How To Stay Healthy and Wealthy in Retirement
It’s no secret that physical and financial health are linked. Studies show that feeling financially secure can lead to longevity, as well as choices that improve your physical (and mental) well-being.
For retirees, it’s important to prioritize both. In addition to being able to make healthier lifestyle choices if you feel confident in your finances, living a healthy lifestyle can help you avoid some of the high costs of health care.
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Why health and wealth are linked
While illness is often out of our hands, experts say that a healthy lifestyle can help you live longer and preserve your wealth. In return, more wealth makes it easier to stay healthy since you have more income to commit to purchases like sessions with a personal trainer and nutritious groceries.
Health and wealth can create a positive feedback loop that leads to a more fulfilling life. But their connection can also have the opposite impact: The nest egg you built may dwindle faster than you expected if you're facing high healthcare costs.
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3 ways to stay healthy and wealthy
These three moves can improve your wellness and your finances.
1. Consider a preventative spending budget
A gym membership may seem like an unnecessary purchase since you can exercise at home, but if it motivates you to exercise, it may be worth it.
And it could pay off over the long run. While the cost of the gym or working with a personal trainer will take up space in your budget now, you can think of it as a preventive cost that could potentially help you keep down medical bills in the future. Eating nutritious foods is also important, so prioritize spending on healthy ingredients.
2. Prioritize sleep and reduce stress
A lack of sleep and too much stress can undo other health benefits. Experts recommend getting between seven and nine hours each night.
Taking the time to do hobbies you love and stress-reducing activities like meditating and walking can also help preserve your health over time.
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3. Save for future health care costs
Even if you eat a nutritious diet and exercise regularly, you may still incur health care costs 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 maximums and Medicare deductibles so you can get proper care.
And if you are still eligible for health savings account (HSA) contributions, you probably want to take advantage. These allow you to make tax-free contributions, and the money continues to grow in the account tax-free. You can also pull money out of the account for qualified medical expenses without paying any tax.