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6 Retirement Plans Millennials Should Start Thinking About (Or Embrace ASAP)

6 Retirement Plans Millennials Should Start Thinking About (Or Embrace ASAP)

Most millennials are still struggling to pay their student debt, so when you tell them to think about retirement plans, most of them are going to tell you to stop mocking them. The reality is, retirement plans are not a priority for millennials, but they should be. Why? Time flies! And starting to save early in life is going to ensure your retirement years are happy years.

Unfortunately, most millennials are afraid of all those complicated words and the sheer length of tax codes, so they need someone to explain these things in plain English. Well, here are the 6 best retirement plans for millennials explained.

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1. 401(k)

The 401(k) is the most popular plan, and most employers offer it, so you can just make a call to the HR department of your company and ask them to solve the papers for you. The maximum revenue is $18,000 per year, and you can pick how much you want to contribute. The contributions are made before the taxes, which are paid when you will take out the money.

One of the major benefits of a 401(k)[1] is the fact that it enables you to grow your retirement plan fast, but you have to stick to the options your employer picked for you.

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2. Regular IRA

If you have a taxable income, or your spouse has one, you are eligible for IRA.[2] With this plan you can earn $5,000 per year, and the contributions are made before the taxes, just like with the 401(k). You are going to pay the taxes when you take out the money.

Of course, this ensures a high growing rate for your fund. Unlike the 401(k), you can invest your money in investments offered by your bank. The cons come with the taxes: because you pay the taxes when you withdraw money, you might notice your tax bracket is higher when you take out the money, so you will be paying more taxes.

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3. Gold IRA

This is not exactly a retirement plan itself, but more of an option to add to your regular plan. Regular IRA and 401(k) are compatible with gold investments. Gold IRA is exactly what you think: investing your money in gold,[3] because its value grows nice and steady over time.

4. Roth IRA

The Roth IRA is dedicated to singles who earn at least $116,000 per year, or couples who earn less than $180,000 per year together. The best thing about this retirement plan is the fact you won’t pay taxes when you take out the money! The contributions are made after the taxes, and you can earn as much as $5,500 per year. Another nice fact is there is no mandatory withdrawal when you are 70 years old, as it is with the other plans.

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5. SEP IRA

As many millennials are entrepreneurs, or they are on their way to becoming entrepreneurs,[4] here are two retirement plans dedicated to small businesses. The SEP IRA allows you to plan for your retirement along with your employees. The maximum amount is 25% of an employee’s compensation, or $51,000. For the employee this plan comes with free money from the employer, and for the employer it comes with tax deductions for the contributions. This is one of the best retirement plans for the self-employed. The con of this plan is the fact that you will pay taxes at the current tax rate when you start withdrawing.

6. Simple IRA

Another IRA for businesses, with a $12,500 maximum contribution. The contributions are taken from the employees salary, and the employer can contribute to his or her account, or to their employee’s accounts. The employee can decide how much to contribute on this plan, and the contributions are made before the taxes. At withdrawal you also pay the taxes.

With a simple IRA the penalization for withdrawing before 60 years of age can be up to 25%, so make sure you do your calculations right.

Featured photo credit: Unsplash via unsplash.com

Reference

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Last Updated on November 12, 2020

Why You’re Feeling Tired All the Time (and What to Do About It)

Why You’re Feeling Tired All the Time (and What to Do About It)

If you find that you’re feeling tired all the time, it’s important to understand that it’s a common problem for many. With all of the demands of daily life, being tired seems to be the new baseline. In fact, two-fifths of Americans are tired most of the week.[1]

If you’re tired of feeling exhausted, then I’ve got some great news for you. New research is helping us gain critical insights into the underlying causes of feeling tired all the time.

In this article, we’ll discuss the latest reasons why you’re so tired and practical steps you can take to finally get to the bottom of your fatigue and feel rested.

What Happens When You’re Too Tired

If you sleep just two hours less than the normal eight hours, you could be as impaired as someone who has consumed up to three beers.[2] And you’ve probably experienced the impact yourself.

Here are some common examples of what happens when you’re feeling tired:[3]

  • Trouble focusing because memory and learning functions may be impaired.
  • Experience mood swings and an inability to differentiate between what’s important and what’s not.
  • Dark circles under your eyes and/or your skin make look dull and lackluster in the short term and over time your skin may get wrinkles and show signs of aging because your body didn’t have time to remove toxins during sleep.
  • Finding it more difficult to exercise.
  • Immune system may weaken, causing you to pick up infections more easily.
  • Overeating because not getting enough sleep activates the body’s endocannabinoids, even when you’re not hungry.
  • Metabolism slows down, so what you eat is more likely to be stored as belly fat.

Why Are You Feeling Tired All the Time?

Leading experts are starting to recognize that there are three primary reasons people feel tired on a regular basis: sleep deprivation, fatigue, and Chronic Fatigue Syndrome (CFS).

Here’s a quick overview of each common cause of fatigue and feeling tired all of the time:

  1. Tiredness occurs from sleep deprivation when you don’t get high-quality sleep consistently. It typically can be solved by changing your routine and getting enough deep, restorative sleep.
  2. Fatigue occurs from prolonged sleeplessness, which could be triggered by numerous health problems, such as mental health issues, long-term illness, fibromyalgia, obesity, sleep apnea, or stress. It typically can be improved by changing your lifestyle and using sleep aids or treatments, if recommended by your physician.
  3. Chronic Fatigue Syndrome (CFS) is a medical condition also known as Myalgic Encephalomyelitis that occurs from persistent exhaustion that doesn’t go away with sleep.

The exact cause of CFS is not known, but it may be due to problems with the immune system, a bacterial infection, a hormone imbalance, or emotional trauma. It typically involves working with a doctor to rule out other illnesses before diagnosing and treating CFS.[4]

Always consult a physician to get a personal diagnosis about why you are feeling tired, especially if it is a severe condition.

You can learn more about some causes of fatigue in this video:

Feeling Tired Vs Being Fatigued

If lack of quality sleep doesn’t seem to be the root cause for you, then it’s time to explore fatigue as the reason you are frequently feeling tired.

Until recently, tiredness and fatigue were thought to be interchangeable. Leading experts now realize that tiredness and fatigue are different.

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Tiredness is primarily about lack of sleep. However, fatigue is a perceived feeling of being tired that is much more likely to occur in people who have depression, anxiety, or emotional stress and/or are overweight and physically inactive[5].

Symptoms of fatigue include:

  • Difficulty concentrating
  • Low stamina
  • Difficulty sleeping
  • Anxiety
  • Low motivation

These symptoms may sound similar to those of tiredness, but they usually last longer and are more intense.

Unfortunately, there is no definitive reason why fatigue occurs because it can be a symptom of an emotional or physical illness. However, there are still a number of steps you can take to reduce difficult symptoms by making a few simple lifestyle changes.

How Much Sleep Is Enough?

The number one reason you may feel tired is because of sleep deprivation, which means you are not getting enough high-quality sleep.

Research suggests that most adults need 7 to 9 hours of high-quality, uninterrupted sleep per night[6]. If you’re sleep deprived, the amount of sleep you need increases.

Get the right amount of sleep to stop feeling tired.

    The key to quality sleep is being able to get long, uninterrupted sleep cycles throughout the night. It typically takes 90 minutes for you to reach a state of deep REM sleep where your body’s healing crew goes to work.

    Ideally, you want to get at least 3 to 4 deep REM sleep cycles in per night. That’s why it’s so important to stay asleep for 7 or more hours.

    Research also shows that people who think they can get by on less sleep don’t perform as well as people who get at least seven hours of sleep a night[7]

    If you are not getting 7 hours of high-quality sleep regularly, then sleep deprivation is the most likely reason you feel tired all the time. That is actually good news because sleep deprivation is much simpler and easier to address than the other root causes.

    It’s also a good idea to rule out sleep deprivation as the reason why you are tired before moving on to the other possibilities, such as fatigue or Chronic Fatigue Syndrome, which may require a doctor for diagnosis and treatment.

