The Relationship Between Wealth and Health

financial advisor

By Joe Globensky, RFC®

wealth and health

In recent years, there has been a renewed emphasis on the relationship between wealth and health.  Various studies have shown that the relationship is a gradient, meaning there are discrepancies at every level of the economic ladder.  Those in the middle-class are healthier than those living near poverty, but they are less healthy than the upper class.  In other words, the greater one’s wealth, the lower one’s likelihood of disease and premature death.

Maybe you were taught a mindset of the more you save the better off you’ll be later in life.  And you may have rightly assumed that this meant a more comfortable retirement, travel, or a second home in a warmer climate.  But as more and more studies have been done, an integral part of a person’s financial plan should be a health and wellness plan.

Physical Health

And when we talk about health, there may be details you haven’t considered.  Your physical health is important, and we know as we age, it may start to deteriorate.  Does your health and wellness plan address ways to keep you moving?  Such as a plan to exercise, participate in activities, or sports, that may keep the aches and pains at bay? 

Emotional and Social Health

What about your emotional and social health?  While you are aging, so are your friends, family members, and even your pets.  As you begin to lose these precious members of your family and social circle, loneliness can start to set in.  Does your health and wellness plan include ways you might stay socially active when this happens?  For example, your plan might include volunteering, taking a more active role in the lives of your grandchildren, or participating in a civic organization.

Mental Health

And what are your plans for keeping your mind sharp as you age?  Some of my fondest memories of visiting my grandparents as a child was playing cards or completing word searches with my grandmother.  We were both very competitive.  And her mind stayed sharp until she passed at 95 years old.  In addition to cards and word searches, you may have the ability to attend classes where you can learn new skills and travel to embrace different cultures. 

Environmental Health

Home is where the heart is.  And we would be remiss if we didn’t include environmental wellness as part of your health and wellness plan.  Like many people, you may want to stay in your own home as long as possible.  If the time comes when you have to go to senior- or assisted-living, you want it to be on your terms, and to a place you feel almost as safe and comforting as your own home.

Health and Wealth

In a previous blog post, we explored how much healthcare might cost a 65-year old couple throughout retirement.  Many people will not be able to afford the health and wellness they desire.  But a well-structured financial plan could significantly improve your chances of success by establishing the relationship between wealth and health for you and then setting realistic goals that can be achieved as you experience the journey of life.

How We Can Help

At Connections Financial Advisors, we want to help you develop your relationship between wealth and health.  As your friendly financial guide and ally, we’re grounded in our belief that empowering you to reach your life goals is the highest good we, as advisors, can do in our professional lives.  To schedule a free, no-obligation initial conversation, give us a call at (217) 605-8130 or send an e-mail to ask@connectionsfinancialadvisors.com.

Follow us on social media for more tips on financial planning.

               

Recent Posts

A Hopeful New Year Message

By Joe Globensky, RFC®“2020, we’re so glad you’re done, so we can all have an enjoyable 2021.” See what I did there? Now that my new year poetry resolution has been accomplished, let’s move on.REFLECTIONI wanted to spend some time over New Year’s weekend...

How to Help Your Children Make Better Financial Decisions

By K. Bridget Schneider, CFP®, CRPC®Recently I wrote about helpful ways to raise money savvy kids.  Since some of you with older kids have asked, I am sharing my thoughts on how to help your children make better financial decisions. A Different...

Four Types of Long-Term Care Insurance

By Joe Globensky, RFC®Americans are living longer, and while that’s good news, it also increases the chances that you’ll need long-term care (LTC) at some point in your life. That’s why planning for long-term care isn’t so much a question of “will you?”...

Considering Options for Covering Long-Term Care Costs

By K. Bridget Schneider, CFP®, CRPC®Have you ever considered your options for covering long-term care costs?  As a Certified Financial Planner™, I’ve had conversations with many clients to discuss how they might pay for this care if needed.  Even though...

3 Ways Charitable Giving Can Help Save Taxes

By Joe Globensky, RFC® With two months remaining in 2020, there is still time to take advantage of several changes to charitable giving rules. While many of you likely contribute to charitable causes with or without the tax incentives, here are three ways...

Contact

Office: 217.605.8130
Toll-Free: 844.305.7670
Fax: 217.666.4188

604 N Union St Ste 1
Lincoln, IL 62656

Email Us

eNews

Sign up to receive the latest news, tips, outlooks and more: