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In Search of Financial Wellness

​9/7/2017

Having the right mix of investments is important because it can help you avoid taking more risk than is appropriate for your situation or missing out on opportunity for growth.

But, what if you feel like you’re so far behind in saving for retirement that you can’t even think about an investment strategy — you can’t see beyond your day-to-day budget, emergency expenses, and monthly credit card payments? You’re not alone. According to a study by Fidelity Investments,* record keeper for the Retirement Savings Plan of the Presbyterian Church (U.S.A.) (RSP), 90 percent of people are not confident about their financial situation.

Keep in mind that how you feel may not be an accurate predictor of your actual financial well-being. In its report What It Means to Be Financially Well (Spring 2017), Fidelity reports, “Doing well financially — e.g., maintaining a budget, saving enough for retirement, investing appropriately — is no guarantee of feeling good about one’s finances, nor is feeling good a guarantee of financial success … nearly 1 in 10 people who can’t come up with $2,000 in an emergency are very confident in their financial situation.”

What can you do to feel better and make some headway toward actual financial wellness?

  • Know where your money is actually going. Read 50/15/5: A Savings and Spending Rule of Thumb, and take the Savings and spending check-up.
  • Access Fidelity’s Planning & Guidance Center. Log on to NetBenefits (fidelity.com/atwork) and select Planning at the top of the page; then click Plan for Retirement to access the Planning & Guidance Center.
  • Seek professional guidance. Consult your personal financial or tax adviser, or reach out to a Fidelity Workplace Planning and Guidance Consultant, available to all RSP participants by calling 800-642-7131 to schedule a free, confidential telephone consultation (mention plan #57887).
  • Consider target date lifecycle funds. Target date funds, such as the RSP Freedom Funds, can make investing easier with a single-fund option for your long-term retirement savings. Read more at Fidelity Freedom Funds.

If you still have questions, call Fidelity at 800-343-0860 (mention plan #57887), or call the Board at 800-773-7752 (800-PRESPLAN) and speak with a service representative.

*Data from Money Checkup Financial Wellness assessment (June – December 2016) as reported in Fidelity Investments’ What It Means to Be Financially Well (Spring 2017)