Suze Orman: Your ‘Ultimate Retirement’ Depends On This Key Factor
Written by
Katie Wudel
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When we think about retirement planning, financial stability and investments are often the focal points. However, Suze Orman says it’s important to remember another important piece of retirement planning.
According to Orman, the key to a successful retirement is not only your financial health but also your physical health. This holistic approach to retirement planning integrates health as an essential component, ensuring a fulfilling and secure retirement.
The Connection Between Health and Wealth
Orman agrees that health is wealth. A 2023 study conducted by the Employee Benefit Research Institute found roughly 38% of retirees reported experiencing higher medical expenses than they initially anticipated upon entering retirement. If you have a chronic illness, you’ll likely pay more for care than a retiree without a serious health condition.
“A healthier, more fit us tilts the odds that we may be able to extend our health span,” said Orman in her blog. “Every month or year we get without being slowed down by physical challenges or disease puts the ‘ultimate’ in retirement.”
Investing in Health: A Long-term Wealth Strategy
Orman advocates for viewing health as an investment. She urges individuals to prioritize their health through regular exercise, a balanced diet, and regular medical check-ups. Orman’s approach is not merely about extending lifespan but enhancing the quality of life during retirement.
By investing in your health, you are indirectly investing in your financial future, mitigating unforeseen healthcare costs, and maintaining the ability to enjoy the fruits of your life’s work.
The Mental Aspect: Preparing for a Fulfilling Retirement
Orman also stresses the importance of mental health and its impact on retirement. Mental well-being is vital for making sound financial decisions and enjoying life post-retirement. Activities like meditation, socializing, and pursuing hobbies contribute to a positive mental state, reducing the risk of depression and anxiety, which can be costly both financially and emotionally.
“It’s not just our bodies, but our hearts and minds that need our self-care,” said Orman. “I want you to create a schedule where each day you can find two hours to do whatever makes your heart sing. It doesn’t need to be one solid two-hour stretch. You can break it into small increments of happy tasks that add up to two hours a day.”
A Balanced Approach to Retirement
Orman’s perspective on retirement planning goes beyond the numbers in your bank account. It’s about cultivating a lifestyle that values health as much as wealth. By taking care of your physical and mental health, you’re setting the stage for a retirement that’s not only financially secure but also rich in experiences and personal well-being.
Editor's note: This article was produced via automated technology and then fine-tuned and verified for accuracy by a member of GOBankingRates' editorial team.
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