Your Health = Your Wealth

 

For sheer bot­tom-line impact, noth­ing beats tak­ing care of your “health cap­i­tal.”

That’s what Olivia Mitchell said in a 2007 Mon­ey mag­a­zine inter­view.  Mitchell was the head of the Pen­sion Research Cen­ter at the Whar­ton School of Busi­ness.  If retirees (or soon to be retirees) are con­cerned with their finan­cial future, she warns, they should invest in their health in retire­ment.

Accord­ing to her fig­ures, a 65-year-old cou­ple could need sav­ings of $295,000 just to cov­er insur­ance pre­mi­ums and out-of-pock­et med­ical costs over an aver­age life span.  It’s even smarter to lead your life so that you need less health care in the first place.

Poor health also car­ries huge oppor­tu­ni­ty costs.  After all, you can’t save if you can’t earn, and you can’t earn with­out your health.  The medi­an cou­ple in their fifties and six­ties who devel­op chron­ic health prob­lems ends up increas­ing wealth at less than half the rate of their healthy coun­ter­parts.

Want to dou­ble your invest­ment port­fo­lio?  Exer­cise, cut out fats and don’t smoke.

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About Aaron Bynen

Aaron is a health conscious individual living in the Pacific Northwest.

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