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    4 Simple Changes to Reduce Fatigue

    Personally, I’m a big believer in upgrading your lifestyle to uplift your life. I overcame chronic stress and exhaustion by making these four changes to my lifestyle:

    1. Eating healthy, home-cooked meals versus microwaving processed foods or eating out
    2. Exercising regularly
    3. Using stressbusters
    4. Creating a bedtime routine to sleep better

    After I made the 4 simple changes in my lifestyle, I no longer felt exhausted all of the time.

    I was so excited that I wanted to help others replace stress and exhaustion with rest and well-being, too. That’s why I became a Certified Holistic Wellness Coach through the Dr. Sears Wellness Institute.

    Interestingly enough, I discovered that Dr. Sears recommends a somewhat similar L.E.A.N. lifestyle:

    • L is for Lifestyle and means living healthy, including getting enough sleep.
    • E is for Exercise and means getting at least 20 minutes of physical activity a day, ideally for six days a week.
    • A is for Attitude and means thinking positive and reducing stress whenever possible.
    • N is for Nutrition and means emphasizing a right-fat diet, not a low-fat diet.

    The L.E.A.N. lifestyle is a scientifically-proven way to reduce fatigue, get to the optimal weight, and to achieve overall wellness.[8]

    Living Healthy

    Getting enough high-quality sleep every day is the surefire way to help you feel less fatigued, more rested, and better overall.

    In fact, if you aren’t getting enough sleep, your body isn’t getting the time it needs to repair itself; meaning that if you are suffering from an illness, it’s far more likely to linger. In fact, long-term sleep deprivation has been linked to an increase in Alzheimer’s later in life[9].

    As unlikely as it sounds, though, fatigue can sometimes make it difficult to sleep. That’s why I’d recommend taking a look at your bedtime routine before you go to bed and optimize it based on sleep best practices.

    Here are 3 quick and easy tips for creating a pro-sleep bedtime routine:

    1. Unplug

    Many of us try to unwind by watching TV or doing something on an iPhone or tablet. However, tech can affect your melatonin production due to the blue light that they emit, fooling your body into thinking it’s still daytime. This won’t help you stop feeling tired all the time.

    Try to turn off all tech one hour before bed and create a tech-free zone in your bedroom.

    2. Unwind

    Use the time before bed to do something you find relaxing such as reading a book, listening to soothing music, meditating, or taking an Epsom salt bath.

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    3. Get Comfortable

    Ensure your bed is comfortable and your room is set up for sleep.

    Make sure you room is cool. 60-68 degrees is the ideal temperature for most people to sleep. Also, it’s ideal if your bedroom is dark and there is no noise.

    Finally, make sure everything is handled (e.g., laying out tomorrow’s clothes) before you get into your nice, comfy bed. If your mind is still active, write a to-do list to help you fall asleep faster.[10]

    This article also offers practical tips to build a bedtime routine: How to Build a Good Bedtime Routine That Makes Your Morning Easier

    Exercise

    Many people know that exercise is good for them, but they just can’t figure out how to fit it into their busy schedules.

    That’s what happened in my case, but when my chronic stress and exhaustion turned into systemic inflammation (which can lead to major diseases like Alzheimer’s), I realized it was time to change my sedentary lifestyle.

    I decided to start swimming because it was something I had always loved to do. Find an exercise you love and stick to it to stop feeling tired all the time. Ideally, get a combination of endurance training, strength training, and flexibility training during your daily 20-minute workout.

    If you haven’t exercised in a while and have a lot of stress in your life, you may want to give yoga a try as it will increase your flexibility and lower your stress.

    Attitude

    Stress may be a major reason why you aren’t feeling well all of the time. At least that was the case with me.

    When I worked 70 hours per week as a High-Tech Executive, I felt chronically stressed and exhausted, but there was one thing that always worked to help me feel calmer and less fatigued: Breathing.

    But not just any old breathing. It was a special form of deep Yogic breathing called the “Long-Exhale Breathing” or “4-7-8 breathing” (or “Pranayama” in Sanskrit).

