Merakyat.org – Many individuals often associate financial advisors solely with money discussions. However, an equally crucial aspect to consider when planning for retirement is one’s health. After all, what’s the point of having a substantial retirement fund if you’re not healthy enough to enjoy it? Here are four critical financial mistakes that could potentially derail your dream retirement:
1. Ignoring Your Health Span
While most of us are conditioned to think about our lifespan, it’s essential to also consider our health span. This refers to the duration we can live while maintaining good health. Making healthier choices today, such as consuming more natural foods, can significantly impact our health in the future.
2. Running Out Of Money In Retirement
One of the most significant concerns for retirees is the fear of running out of money. To avoid this, those still in the workforce should consider increasing their contributions to retirement accounts. For those already retired, it’s vital to have a spending plan that ensures your funds last as long as you do.
3. Underestimating Longevity
While some might think they won’t live past the average life expectancy, it’s essential to remember that with each passing year, our life expectancy increases. For instance, a 65-year-old male today can expect to live up to 83, while for females, it’s 86.
4. Retire From Work, Not To Something Else
Many people identify strongly with their careers. However, upon retirement, it’s crucial to find activities or passions to pursue. Whether it’s a hobby, traveling, or even a second career, finding purpose can not only bring joy but also potentially extend one’s life.
At the end, living a healthier lifestyle can be both a blessing and a challenge. While it might mean a longer life, it also means ensuring your retirement funds last. Making healthier choices today can enhance your health span, making retirement more enjoyable. It’s also advisable to consult with a fee-only fiduciary financial planner to ensure you have a sustainable retirement plan.