subject: Don't Exercise--retirement May Be Shorter But Still Costly [print this page] Jonathan Clements writes the really well-liked "Getting Going" column for the WSJ that covers all sorts of personal finance problems including retirement, financial planning, saving, investments, and spending patterns among many others. It's a basic "how to" column on managing your finances. He is a most practical and sensible writer and widely read. He doesn't venture into the health and fitness world that frequently but when he does he brings his normal no rubbish method to the difficulties and is direct and blunt about the realities of exactly how your lifestyle, fitness level and wellness will have an impact on your finances in retirement. Basically, he's saying that those who exercise and maintain excellent health are going to get a lengthier retirement and will need to plan their retirement savings accordingly.
Nevertheless, those that don't practice great wellness routines might not live as lengthy but their retirement might be just as costly simply because of their additional health and lengthy term care expenses.
Money quote: "Yes, if your family history and your own health suggest you'll live to a ripe old age, you ought to save enough to carry yourself through 25 or 30 years of retirement, and maybe a lot more. But if you are overweight, never exercise or smoke a pack a day, you could still require a fair amount saved for retirement. True, your retirement may be relatively short.
But it could prove mighty expensive. There's an increased risk you will suffer a debilitating illness or struggle with your mobility, and thus you might get hit with long-term-care costs -- possibly the biggest expense that retirees face.
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