    Here’s how you do Long-Exhale Breathing:

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    1. Sit in a comfortable position with your spine straight and your hand on your tummy.
    2. Breathe in deeply and slowly from your diaphragm with your mouth closed while you count to 4 (ideally until your stomach feels full of air).
    3. Hold your breath while you mentally count to 7 and enjoy the stillness.
    4. Breathe out through your mouth with a “ha” sound while you count to 8 (or until your stomach has no more air in it).
    5. Pause after you finish your exhale while you notice the sense of wholeness and relaxation from completing one conscious, deep breath.
    6. Repeat 3 times, ensuring your exhale is longer than your inhale so you relax your nervous system.

    This type of “long-exhale breathing” is scientifically proven to reduce stress.

    When your exhale is twice as long as your inhale, it soothes your parasympathetic nervous system, which regulates the relaxation response.[11]

    Nutrition

    Diet is vital for beating fatigue if you’re feeling tired all the time – after all, food is your main source of energy.

    If your diet is poor, then it implies you’re not getting the nutrients you need to sustain healthy energy levels, which may lead to daytime sleepiness.

    Eating a diet for fatigue doesn’t need to be complicated or time-consuming though. For most people, it’s just a case of swapping a few unhealthy foods for a few healthier ones, like switching from low-fiber, processed foods to whole, high-fiber foods.

    Here’re 9 simple diet swaps you can make today:

    1. Replace your morning coffee with Matcha green tea and drink only herbal tea within six hours of bedtime.
    2. Add a healthy fat or protein to any carb you eat, especially if you eat before bed.
    3. Fill up with fiber, especially green leafy vegetables.
    4. Replace refined, processed, low-fiber pastas and grains with zucchini noodles and whole grains such as buckwheat, quinoa, sorghum, oats, amaranth, millet, teff, brown rice, and corn.
    5. Swap natural sweeteners for refined sugars, and try to ensure you don’t get more than 25g of sugar a day if you are a woman and 30g of sugar a day if you are a man.
    6. Replace ice cream with low-sugar alternatives.
    7. Swap omega-6, partially-hydrogenated oils such as corn, palm, sunflower, safflower, cotton, canola and soybean oil for omega-3 oils such as flax, olive, and nut oils.
    8. Replace high-sugar yoghurts with low-sugar, dairy-free yoghurts.
    9. Swap your sugar-laden soda for sparkling water with a splash of low-sugar juice.

    Also, ensure your diet is giving you enough of the daily essential vitamins and minerals. Most of us don’t get enough Vitamin D, Vitamin B-12, Calcium, Iron, and Magnesium. If you are low on any of the above vitamins and minerals, you may experience fatigue and low energy.

    That’s why it’s always worth having your doctor check your levels. If you find any of them are low, then try to eat foods rich in them.

    Alternatively, you might consider a high-quality multivitamin or specific supplement.

    The Bottom Line

    If you are tired of feeling tired all the time, then there is tremendous hope.

    If you are tired because you are not getting enough high-quality sleep, then the best remedy is a bedtime routine based on sleep best practices. If you are tired because you have stress and fatigue, then the best remedy are four simple lifestyle changes discussed above.

    Overall, adopting a healthier lifestyle is the ideal remedy for feeling more rested and energized.

    More Tips to Stop Feeling Tired All the Time

    Featured photo credit: Cris Saur via unsplash.com

    Reference

    [1] YouGov: Two-fifths of Americans are tired most of the week
    [2] National Safety Council: Is Your Company Confronting Workplace Fatigue?
    [3] The New York Times: Why Are We So Freaking Tired?
    [4] Mayo Clinic: Chronic fatigue syndrome
    [5] Very Well Health: Differences Between Sleepiness and Fatigue
    [6] Advanced Sleep Medicine Services: NEW Guidelines: How much sleep do you need?
    [7] Mayo Clinic: Lack of sleep: Can it make you sick?
    [8] Ask Dr. Sears: The L.E.A.N. Lifestyle
    [9] National Institute on Aging: Sleep loss encourages spread of toxic Alzheimer’s protein
    [10] American Psychological Association: Getting a Good Night’s Sleep
    [11] Yoga International: Learning to Exhale: 2-to-1 Breathing

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