Taking care of your health is an important part of your financial well-being—but you don't need to make drastic changes to reap the benefits. Turns out, simply following your doctor's orders more closely could lead to a healthier retirement fund ...
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Taking care of your health is an important part of your financial well-being—but you don’t need to make drastic changes to reap the benefits. Turns out, simply following your doctor’s orders more closely could lead to a healthier retirement fund.
According to data recently analyzed by HealthyCapital, a 45-year-old man with a chronic condition like high blood pressure “can save an average of $3,285 annually over his lifetime” by making adjustments like taking his medications as prescribed and cutting back on his sodium intake. “To put this into perspective, if this person invested the annual savings into a typical retirement portfolio, he could generate an additional $100,348 for retirement by age 65,” the report finds (that’s assuming a six percent annual return). Even better? The man’s life expectancy also increased by three years.
Other helpful habits that can improve your health and your wealth likely won’t surprise you: The report emphasizes exercising for at least 30 minutes, five days a week; moderating your alcohol intake; and cutting out tobacco usage, if you haven’t yet.
This also applies to people who are obese, who use tobacco products, or who have conditions like high cholesterol or Type 2 Diabetes. For example, a 45 year-old-man with diabetes who makes minor changes will save an estimated $2,788 a year in health care costs before retirement, totaling $86,117 if invested.
While the report uses a 45-year-old as the case study, it’s never too late to start taking better care of your health. One easy fix: Take your medication as prescribed. The report notes that “50 percent of Americans diagnosed with a chronic condition do not take their prescribed medication after six months,” which is especially true for people with high blood pressure because they may not physically notice results from taking their medication. Not only will you have more money from saving on pre-retirement costs, but you could delay the need for long-term care.
It may seem like common sense, but it drives home an important point: You have some control over your habits and your health, and simple changes can dramatically increase your standard of living.
retirement,health,money,personal finance,Two Cents