When you think about financial fitness, especially as you’re moving into your retirement years, you typically focus on big financial goals: paying down your debt, building up your savings account, and making sure that you have a retirement account that will support your lifestyle throughout the later years of your life. What many people fail to think about, however, is how your physical health has the potential to impact your financial wellness.
Medical Expenses Aren’t Cheap
Health emergencies are expensive. Having the proper insurance in place is extremely important. However, even with insurance, a short hospital stay can quickly rack up thousands of dollars in bills and surgery is even more expensive than that. In addition to copays and deductibles, you may find yourself dealing with out-of-pocket expenses for supplies and medications.
The Cost of Lost Work
A job that includes benefits, such as paid time off for illness and health insurance, can be very helpful in protecting your income during your working years. However, even with that paid time off, the cost of lost work can add up quickly. Depending on the illness, you may find that you’re less productive at work, which could mean that you may be overlooked for bonuses, special assignments, and promotions. While it’s income you don’t realize that you’re missing, it’s also an amount that can add up.
Long-Term Care is Expensive
If you develop a medical condition requiring long-term care, you will quickly discover additional pressure on your finances. This means both your current income and your long-term savings could be affected, depending on the severity of the illness or condition. Furthermore, you may find that you are no longer able to care for yourself the way you once could. Many people find themselves turning to a long-term care facility in order to help maintain their overall quality of life. While this is a great method for keeping your quality of life high, it’s not such a great choice for your wallet: an assisted living facility costs an average of $43,000 per year, while life in a nursing home will run an average of $92,000 for a private room. However, it is vital to receive the necessary care to keep yourself safe, no matter the cost.
Keeping Up with Physical Health For as Long as you Possibly Can
Keeping up with your physical health can go a long way toward helping to decrease your costs, especially as you move into your retirement years. Try to keep your physical health as strong as your financial efforts.
Maintaining your physical health doesn’t have to take all of your time and attention, but making an effort to improve your wellbeing now, can help keep yourself and your bank account healthy throughout your retirement years.
Your retirement belongs to you, make sure you get the most out of it. Contact Sharkey, Howes & Javer today to speak with a CERTIFIED FINANCIAL PLANNER™ about setting yourself up for a healthy, fulfilling retirement.