How Healthy Aging can Help you Save for Retirement
According to John Rampton, Founder and CEO of Due, a person’s health becomes increasingly important as they age.
The reason? It is not uncommon for health problems to result in higher medical costs, lost wages, or even early retirement as a result of illness. It will depend on how long you live, how healthy you are, and when and where you retire. Furthermore, the amount you will need depends on your plans to pay for health care – such as 401(k), HSA, IRA or taxable accounts; and your tax rates in retirement; and perhaps even your salary.
Rampton says that it is possible to improve your financial security while protecting your health as you age. Keeping active and making healthy choices can help you live longer, live healthier, and prevent chronic diseases.
How Prioritizing Your Health Can Help You Save for Retirement
Taking good care of your health can help you save for retirement in many ways. Some examples are as follows:
- A reduction in medical costs. There is no doubt that health problems can result in higher medical costs. The more you stay healthy, the lower your risk of chronic diseases and the lower your healthcare costs will be — especially as you get older. In general, being healthy can result in reduced premiums, copays, and deductibles.
- An increase in productivity. The more healthy you are, the more productive you will be at work. Additionally, you’ll be less absent and more engaged.
- Postponing retirement. Depending on your health, you may be able to delay retirement and continue working. This allows you to contribute longer and prevents you from withdrawing from your retirement savings.
Tips for Prioritizing Your Health
As you age, you can take several steps to improve your health and protect your finances. Listed below are a few tips:
Make a meal plan.
Over time, you’ll save money and time by planning your meals. Start by setting aside some time, then think about your goals and needs by asking:
- Would you like to lose weight?
- Do you need to reduce your sugar, fat, or carb intake?
- Do you want to add more protein or vitamins?
Preparing your meals keeps you in control. You can also save money by buying ingredients in bulk, storing extra food for later, and eating out less by meal prepping.
Get regular exercise.
The importance of exercise in a healthy lifestyle cannot be overstated. Ideally, you should exercise for at least 30 minutes most days of the week to help prevent early death, heart disease, stroke, and some types of cancer.
We can find solace in nature. It provides an effective counterbalance to all the screentime we spend in a typical day. Time spent in nature is increasingly being shown to:
- Make people happier and healthier
- Enhance our cognitive abilities
- Boost attention span
- Become more empathic and socially connected
Make sleep a priority.
Adults should get at least seven hours of sleep. In addition to resting and recharging, your body needs time to learn new things and consolidate memories.
Correct your posture.
Good posture can reduce ligament stress as well as prevent aches. Furthermore, good posture prevents backache, fatigue, muscular pains, and visits to the chiropractor.
Don’t lose your balance.
Having good balance also means having healthier muscles, a healthier heart, and more self-confidence — no matter what your age is. Older people can stay active longer and lower their chances of falling and breaking a bone.
Learn something new.
You can keep your brain healthy by learning new skills. Take a dance class, a creative writing workshop, or pickleball with friends, for instance. Even better, learn a new language. As a result of the mental work that is required, it is possible to slow down the signs of aging and even delay the onset of Alzheimer’s disease.
Aside from getting you moving, some hobbies can encourage social interaction as well. As such, you will benefit both physically and mentally.
The effects of stress can be felt both physically and mentally. Try exercising, doing yoga, or meditating to relieve stress. Other ideas would be spending time with people you love, traveling or volunteering.
If you’re stressed about money, try the following:
- When it comes to discretionary spending, prioritize what you can control. All of the things that are causing you stress may not be changeable. You can improve your situation by focusing instead on what you can control. Take your food budget as an example. You can cut your grocery bill by comparing prices on different brands, for instance.
- Find ways to make more money. A few suggestions include negotiating a raise, working more hours, selling what you don’t need, or taking on a side hustle.
- Put money aside for rainy days. By creating an emergency fund and sticking to it, you will feel more in control and relieve some of the stress you may be feeling.
- Pay off your debt. It might be a good idea to speak with your lenders. You might be able to reduce your monthly payments by modifying the loan, such as extending the term or lowering the interest rate.
- Consider consulting a financial advisor. Setting goals, saving money, and reducing debt can be difficult without the help of a financial advisor.
Get regular checkups.
No matter how healthy you feel, you should get regular checkups from your doctor. The risk of chronic diseases increases with age, so this is especially important.
You can live a longer, healthier life by prioritizing your health, reducing your risk of chronic diseases, staying active, and staying healthy. Saving money on health care costs, increasing your productivity at work, and delaying retirement can all be achieved by doing this. Reaching your financial goals and enjoying a comfortable retirement is possible with these things.
Talk to your doctor if you don’t know where to begin. They can help you improve your health, which in turn, will protect your finances.
Source: John Rampton, Founder and CEO of Due.