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Health & Money: How Personal Finance Impacts Retirees’ Physical and Mental Wellness
Are your personal finance decisions impacting your health and well-being in retirement? Many soon-to-be retirees trust that the work they put in now to save and invest their money will provide them with financial stability in their retirement years. Few people, however, appreciate the direct connection between their personal finances and health, both physically and mentally.
Retirees often struggle with managing their retirement funds and balancing between health care costs, food expenses, living expenses, and maintaining financial investments. As a retired person, managing your money in smart and practical ways can be a major boon for your physical and mental health.
In this article, we’ll look at the most common issues retirees face and how managing your money effectively can help secure your physical and mental wellbeing during your retirement years.
Cost of Health Care
The cost of health care can take a hefty chunk out of your retirement funds. According to a recent survey, 43 percent of retirees had to make major changes to their retirement plans due to their health care costs. Retirees must manage their funds responsibly in order to afford proper medical care and medications.
Financial stress is a common issue for retirees due to steep healthcare costs and the fact that most retirees live on a fixed income. To keep financial worries at bay, it’s important for retirees to create a budget to help track and manage expenses, and to make sure bills are paid on time to avoid late fees. Retirees should also make sure to take advantage of any discounts and tax-savings opportunities available.
Meal Prep & Nutrition
Retirees often struggle to find the balance between stretching their budget and ensuring the quality of the foods they eat. This is where meal prep and shopping smart comes into play. Meal prepping allows retirees to buy in bulk and save money while also reducing trips to the grocery store.
Arizonans 60+ can take advantage of the Senior Farmers’ Market Nutrition Program (SFMNP) which provides fresh fruits and vegetables and other foods to low-income seniors to help promote health and wellness. Shopping seasonally can also help save some money on groceries and is an easy way to get the freshest produce available in your area.
Socializing & Connecting with Others
Retirement can be a huge blow to social life if not managed correctly. Low-cost activities such as joining a book club, having dinner with friends of the same age group, or attending religious gatherings can all be great ways to stay connected and foster relationships with like-minded people.
Traveling and volunteering can be a great way to stay physically and mentally stimulated in retirement. And depending on the activity, some of these expenses may be tax-deductible or eligible for other tax benefits.
Building an Emergency Fund
Having emergency funds to fall back on is a critical aspect of any retirement plan, as unexpected medical costs, natural disasters, and family emergencies can all come up unexpectedly and wipe out a retirement fund. Building an emergency fund requires retirees to live within their means and find ways to save and invest small amounts of money over time.
Retirees must be aware of the connection between personal finance and health. A well-thought-out retirement plan can help retirees have the financial stability to live a healthy and comfortable life. It’s important for retirees to have a sound knowledge of retirement fund management, taxes, and cost-saving measures. Taking advantage of programs like the SFMNP, joining religious organizations, and investing in modest retirement funds can be great ways to maintain one’s physical and mental health in retirement.