Longer Lifespans Require Planning in Retirement
I got married this year and we had the pleasure of going to Italy on our honeymoon. Italy is one of the most beautiful places I have ever seen but one thing seemed to stick out to me. There are so many older Italians who seem to be in much better shape both physically and mentally. While the food in Italy tends to be more carbohydrate-heavy (pasta!), their overall health seems to exceed ours. This is most likely because the food that they ingest does not have all the preservatives and extras like they do here. Many Italians utilize public transportation like trains and buses. If there is no bus or train – start walking! Just the act of walking itself has been proven to do wonderful things to your overall health.
Advancements in healthcare, exercise, diet, and quality of living have transformed retirement from the end of one’s life into the beginning of an exciting new chapter. But living longer isn’t the same as living well. An increased lifespan is going to create some important challenges that retirees need to prepare for as early as possible.
To maximize your retirement in your 70s, 80s, and beyond, start making purposeful investments in these three areas.
1. Your Physical Health
When you’re younger, health care and exercise often get squeezed in around working and raising a family. Retirees have the time and resources to make their health a centerpiece of their new schedules. Get into a regular routine with your doctors, even if you’re feeling well. And between annual check-ups, don’t ignore lingering discomfort or bumps and bruises that are taking too long to heal.
Remember: the best health care is preventative. In addition to seeing your doctors, you can also get in front of health problems by upgrading your diet, exercising regularly, and finding ways to stay active even when you’re spending a day at home. Tending your garden or walking to a neighbor’s house for a beverage will do your body more good than another afternoon on the couch. And at the end of the day, unplugging your devices will help you power down, recharge, and start tomorrow with the energy you need to make the most of your day.
2. Your Mental Health
Some folks forget that the brain is a part of your body that needs exercise as well. Crosswords, word games, sudoku, chess puzzles, and other brain teasers can stimulate your mind and help reduce the risks of cognitive decline, including Alzheimer’s.
New experiences can also keep your neurons firing as you age. Leave a little room in your retirement schedule to experiment and explore. Pick up a new hobby or sport that will mix some physical activity with a healthy learning curve. Join clubs or senior groups where you can meet new people. Give back by volunteering, teaching, or mentoring. Start checking off your bucket list travel destinations and expose your mind to the rich wonders and cultures of the wider world.
Your brain will also appreciate you placing a high priority on spending more time with the people who are most important to you. Regular social interaction reduces the risks of depression and anxiety and improves happiness and sense of purpose. Now that you’re retired, take advantage of the extra time you have to be more involved in your loved one’s lives and, in turn, share this exciting new stage of your life with them as well.
3. Your Financial Health
Running out of money as you age is a very common fear among retirees. It’s also going to be a more and more realistic fear as retirement becomes, potentially, decades longer than in previous generations. A longer life gives you more opportunities for meaningful experiences. But it also means you will have to cover your basic needs longer. It’s important that you find the right financial balance between enjoying yourself while you’re still able and having the resources you need to stay safe and comfortable later in retirement.
Our experience and tools can help you plan for every stage of your retirement, assess your progress towards key goals, and adjust as your life changes. Get in touch and let’s start planning together for a long retirement full of happy, healthy living.
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~Portions Adapted from ROL Advisor~
