How to stay healthy and wealthy in retirement
It’s no secret that physical and financial health are connected. Research shows that feeling financially secure can lead to long-term, and better decisions that improve your physical (and mental) well-being.
For retirees, it is important to prioritize both. In addition to being able to make healthy lifestyle choices when you feel confident about your finances, living a healthy lifestyle can help you avoid some of the higher health care costs.
Why health and wealth are linked
While illness is often out of our hands, experts say a healthy lifestyle can help you live longer and preserve your wealth. In return, more wealth makes it easier to stay healthy as you have more money to commit to purchases like a session with your trainer and a healthy diet.
Health and wealth can create a positive feedback loop that leads to a fulfilling life. But their connection can also have the opposite effect
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3 ways to stay healthy and wealthy
These three steps can improve your health and your finances.
1. Consider a budget to prevent spending
A gym membership may seem like an unnecessary purchase since you can exercise at home, but if it motivates you to exercise, it might be worth it.
And it can pay off in the long run. While the cost of going to the gym or working out with a trainer will take up space in your budget now, you can think of it as a preventative cost that can help you save on medical expenses in the future. Eating healthy food is also important, so prioritize spending on healthy foods.
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2. Break up sleep and reduce stress
Lack of sleep and excessive stress can reverse other health benefits. Experts recommend between seven and ninety hours each night.
Taking time to do things you enjoy and stress-free things like meditation and walking can help maintain your health in the long run.
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3. Save on future health care costs
Even if you eat a healthy diet and exercise regularly, you may incur health care expenses in retirement. It’s a good idea to save for these costs, especially since they tend to increase over time due to inflation. This fund can cover out-of-pocket expenses and Medicare Deductibles for proper care.
And if you’re still eligible for Health Savings Account (HSA) contributions, you might want to take advantage. This allows you to make free donations, and money continues to grow in the account for free. You can also withdraw money from a qualified medical expense account without paying tax.
