David Townsend
Annuity.com
2246 S 308th Street
Federal Way, Washington 98003
david@annuity.com
(877) 797-0893
Being proactive about your health is a matter of improving your quality of life and a strategic financial move, especially as you approach retirement. With the rising healthcare costs and the uncertainty surrounding Medicare and insurance coverages, taking steps to maintain or improve your health can significantly impact your financial situation in the later years of life. This article explores how being proactive about your health can save you money in retirement.
Healthcare expenses are among the most significant costs for retirees. According to the Fidelity Retiree Health Care Cost Estimate, an average retired couple aged 65 in 2020 may need to save approximately $295,000 (after tax) to cover health care expenses in retirement. This figure is daunting and underscores the need for strategic planning to mitigate such costs.
Preventive healthcare involves taking measures to prevent diseases before they occur. This includes regular check-ups, screenings, vaccinations, and adopting a healthy lifestyle that includes proper diet and regular exercise. By identifying and managing potential health issues early, you can avoid the need for more extensive and expensive medical treatments in the future. Chronic conditions such as diabetes, heart disease, and obesity can often be prevented or managed through lifestyle changes, significantly reducing the financial burden of medical care in retirement.
Medication is a substantial part of healthcare costs for many retirees. Proactively managing your health can mean fewer prescriptions and, consequently, lower expenses. For example, lifestyle diseases like type 2 diabetes and high blood pressure can often be controlled or even reversed with diet and exercise, reducing or eliminating the need for medication.
Being proactive about your health can also mean a lower likelihood of requiring long-term care, which can be prohibitively expensive. The cost of assisted living facilities, nursing homes, and home health care can quickly deplete retirement savings. Maintaining physical and mental health can increase your chances of living independently for longer.
Investing in your health is one of the most prudent investments you can make, especially as you approach retirement. The savings from reduced healthcare costs can significantly impact your retirement savings and your ability to enjoy this phase of life to its fullest. Being proactive about your health is not just a lifestyle choice; it's a financial strategy that can lead to a richer, more fulfilling retirement.
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