*** Pasta With Santa ., Dec. 11th 5:30 to 7:30 pm, Pinecrest Golf Course ***
Delayed Trash Pickup For Thursday and Friday Residents - Thanksgiving
The HBA's Annual Holiday Stroll, next Saturday, November 25 from 11;00a-6:00p
HDAAC Parent Support Group-Tues 11/21/17, 7:30- Christ The King Lutheran Church
** Breakfast With Santa, Sunday Dec. 3rd **
*** HBA Holiday Stroll Saturday Nov. 25th ***
Holliston High School Presents GREASE - see below

The Health-Wealth Connection

by Jay Marsden
June 21, 2017

Solares Hill Advisors

Jay Marsden
847 Washington Street
Holliston, MA 01746
617-306-1572
jmarsden@solareshilladvisors.com
www.solareshilladvisors.com

It's a vicious cycle: Money is one of the greatest causes of stress, prolonged stress can lead to serious health issues, and health issues often result in yet more financial struggles.¹ The clear connection between health and wealth is why it's so important to develop and maintain lifelong plans to manage both.

It's a vicious cycle: Money is one of the greatest causes of stress, prolonged stress can lead to serious health issues, and health issues often result in yet more financial struggles.¹ The clear connection between health and wealth is why it's so important to develop and maintain lifelong plans to manage both.

The big picture

Consider the following statistics:

1. More than 20% of Americans say they have either considered skipping or skipped going to the doctor due to financial worries. (American Psychological Association, 2015)

2. More than half of retirees who retired earlier than planned did so because of their own health issues or to care for a family member. (Employee Benefit Research Institute, 2017)

3. Chronic diseases such as heart disease, type 2 diabetes, obesity, and arthritis are among the most common, costly, and preventable of all health problems. (Centers for Disease Control and Prevention, 2017)

4. Chronic conditions make you more likely to need long-term care, which can cost anywhere from $21 per hour for a home health aide to more than $6,000 a month for a nursing home. (Department of Health and Human Services, 2017)

5. A 65-year-old married couple on Medicare with median prescription drug costs would need about $265,000 to have a 90% chance of covering their medical expenses in retirement. (Employee Benefit Research Institute, 2017)

Develop a plan for long-term health ...

The recommendations for living a healthy lifestyle are fairly straightforward: eat right, exercise regularly, don't smoke or engage in other risky behaviors, limit soda and alcohol consumption, get enough sleep (at least seven hours for most adults), and manage stress. And before embarking on any new health-related endeavor, talk to your doctor, especially if you haven't received a physical exam within the past year. Your doctor will benchmark important information such as your current weight and risk factors for developing chronic disease. Come to the appointment prepared to share your family's medical history, be honest about your daily habits, and set goals with your doctor.

Other specific tips from the Department of Health and Human Services include:

Nutrition: Current nutritional guidelines call for eating a variety of vegetables and whole fruits; whole grains; low-fat dairy; a wide variety of protein sources including lean meats, fish, eggs, legumes, and nuts; and healthy oils. Some medical professionals are hailing the long-term benefits of the so-called "Mediterranean diet." Details for a basic healthy diet and the Mediterranean diet can be found at health.gov/dietaryguidelines.

Exercise: Any physical activity is better than none. Inactive adults can achieve some health benefits from as little as 60 minutes of moderate-intensity aerobic activity per week. However, the ideal target is at least 150 minutes of moderate-intensity or 75 minutes of high-intensity workouts per week. For more information, visit health.gov/paguidelines.

... and long-term wealth

The recommendations for living a financially healthy life aren't quite as straightforward because they depend so much on your individual circumstances. But there are a few basic principles to ponder:

Emergency savings: The amount you need can vary depending on whether you're single or married, self-employed or work for an organization (and if that organization is a risky startup or an established entity). Typical recommendations range from three months' to a year's worth of expenses.

Retirement savings: Personal finance commentator Jean Chatzky advocates striving to save 15% of your income toward retirement, including any employer contributions. If this seems like a lofty goal, bear in mind that as with exercise, any activity is better than none — setting aside even a few dollars per pay period can lead to good financial habits. Consider starting small and then increasing your contributions as your financial circumstances improve.

Insurance: Make sure you have adequate amounts of health and disability income insurance, and life insurance if others depend on your income. You might also consider long-term care coverage.²

Health savings accounts: These tax-advantaged accounts are designed to help those with high-deductible health plans set aside money specifically for medical expenses. If you have access to an HSA at work, consider the potential benefits of using it to help save for health expenses.

***************************************************************************************************************************************************************************************************************

Securities offered through Advisory Group Equity Services, Ltd. Member FINRA/SIPC
Advisory services offered by Trust Advisory Group, Ltd.

444 Washington Street, Suite 407
Woburn, MA 01801
(781) 933-6100
Fax: (781) 933-6101

Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2017.

 

E-mail This Article

Comments (0)

Advertisement

Advertisement

Recent Articles by Jay Marsden:

How can families trim college costs?

Solares Hill Advisors / Marsden Law P.C. Jay Marsden 847 Washington Street Holliston, MA 01746 508-858-5324 jmarsden@solareshilladvisors.com www.solareshilladvisors.com Trimming college costs up front can help families avoid excessive borrowing and the burdensome student loan payments that come with it.

Continue ...

Managing Debt While Saving for Retirement

Solares Hill Advisors / Marsden Law P.C. Jay Marsden 847 Washington Street Holliston, MA 01746 508-858-5324 jmarsden@solareshilladvisors.com www.solareshilladvisors.com The key in managing both debt repayment and retirement savings is to understand a few basic financial concepts.

Continue ...

Examining the Taxpaying Population: Where Do You Fit In?

Solares Hill Advisors / Marsden Law P.C. Jay Marsden 847 Washington Street Holliston, MA 01746 508-858-5324 jmarsden@solareshilladvisors.com www.solareshilladvisors.com Here's a snapshot of how the U.S. population breaks down as taxpayers, according to the Statistics of Income Division of the IRS.

Continue ...

For Women, a Pay Gap Could Lead to a Retirement Gap

Solares Hill Advisors Jay Marsden 847 Washington Street Holliston, MA 01746 617-306-1572 jmarsden@solareshilladvisors.com www.solareshilladvisors.com Women in the workforce generally earn less than men. While the gender pay gap is narrowing, it is still significant. The difference in wages, coupled with other factors, can lead to a shortfall in retirement savings for women.

Continue ...

How do the economic milestones of young adults today compare with prior generations?

If you're the parent of a young adult who is still living at home, you might be wondering whether this situation is commonplace. Solares Hill Advisors Jay Marsden 847 Washington Street Holliston, MA 01746 617-306-1572 jmarsden@solareshilladvisors.com www.solareshilladvisors.com

Continue ...

Advertisement

Recent Articles in Comments:

Police Log for Week of November 12 - 18, 2017

by Paul Saulnier

Sign of the times: siblings now text insults to each other

4

Continue ...

A truly special event: How one concert and 2 MetroWest Residents are changing the lives of children with special needs in Africa

by Christa Preston

Continue ...

The Missing Spine of Charlie Baker

by Bill Blinstrub

3

Continue ...

Pathways to Citizenship – November 4, 2017 at the Holliston Library

by Pam Kyrka

3

Continue ...

Mona Gets the Keys to her New Home

by Paul Saulnier

3

Continue ...

Advertisement