Mind, money, and body: What financial stress does to your health
When people talk about their health and wellness, they think about things like exercise, nutrition, and routine checkups—not necessarily what’s in their bank account.
And yet, financial health is a big piece of overall well-being, and many people struggle with it. According to the American Psychological Association, nearly 3 in 4 adults worry about money.
But it’s not just about dollars and cents. Financial stress can affect other areas of your life, like your mental and physical health. For example, one study found that people who had significant financial stress were 13 times more likely to have a heart attack. From worrying about making rent to paying off debts, financial strains can also upend social relationships, job performance, and even a person’s ability to find joy in life.
That's scary, yes, but here's the flip side: feeling good about your finances can help promote positive improvements to your mind and body. The challenge is to learn how to go from "financial unwellness" to financial well-being.
Read more on small steps you can take to lessen financial worry to help improve your health and wellness from our recordkeeping partners by visiting: https://blog.voya.com/financial-wellness/mind-money-and-body-what-financial-stress-does-your-health-nc.
Source: Voya Financial
INPRS can help with your retirement strategy
Whether you are new to INPRS, mid-career, or nearing retirement, we want to help you meet your financial and retirement goals.
INPRS offers many resources to help you on your journey toward retirement. Not sure where to begin? One of the best ways to get started is by registering for a workshop or counseling session. Learn more about:
- Creating an emergency savings plan,
- Retirement plan features, and
- Budgeting to build positive money habits
On-demand workshops are now available. Members can watch and listen to pre-recorded webinars on-demand any time or day.
To register, visit https://bookwithinprs.timetap.com/.
Mortgage relief deadlines extended
Many homeowners experiencing difficulty making mortgage payments now have more time to seek forbearance and avoid foreclosure with new deadline extensions.
The COVID hardship mortgage forbearance and a temporary halt to foreclosures are two protections available to homeowners with mortgages backed by federal government agencies or the government-sponsored agencies, Fannie Mae, and Freddie Mac.
If you’re seeking mortgage relief and your mortgage isn’t from a government agency, you can see if you are eligible for forbearance to avoid foreclosure. If you need help, call your servicer to learn what options are available to you.
For more information, visit: http://bit.ly/2P275n9.
Source: Consumer Financial Protection Bureau
Highlights from the 2020 Annual Report
Check out INPRS’s financial status by viewing the most recent Comprehensive Annual Financial Report (Annual Report). Inside, you’ll read about our performance for the fiscal year ended June 30, 2020. Below are a few highlights:
- On June 30, 2020, INPRS reported a total fund market value of $36.9 billion, an increase of $0.8 billion from the prior year.
- Supplemental Reserve Accounts (SRAs) on June 30, 2020, totaled $105.3 million.
- Consolidated Defined Benefits assets returned 2.6 percent net of all fees over the past fiscal year. Despite the unforeseen impact of COVID-19, all asset classes (apart from commodities) posted positive returns for the fiscal year. The consolidated defined benefit portfolio also outperformed its passive benchmark by 0.5 percent.
- Retirement rates were generally lower for JRS and PARF and higher than previously assumed in ’77 Fund and EG&C.
- INPRS was awarded the Public Pension Standards Award for Funding and Administration by the Public Pension Coordinating Council for the ninth consecutive year for the fiscal year ended June 30, 2020.
- INPRS received the Certificate of Achievement for Excellence in Financial Reporting, the highest recognition in governmental accounting and financial reporting, for the eighth consecutive year from the Government Finance Officers Association of the United States and Canada (GFOA).
Learn more about INPRS’s achievements, actuarial reports, contribution rates, investment holdings, pension funds, and defined contribution plans by viewing the 2020 Annual Report.
Compare your distribution options in retirement
You have the potential to make retirement the next exciting chapter in your life. Are you ready?
So how do you convert your retirement savings into income?
There are a few ways to structure your payments when you are ready to create an income stream. Learn how to create your retirement savings vehicles and understand how to maximize the benefits without drawing too much income too soon.
To read more on distribution options available through employer-sponsored plans, check out this article from our recordkeeping partners, https://blog.voya.com/retirement/compare-your-distribution-options-retirement.
Source: Voya Financial