Wealth vs. Health

Jakob Legal - Elder Law

I came across this great article in Forbes’ Wells Fargo Voice from last month written by Alice Lesch Kelly that I want to share: Wealth Vs. Health: Take A Balanced Approach: (Go to: Forbes for original post, mostly reproduced here). We all need balance in our lives and this article provides some great strategies for health and wealth success.

“Don’t let your focus on building and preserving wealth negatively impact your family relationships and personal health.”

Kelly writes: “If you’re in your prime earning years, your focus is likely on building the wealth you will need to live well in retirement. Americans are living longer and health care costs are rising. Investing enough money to provide sufficient income to sustain your current lifestyle can help pave the way for a more secure retirement. But too much focus on meeting future income needs can be stressful particularly when you are in your 30s, 40s and 50s and may be facing many family commitments. How do you find a balance?…”

“For most people, prime working years are also prime family years — the time when children are growing up and older family members may begin to need medical care. Having a single-minded focus on wealth-building at the expense of family priorities can cause major stress, which can even impact your health. More than just an annoyance, chronic stress raises the risk of heart disease, high blood pressure, diabetes, depression, anxiety disorder, and other illnesses.

1) Don’t Wait

If you don’t think that you will be able to meet your income needs in retirement, don’t waste time beating yourself up about it. Meet with your financial team now to take immediate action. You may want to consider whether you are accumulating wealth in the most tax-efficient accounts and also revisit your regular expenditures. Having a clear plan in place can help you increase opportunities available to you when you retire.

2) Rethink retirement income

When interest rates are high, many retired investors look to bond portfolios for income. But with sustained low interest rates, those accumulating wealth for retirement as well as those already in retirement may need to consider other avenues to generate their income.

Because people are living longer in retirement, you may want to keep exposure to equities and other growth investments even as you get closer to retirement.

3) Involve Your Family

When your children are young, it can help to explain why it’s so important for you to save for the future and that sometimes short-term sacrifices are necessary to make that happen. Understanding the family’s financial realities may help lower everyone’s stress levels when you occasionally have to make the choice to skip a Little League game or gymnastics meet in order to put in some extra hours at work.

4) Take care of your health

Neglecting self-care not only interferes with your quality of life but can also make your post-retirement health care costs skyrocket. Protect your health and your nest egg by eating a healthy diet, exercising most days of the week, maintaining a healthy weight, getting regular health checkups, and staying up to date on vaccinations. These things do take time and effort, but they can have big payoffs later in life.

5) Think beyond dollars

Investing cash during your prime earning years is important, of course. But it’s also essential to plan in a more holistic way as well. “Make investments in the future — not just monetary ones, but also in relationships, health, career, and education,” Lachman says. “They all can pay big dividends in the long run.”

All great pieces of advice. We need to remember to take care of ourselves first so we can look forward to a healthy and happy future. – Contact me!

Share:

Share on facebook
Share on twitter
Share on linkedin

More Posts

Jakob Legal - Elder Law

New Law to Protect the Elderly!

This bill would protect seniors and disabled individuals in many ways:

It prohibits a person who commits a number of offenses on an elderly or disabled person in any state or jurisdiction from serving as a personal representative or inheriting from the victim’s estate, trust, or other beneficiary assets.

The Law will also expand the definition of exploitation of an elderly or disabled person to include breach of fiduciary duty resulting in a kickback or receipt of an improper benefit.

Davie Alzheimer's Lawyer

Alzheimers

“Among the challenges are moments of joy.” Some of the terrific information contained in the site includes “life with Dementia”, Taking Action, Clinical Trials, Caregiver information, etc….

Alzheimers.gov is managed by the National Institute on Aging (NIA) at the National Institutes of Health (NIH)

Scams and Schemes

Protect Yourself from Fraud

Whether it’s guilting you into investing, instilling fear in you, or giving you the impression that they are professionals, con artists know exactly how to persuade you. Don’t rush yourself and don’t allow others to rush you. Take your time when making investment decisions, remain skeptical of unsolicited offers or offers that seem like they are too good to be true, and be sure that your money is always accessible.

Couple with Power of Attorney in cloudy countryside

Understanding the Four C’s of Elder Law Ethics

There are several reasons why lawyers need to meet with your family member or friend alone for at least a part of the case evaluation process, so please don’t be alarmed or offended if you are asked to leave the room.

Please Contact Me

Skip to content