When we ask clients to describe their ideal retirement, two of the most common responses are:
- Being Healthy, and
- Financially Secure
In our experience, the successful retirees find ways to align these two goals and throw in a little fun as well. Here’s why developing good habits can lead to big dividends down the road for both your health and your retirement.
The Harvard School of Public Health studied how five habits affected long-term health: eating well, exercising regularly, maintaining a healthy body weight, avoiding smoking, and drinking alcohol in moderation.
According to the study, women who adopted four of these habits by age 50 lived 34 more years free of diabetes, cardiovascular disease, and cancer than women who did not.
Men who adopted four of the five habits lived 31 more years without developing these diseases. And both men and women who adopted this lifestyle lived almost 24 years longer than those who didn’t.
The relationship between your money and your health is something you should monitor closely once retired.
One way to keep medical expenses low during retirement and in your later years is to improve your lifestyle now. Studies have linked the healthy habits discussed above to significant health care cost savings for seniors. By controlling things you can control early in your retirement (Seriously, stop smoking!) the money you save on health care could provide a cushion later in retirement.
A healthier lifestyle will also give you more options for enjoying the retirement assets you’ve worked so hard to save and grow.
Do you want decades of bad eating habits to keep you and your spouse from taking that dream trip to Europe once you retire? If a lifelong lack of exercise creates a serious health problem at 65, the money you earmarked for that European holiday might otherwise need to be used to fund medical expenses.
Our goal for clients is that they live the best life possible with the money they have at every stage of their lives. Let’s talk about how our Life-Centered Planning process can help you develop habits that will reinforce each other and improve both your life and your finances so you can live your best life.