Planning Essentials
w: www.finplans.com.au
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