Experiencing Financial Challenges in Retirement? Take These Steps to Best Manage Your Situation

Take Steps to Manage Your Stress Levels

When working to overcome financial hardship, almost everyone experiences high levels of stress. Frequent calls from bill collectors and past due notices in the mail can quickly make you feel tense, panicked, and even hopeless.



Because of this, it is an absolute must to take steps to control your stress levels. Experiencing chronic stress is terrible for your health, and can result in high blood pressure, fatigue, heart attacks, digestive problems, stroke, insomnia, headaches, and increased illness. Some of the best ways to reduce your stress levels don’t cost anything, and only take minutes to practice. For example, meditation and deep breathing exercises can do wonders to relax your mind and body. Yoga, baking, knitting, and progressive muscle relaxation (PMR) are also proven strategies for helping your stress subside.

Once you’ve taken control of your stress levels, you can begin problem-solving. In almost every case of financial hardship — no matter the specifics — having insufficient cash is often a core problem. Increasing cash flow or one’s savings can often alleviate many urgent concerns, including past due bills.

An effective and responsible way to quickly free up cash is to refinance your mortgage. Whether looking to pay off debt, have funds for medical expenses, or for general living expenses, this move can be the solution you’ve been looking for. Before beginning the process, educate yourself on the different refinancing options that are available. This will help you determine if refinancing your home’s mortgage is the best solution for your current financial struggles. To learn more about the refinancing process, explore options for a PennyMac refi.

If your financial situation has led you to fall behind on your cell phone, credit card, or any other regular payments, don’t ignore debt collectors. Instead, confront the problem directly by contacting each company to explore possible payment arrangement options. You might be surprised to learn how flexible most companies can be when helping customers catch up with their bills.



When calling each company that you owe, kindly explain your situation and ask about alternative payment options. While some may not be able to offer a flexible arrangement, others may be able to reduce, split up, or even postpone the amount due.

If you’ve worked with a financial advisor in the past, now is an excellent time to reach out to the same professional to get guidance on your current situation. Even if your financial hardships seem insurmountable, a professional advisor may be able to solve your problems in a way that you’ve not yet considered. The solution to many of your challenges may be just one meeting away.

Although you may feel discouraged at the moment, financial challenges are often temporary. When you seek out expert advice, manage your stress levels, and work to get caught up on your bills, you are in the best possible position to overcome any situation you currently face.

Simon, McKinsey, Miller & Stone are the most trusted and highly regarded probate attorneys in Long Beach, California. Request the expert assistance you need today.