11/04/2024
You already know that to set yourself up for a more fulfilling and happier retirement, being in good financial shape is very important. However, as more people live longer, additional emphasis is being placed on taking care of your health too. That’s because, during your retirement years, health care will be one of your biggest expenses. Being as healthy as possible for as long as possible can not only allow you to enjoy life on your terms, but it can also help stretch your retirement savings.
MassMutual Study Results
A 2024 study by MassMutual polled 2,000 American “retirees” (defined as 15 years or fewer into retirement) and “pre-retirees” (15 years or fewer before retirement) found that to achieve happiness in retirement, it’s crucial to work on your financial and physical health before you retire. Taking care of both allows you to be more active, pursue hobbies and spend more time with loved ones.
If you’re looking forward to retirement or have recently retired, here are some other important facts this report uncovered.
Planning for retirement
- At least five years prior to retirement, retirees most often said they were preparing by contributing money to a retirement account (64%), increasing their savings (60%) and paying off debt (53%).
- Fewer retirees made efforts to take care of their health (39%) or reach out to old friends or make new friends (7%) in the years leading up to their retirement.
- The most common regrets retirees reported was not increasing savings (15%), not taking care of their health (13%) and not reducing expenses (12%).
Preparing for a happier retirement
- Nearly half (49%) of retirees who are much happier in retirement planned for it by taking care of their health (e.g., exercising, eating healthy) compared to 32% of retirees who are not happier in retirement.
- When thinking about retirement, pre-retirees are most anxious about finances. However, once in retirement, retirees worry most about health issues.
Retirement anxiety driven by concerns about health and finances
- Financial uncertainty (44%), not having enough money to support myself/my family (43%) and health issues (42%) are top sources of anxiety for pre-retiree
- Retirees are most anxious about health issues (34%), financial uncertainty (26%) and feeling old (22%).
- Retirees are more likely to feel they have experienced more illness/disability than expected the longer they’re retired (18% retired within the last 5 years vs. 30% retired 11-15 years ago).
How Much Care Will I Need as I Age?
According to the Department of Health and Human Services, almost 70% of seniors will need long-term care at some point for an average of three years.
Happier Retirements Start at The Forum at Rancho San Antonio
As a Life Plan Community, you can enjoy a vibrant, active senior living lifestyle at The Forum now, with convenient access to higher levels of quality, on-campus care – including assisted living, memory care, skilled nursing and rehabilitation – should you ever need it. To learn more, schedule a tour by contacting us here. We’d love to show you our gorgeous homes, resort-style amenities and a calendar full of social activities.
