How Health and Well-being Factor
into
Your Retirement Planning

By Geoffrey Mann – December 5, 2023

The relationship between health and wealth is undeniable. Poor health can hinder your ability to earn a living, making it difficult to accumulate sufficient wealth for retirement, to say nothing of the direct costs of an accident or illness. Conversely, financial stress can negatively impact your health.

As you approach retirement, it’s crucial to prioritize your health and well-being in conjunction with your financial planning. Neglecting this connection could leave you vulnerable and unprepared for unexpected health challenges.

Financial well-being means having the resources to meet your needs now and in the future. It’s about managing your spending and savings, eliminating debts, and establishing a realistic budget, taking into account the potential impact of your health.

To secure financial well-being in retirement, consider these steps:

Prioritize your health: some health factors are beyond your control, but adopting healthy habits can significantly reduce your risk of chronic diseases. Relatively small actions can reap big rewards over time: eat right, exercise more, drink less, schedule regular checkups, stop smoking.

Protect your income: Your ability to earn an income is probably critical to your financial future. There are ways you can prepare for the unexpected – business failures, accidents and illnesses – by continuing to collect a monthly salary under an income protection plan.
Insure against the nearly inevitable health problems: as we age, our health deteriorates. Whether sooner or later, age catches up with all of us. For seniors, finding private health insurance gets progressively more difficult over time, to the point where it might be impossible to procure. Find a good policy early, stick with it for the duration and worry less.
Maintain an emergency fund: Unexpected expenses can arise at any time, so it’s essential to have a financial cushion. Start building an emergency fund today to prepare for unforeseen circumstances.

Tenzing can help you design a balanced portfolio of insurance and investment solutions to pave the path to a comfy retirement.

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These articles are intended to give you enough information to make informed decisions, but investment solutions are complicated. Whether you still have questions on this topic or feel ready to take the first steps toward getting a policy, our advisors can help.

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How Health and Well-being Factor
into
Your Retirement Planning

Ask a question. Get a quote. Talk, chat, email – your choice

Questions? Want a quote or consultation?

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