The Number One Retirement Issue Facing Americans

Retirement

The Number One Retirement Issue Facing Americans

Posted by RDW Financial Group
3 months ago | April 5, 2017

When you think of retirement planning, most people associate that process with financial concerns. Between inflation, longer life spans, and the concerns over Social Security, it’s normal to worry whether you’ll have enough money to retire. But as it turns out, there is another issue faced by retirees, that might be even more important to your overall happiness in the future.

A recent study by Merrill Lynch found that, not surprisingly, the most common retirement concern among those under age 65 is money. However, the picture shifts once retirees over age 65 answer that question. This group reported that their health is actually their biggest concern.

This group of study participants ranked health as even more important than financial security, when assessing their overall happiness with their retirement years. Most of the respondents – 81 percent, to be exact – said that good health is the number one ingredient for a happy retirement.

Of course, finances and health are not completely unrelated. An overwhelming 86 percent of respondents said that maintaining or improving their health would help them manage their out-of-pocket healthcare expenses. With healthcare expenses commonly ranked as the second-largest expense faced by retirees (after housing), that’s not really surprising. But it’s always good to learn from those who have already experienced retirement and can tell you what to expect.

The study also examined the lifestyle and health status of participants. Current retirees who rated their health as “excellent” or “very good” were also twice as likely to exercise regularly, maintain their recommended weight, commit to a healthy diet, and have plenty of social connections.

Physical health and financial well-being are more related than we tend to think. The take-away lesson here is that once you enter retirement, your number one concern might be your physical health. But since staying healthy can also keep your medical expenses lower, taking good care of yourself is really like killing two birds with one stone.

To learn more about planning a financially healthy retirement, give us a call. In the meantime, take care of yourself, so you can enjoy a long and healthy retirement, hopefully with fewer medical bills.

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