Stay Healthy, Stay Wealthy: Why Staying Healthy Pays in Retirement
More likely than not you would like to stay healthy- but what could you do to more actively pursue good health?
If you stay healthy you will not only be happier, be able to do more, and feel better, you’ll be wealthier in retirement. Fidelity, one of the nation’s largest brokers, estimates that a couple retiring at the age of 65 will spend an average of $240,000 (not accounting inflation) on health expenses throughout their retired lives. Considering that very few people even have that much in their retirement accounts- by some estimates, more than 25% of Americans have less than $1,000 saved for retirement- many people will be relying heavily on Medicaid to cover their medical expenses in retirement.
Unfortunately, to be eligible for Medicaid, retirees, even with small savings, will need to prove their eligibility, meaning spending down most assets to meet the income and other eligibility requirements necessitated by the Medicaid program. In addition, many services to which most people are accustomed during their working days are not covered by Medicaid, such as dental, vision and auditory services.
So while the alternative is to save more, which is where we at iPlanGroup come in, it is equally – if not more important – to focus on your health to minimize healthcare expenditures as much as possible.
We’re not doctors, and our area of expertise isn’t medical advice-it’s retirement planning!-but eating healthy, getting exercise, enjoying the sunshine and taking a rest from the hustle and bustle of the day sure makes us feel healthier! And, hopefully, as we start looking to retirement, wealthier, too.
What do you do to stay healthy, and do you plan on continuing when you retire?