|CATEGORY||Financial Focus Home|
Number of Words: 535
Can You Afford the Years Beyond Your Healthspan?
We’re all interested in the topic of lifespan. What’s the average lifespan of men and women? What factors influence lifespan? What can I expect for my own lifespan? Yet, you may also want to think about your healthspan – that is, how long you will live in generally good health. How should you factor in your potential healthspan when creating your financial strategies?
To begin with, you’ll want to be aware of the gap between lifespan and healthspan. Consider this: The average healthy life expectancy in the U.S. is only 68.5 years, according to World Bank data cited in the 2020 Edward Jones/Age Wave Four Pillars of the New Retirement study. This means that, on average, Americans can expect to spend about 10 years in poor health, which, unfortunately, is more than in most other developed countries.
Of course, everyone’s situation is unique, and many variables are involved in the lifespan/healthspan comparison: differences in projected longevity between women and men, family health histories, environmental factors, and so on. And there are certainly plenty of people whose healthspans essentially match their lifespans – that is, they enjoy healthy, busy lives right up until the end. Yet, even the possibility that you could face a decade or more of less-than-ideal health in your retirement years should be cause for concern. The health issue, by itself, is already worrisome, but the accompanying threat to financial independence is also on people’s minds. In fact, 72% of retirees say one of their biggest fears is becoming a burden on their families, according to the Four Pillars study.
So, given these concerns, here are a few moves to consider, possibly with the help of a financial professional:
If you could see into the future, you’d know exactly where your lifespan intersected with your healthspan. But since this certainty is unattainable, you’ll want to be prepared for whatever comes your way.
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor.
Can You Afford the Years Beyond Your Healthspan?Short /Radio version:
PSA: Can You Afford Those Years Beyond Your “Healthspan”?
You’ve probably thought a lot about your lifespan – but what about your healthspan?
Healthspan describes how long you will live in generally good health. The average American’s healthspan is about 10 years shorter than their lifespan, according to the 2020 Edward Jones/Age Wave Four Pillars of the New Retirement study. Unfortunately, this means that, on average, Americans can expect to spend about 10 years in poor health.
This potential health threat carries financial concerns, too: 72% of retirees say one of their biggest fears is becoming a burden on their families, according to the Four Pillars study.
How can you address these fears?
First, consider some type of long-term care coverage to protect yourself against the enormous costs of a nursing home stay.
Also, when you near retirement, you may need to adjust your investment mix to provide more liquidity to address out-of-pocket health care costs. And you’ll want to avoid withdrawing too much each year from your investment accounts.
You can’t predict how your lifespan will intersect with your healthspan. But you can try to prepare yourself for whatever comes your way.
This is (FA’s NAME), your Edward Jones financial advisor at (Branch address or phone #).
Number of Words:183