Health and wealth are interconnected, and an imbalance in one can cause problems with the other. Chronic health problems can be very expensive, leading to erosion of wealth, while poor financial decisions can lead to undue stress, which can cause a decline in health.  However, the money decisions made over a thirty or forty-year career can create wealth that will support you for another thirty or forty years of retirement, while health decisions should begin early in life and need to be maintained indefinitely.

Many of our clients come to us in their 40s, 50s, or 60s, seeking guidance on preparing for the distribution phase of their financial lives. The working years are referred to as the accumulation phase when contributions are made to retirement accounts, investment accounts, and investments in business or real estate. The retirement years are the distribution phase when the accumulated assets are relied on to generate the income needed to live the lifestyle desired.

This doesn’t mean that once enough money is saved to support retirement, there is nothing more to be done. Tax rules often change, Social Security benefit decisions have multiple options, investment values fluctuate wildly sometimes, interest rates rise and fall, and emotions can lead to poor decisions.  A qualified Certified Financial Planner™ can develop a long-term plan and be there to adjust it according to market conditions. They can execute strategies to factor in taxes and longevity.

Starting young and being disciplined to save at least 10% of income can contribute to a meaningful retirement. The potential for accumulation of wealth through regular savings is achievable and aligns with the experiences of many clients. Work hard at a career or business, saving a portion of your earnings and investing that money tax-efficiently, and over time, you may have enough saved to support you for many more years. Not everyone has patience and discipline, but the approach to financial success can be straightforward. If you aim to be in the top 10 percent, consider making regular investments a priority.

More and more people are living to 100, and although that is still a small percentage of our population, most people want to live a long and meaningful life while maintaining good health to the end. Research on the topic of longevity shows that beliefs and attitudes about health and longevity can influence your personal outcome. If you live with the mindset that no one in your family lives beyond their 70s, there may be a higher likelihood that you won’t either.

Decisions about health and wealth make an impact on our lives many decades into the future. Life is a constant series of decisions, balancing today with the future. We actively encourage our clients to do things to bring happiness throughout life and not to defer everything to the future. With a Certified Financial Planner™ on your team, your mind can focus on living the best life and reaching for a most meaningful 100 years.