Sue Bergin, President, Bergin Communications
Most retirement planning focuses on the nest egg. It involves making sure you have enough saved to live your retirement years the way in which you have dreamed. The laser-like focus on the bottom line, however, could prevent you from paying attention to the single most important predictor of retirement satisfaction. Your health.
According to MassMutual’s Health, Wealth and Happiness in Retirement study, health is typically more important than wealth when it comes to determining the well-being of American’s retirees. Retirees in better health are more likely to feel financially secure, enjoy retirement, feel fulfilled, and are less likely to experience negative emotions.
The study shows that the loss of health is more costly to a retiree’s overall experience than the loss of wealth. Consider these stats:
- 76% of those with $250,000 or more in assets report having a positive retirement experience, compared to 68% of those with less than half the assets.
- 80% of those in better health report having a positive experience in retirement, compared to only 59% of those who are in poorer health, regardless of their balance sheet.
- 73% of retirees in better health report feelings of financial security compared to 51% of retirees in poorer health.
- Retirees in poorer health were twice as likely to feel anxious about their finances and lack a sense of purpose, and three times more likely to feel lonely.
The bottom line…focus on your health!
To make the most of your retirement, your planning and preparation should focus as much on your health as it does your wealth.
AARP provides these helpful tips to incorporate into your retirement readiness checklist.
- Seek preventative medical care by scheduling checkups and routine examinations, from annual physicals to teeth cleanings.
- Work with your health care providers on a plan to improve or maintain your health.
- Commit (or recommit) to eating healthy, exercising and adequate sleep.
- Commit to staying mentally sharp with brain games, puzzles and books.
- Stay in close contact with family and friends. Typically, your friends and family will be the first to notice if your health starts to slip.
For more tips from AARP, see 10 Steps to Get You Ready for Retirement.
The views expressed are those of Brinker Capital and are not intended as investment advice or recommendation. For informational purposes only. Holdings are subject to change. Brinker Capital, Inc., a Registered Investment Advisor.