Jean Celine, 64, was already so worried about rising health-care costs that she’d been forcing herself to go to the gym every day to stay healthy. After last week, her nerves are shot. Like many her age, she has only a small pot of money to live on for the rest of her life. Any loss is a big loss. And the average 65-year-old retiree can expect to live 17 more years, the AARP says. So this weekend, Celine started a $15-an-hour job. “I’ll probably be working for the rest of my life,” she said. “Some golden years.”
After last week, psychologists took to the airwaves to tell people not to become sick over losing money, advising that pausing was better than panicking. But by then, enough people had sufficiently panicked to make a run on the $3.5 trillion in money market funds, similar to the bank runs that led to the Great Depression.
In today’s Washington Post, Brigid Schulte alludes to the stress and threats to physical health brought on by the recent financial crisis on Wall Street.
We all know the standard suggestions for handling stress: get lots of physical activity, eat and sleep well, surround yourself with friends, and so on.
What suggestions have you for dealing with the particular stress that money worries bring? Clearly this sort of stress can be very real among seniors as skyrocketing gasoline costs, soaring food prices, and clearly taxes that will rise to pay for the bailouts converge to deal blows to fixed incomes.
Does anyone have realistic suggestions for managing financial stress?
Tags: bailouts, financial stress, money worries, seniors and fixed incomes.