Boost Your Retirement Fund With These Minor Lifestyle Changes
Taking care of your health is an important part of your financial well-being, but you don’t need to make drastic changes to reap the benefits. It turns out that simply following a doctor’s orders can lead to a healthier retirement fund.
According to data recently analyzed by HealthyCapital , a 45-year-old man with a chronic condition such as high blood pressure “can save an average of $ 3,285 per year over his life,” through adjustments such as taking medication as prescribed and cutting sodium … consumption. By comparison, if this person had invested their annual savings in a typical retirement portfolio, they could have earned an additional $ 100,348 to retire by age 65, the report says (assuming a 6% annual return). Even better? Male life expectancy has also increased by three years.
Other healthy habits that can improve your health and your wealth may not surprise you: The report highlights the importance of exercising for at least 30 minutes, five days a week; moderate alcohol consumption; and quitting if you haven’t already.
This also applies to people who are obese, who use tobacco products, or who have conditions such as high cholesterol or type 2 diabetes. For example, a 45-year-old man with diabetes who makes minor adjustments will save approximately $ 2,788 a year in health care costs before retirement, for a total of $ 86,117 in investment.
Although the report uses a 45-year-old man as an example, it’s never too late to start taking better care of your health. One simple solution: take your medications as prescribed. The report notes that “50 percent of Americans diagnosed with a chronic illness do not take their prescribed medication after six months,” which is especially true for people with high blood pressure, as they may not physically notice the results of their medication. Not only will you get more money by saving on pre-retirement costs, but you can also delay the need for long-term care.
This may sound like common sense, but it leads to an important takeaway: You have some control over your habits and your health, and simple changes can dramatically improve your standard of living.