When you create your financial plan with a view to affording your dream retirement, you’ll almost certainly consider your expected lifespan. This is great, but you also need to think about your “healthspan”, which is arguably more important.
In fact, there are three spans you need to consider when creating your financial plan: your lifespan, healthspan, and wealthspan.
Your healthspan should be your top priority – not only because ill health in later life could prove expensive but because making certain lifestyle adjustments now could mean you can potentially enjoy a longer, healthier life.
Longevity is increasing but people are spending more years in ill health
People in their 50s are living longer than previous generations. Yet, despite medical advances and increased awareness of healthy lifestyle choices, people are also experiencing more years in ill health.
Several studies shed a stark light on our deteriorating state of health:
- If you’re in your 50s, 60s and 70s, you’re more likely to have serious health problems than people who were born before or during the second world war when they reached the same age[1].
- You’re more likely to have cancer, lung disease, heart issues, type 2 diabetes and high cholesterol than your predecessors[2].
- 3 in 4 adults are expected to need later-life care at some point[3].
So, while you may expect to live a long life, a shorter healthspan may result in you needing to pay for care at some stage.
While this is something you may be wise to bake into your financial plan early, making some strategic lifestyle changes now could help ward off ill health.
3 simple lifestyle changes to help improve your healthspan
Remaining in good health for longer will allow you to spend your retirement money on enjoying life. Plus, acting now may grant you more time away from hospitals, doctors, and costly treatment.
A healthy lifestyle, with adequate exercise and sensible food choices can make a tangible difference to your healthspan. Three quick changes you could implement are:
- Walk every day
While walking is super easy to bake into your day, an exercise class, round of golf, swimming, yoga, and even gardening or cleaning the house also count towards your weekly exercise quota.
- Replace processed food with fresh fruit and vegetables
A healthy diet needn’t be boring or hard work. Embrace batch cooking and fill your freezer with nutritious soups, stews, curries, and chilli that you can enjoy over an entire month with very little effort. Buying fresh seasonal produce may be better for your budget too.
- Give your brain a regular workout
Studies have shown that regular mental activity can help to keep cognitive diseases at bay[4]. So, whether you’re a Wordle wizard or better suited to swotting over Sudoku sums, solving puzzles, reading, or completing jigsaws can all help to keep your brain sharp.
Financial planning for every eventuality
Looking after yourself now could give you the best chance of staying healthy for longer and allow you to focus your resources on what matters to you most.
Whether you wish to spend more time with your family, travel the world, or pursue other interests, ensuring you remain in good health as long as possible is key to optimising your enjoyment of life.
However healthy you believe you are today, it’s important to financially prepare for the possibility of needing some form of care in later life.
To build your bespoke financial plan we’ll look at your quality of life and the funds you’ll need to maintain your lifestyle.
We can also use sophisticated software to illustrate your cashflow projections – enabling you to visualise how good health, ill health, and a long life could affect your wealth and the inheritance you leave behind.
Get in touch
To discuss how to ensure your financial plans account for a long and happy retirement, please get in touch.
Email info.wp@titanwh.com or call us on 0800 048 0150.
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Please note
The information contained in this article is based on the opinion of Titan Wealth Planning and does not constitute financial advice or a recommendation for any investment or retirement strategy.
[1] https://www.theguardian.com/society/2024/oct/07/baby-boomers-living-longer-but-are-in-worse-health-than-previous-generations
[2] https://www.theguardian.com/society/2024/oct/07/baby-boomers-living-longer-but-are-in-worse-health-than-previous-generations
[3] https://www.fidelity.co.uk/markets-insights/personal-finance/personal-finance/why-theres-a-3-in-4-chance-youll-need-later-life-care/
[4] https://www.medicalnewstoday.com/articles/do-reading-puzzles-and-similar-activities-really-stave-off-dementia
