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Health and Wealth: Why Your Weekly Tennis Match Strengthens Your Retirement Nest Egg

Retirement Plan

As you enter a new chapter of your life, a number of changes from your day-to-day habits to your spending patterns will likely change. As you’re getting used to your new way of life, it’s important to keep up with your exercise so you can fully enjoy retirement, mentally and financially.

Improve Mental Health

Transitioning from being a full-time career professional to having full-time freedom can come with a range of emotions. While you likely feel relief from to-do’s and accomplishment from what you achieved, you may also struggle with boredom and uncertainty–feelings that often overlooked when considering retirement.

One way to combat the doldrums of retirement is to make activity part of your retirement planning. Incorporate a workout regimen so you can proactively protect yourself from a retirement slump. Exercise produces endorphins––the hormones that make you feel good–– which improves your mood and can help ward off the stress that can sometimes accompany a new life phase like retirement.

Feeling good about your decision to retire will allow you to enjoy your experience and finally get around to those vacations, volunteer opportunities, or classes you’ve been wanting to experience.

Fight Diseases

Not only is working out good for the mind, but it’s also great for your physical health. Exercise improves overall immune function, which can help ward off common diseases associated with an inactive lifestyle.

Specifically, the U.S. National Library of Medicine states working out can help decrease the risk of diseases like:

  • Obesity
  • Heart disease
  • High blood pressure
  • High cholesterol
  • Stroke
  • Metabolic syndrome
  • Type 2 diabetes
  • Cancer
  • Osteoporosis
  • Depression
  • Anxiety

Retirement shouldn’t be a time spent battling preventable health issues. It should be a reward for years of hard work. Continue to enjoy your life by taking time to exercise your body.

Decrease Medical Bills

By taking care of your mind, body, and soul you may also be decreasing the number of visits you make to the doctor's office and how much you spend on medication.

A recent study by HealthView Services says that a couple retiring this year, at age 65, can expect to pay around $266,600 over the course of their retirement on Medicare premiums. And, as Medicare premiums don’t cover all expenses, a secondary study by Fidelity shows that the actual costs of medical bills for a similar couple could be closer to $280,000.

When considering retirement, note that this figure can be easily increased or decreased based on lifestyle choices. Individuals who neglect to take care of themselves may see an uptick of doctor’s visits or hospital stays due to declining health. More frequent visits to the doctor often mean increased medical bills.

To protect your nest egg and your body, add a workout regimen into your retirement savings plan.

Stay at Home Longer

As you consider retirement, it’s also important to think about how much care will cost if you aren’t able to take care of yourself any longer. Unfortunately, Medicare doesn’t cover the cost of assisted living.

Long-term care costs vary by location and type, but national averages for monthly rates according to Genworth’s  2018 Cost of Care survey are as follows:

  • Homemaker Services: $4,004
  • Home Health Aide: $4,195
  • Adult Day Health Care: $1,560
  • Assisted Living Facility: $4,000
  • Nursing Home Care Semi-Private Room:$7,441
  • Nursing Home Care Private Room: $8,365

Working out to delay or avoid declining health also means you may be able to care for yourself longer. By maintaining an active lifestyle, you can preserve your independence and resources for a longer period of time.

Strengthen Your Retirement Plan

One of the first components you should take into consideration as you re-evaluate your retirement planning is your life expectancy. This figure is difficult to pinpoint for a number of factors, but what’s most important is that you’ve saved enough money to support you, and your loved ones, for the rest of your life.

If it feels like your previous retirement plan is starting to misalign with your current retirement lifestyle, it's easy to revisit your strategy with a trusted retirement plan advisor. Find a comprehensive wealth advisor who not only cares about protecting your legacy wealth and growing your personal bottom line but also thinks of you as a whole person.

Read more about what to consider when retiring in our 30-day Free Money Course.

 

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