There are numerous factors to consider when planning for retirement. Preferred living arrangements, employment opportunities, and income are some of many examples. Although finances are often the driving force in determining retirement age, health is also a major element to consider. According to the Health and Retirement Study (HRS), older people’s ability to work can be influenced by health status. The HRS goes on to share, “More than half of men and one-third of women who left the labor force before the Social Security early-retirement age of 62 said that health limited their capacity to work.” When mapping out your plan consider lifestyle factors influencing health and future retirement.

Have you Considered Health in Your Retirement Planning?

Employee benefits like healthcare and retirement investments are motivating factors influencing people to stay longer in the workforce. Private health insurance can be quite costly as one advances in age. Removing employer contributions towards healthcare coverage can have negative impacts on health and income for many working Americans. Paying out-of-pocket for medications, doctor visits, and examinations can be very expensive. Many employers are now offering healthcare benefits and other employee incentives to attract part-time workers. Retirees seeking extra income and health coverage can benefit from such employment options. Examples of companies offering health benefits to part-time workers include: Whole foods, Costco, Lowe’s, Starbucks, UPS, Staples, U-Haul, and others. Do inquire with individual companies as policies and employee benefits are subject to change.

If you’re motivated to retire, examine your lifestyle and retirement goals. Smoking, heavy alcohol consumption, and obesity were reported by the HRS as health concerns causing some individuals to retire before the anticipated age. Will changes in finances affect your quality of life or ability to get healthcare? Do you have medical conditions affecting age of retirement? Have you factored health in your retirement planning? These are some questions to consider when planning for a healthy and prosperous retirement. 

* All information shared in this article should be discussed with your healthcare practitioner prior to incorporating any suggestions. This article is for informational purposes only, and is not intended to provide advice or direct client decisions. Financial suggestions should be discussed with a professional who specializes in retirementment prior to implenting any ideas discussed in this article. This article is only intended for informational purposes.