Is Retirement Hazardous To Your Client’s Health? – InsuranceNewsNet

InsuranceNewsNet — Your Industry. One Source.™

Sign in
  • Subscribe
  • About
  • Advertise
  • Contact
Home Now reading Newswires
Topics
    • Life Insurance
    • Annuity News
    • Health/Employee Benefits
    • Property and Casualty
    • Advisor News
    • Washington Wire
    • Regulation News
    • Sponsored Content
    • Webinars
    • Monthly Focus
  • INN Exclusives
  • NewsWires
  • Magazine
  • Free Newsletters
Sign in or register to be an INNsider.
  • INN Exclusives
  • NewsWires
  • Magazine
  • Free Newsletters
  • Insider
  • About
  • Advertise
  • Editorial Staff
  • Contact
  • Newsletters

Get Social

  • Facebook
  • Twitter
  • LinkedIn
Advisor News
Newswires RSS Get our newsletter
Order Prints
August 25, 2021 Newswires No comments
Share
Share
Tweet
Email

Is Retirement Hazardous To Your Client’s Health?

Press of Atlantic City (NJ)

Most people I know look forward to retirement someday. They dream about travel, dining out, spending more time with family, etc. These are the things that people plan and save for. This vision of retirement is what we see in commercials, on websites (mine included) and elsewhere.

There is however, a different side to retirement, and it is one that future retirees don't plan for. Retirement can quite literally be hazardous to your health! The statistics* are staggering. Retirees have

• 40% higher rates of clinical depression

• Watch an average of 4.5 hours of TV per day

• A 56% increased likelihood of stroke.

• 85% increase in alcohol or drug use

• Men over age 65 have the highest suicide rate

• Decrease in physical activity

• 40% of women over age 70 live alone

• 80% of men die married vs. 80% of women die single

• Experience a sudden and immediate decline in their social life.

Most of these negative effects are directly attributable to a loss of identity due to the change in their daily routine. Much of a pre-retiree's social life is often related to their work. Once work stops, many of the social interactions that retirees have stop as well. Ironically, none of these items listed rank as the biggest concerns of retirees which include housing, transportation, and healthcare.

I hope I didn't scare you away from the idea of retirement! Not all of the data is bad. First, it's important to note that there are plenty of studies that suggest retirement actually improves your health. While this is encouraging, the reality is that retirement can be either positive or negative depending on the individual and moreover, how that individual plans out their retirement!

So how do we plan for the non-financial part of retirement? First, we want to look at how you are going to spend your day. You need to replace your old routine (work) with an equally thought-out new routine in retirement. Without a planned routine, you will likely just fall into a random recurring daily pattern and that pattern may very well not be good for your health.

Start by asking yourself a series of questions to discover what you might want to do in retirement. What about what you are passionate about? What skills do you possess that you might want to pass on to others? Mentoring others has been shown to reduce mortality (here is my unsolicited plug for Big Brothers Big Sisters).

Moreover, passing on your lifetime of acquired knowledge or wisdom gives purpose to your life, something that retirees often fear a loss of. What observations have you made watching other retirees? Who among those retirees would you most want to emulate in retirement? There is a terrific website, Encore.org, that helps connect retirees with younger folks to help them in a variety of ways including business, social, etc.

Having a sense of purpose is among the most important factors for an enjoyable retirement. It's no surprise since a sense of identity or purpose is among the top reasons why people don't retire.

Planning out your unique vision for your retirement is the best way to ensure you will feel like the people you see in the retirement ads, even if we may not always look like them. The final reason that it is so important to have a plan for your time in retirement is that it is impossible to plan what your expenses will be in retirement until you know how you will spend your time.

*FA Magazine.

T. Eric Reich, CIMA, CFP, CLU, ChFC is president and founder of Reich Asset Management and can be reached at 609-486-5073 or [email protected].

Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. Reich Asset Management, LLC is not affiliated with Kestra IS or Kestra AS. The opinions expressed in this commentary are those of the author and may not necessarily reflect those held by Kestra Investment Services, LLC or Kestra Advisory Services, LLC. This is for general information only and is not intended to provide specific investment advice or recommendations for any individual. It is suggested that you consult your financial professional, attorney, or tax advisor with regard to your individual situation. To view form CRS visit https://bit.ly/KF-Disclosures.

Older

Democratic Party of Ga.: Build Back Better Agenda Will Reduce Health Care Costs, Uninsured Rates in Georgia

Newer

National Flood Insurance Program: Conforming Changes To Reflect the Biggert-Waters Flood Insurance Reform Act of 2012 (BW-12) and the Homeowners Flood Insurance Affordability Act of 2014 (HFIAA), and Additional Clarifications for Plain Language; Correction

Advisor News

  • What Rising Prices Could Mean For Your Clients’ Retirement Plans
  • 38% Of Investors Pulled Money From Stock Market In The Past Year
  • Financial Focus: Retirement Money Management
  • Americans Spread Their Money Across More Firms, Survey Finds
  • Now Is A Good Time To Buy This Inflation Savings Bond
More Advisor News

Annuity News

  • LibertyMark Freedom Fixed Indexed Annuities Launch
  • Nationwide Adds BNP Paribas Global H-Factor Index To FIA
  • Transamerica Launches Structured Index Advantage Annuity
  • Recommending FIAs: Start With The Client’s Objective
  • NC Man Wins First $5 Million Prize In Scratch-Off Game
Sponsor
More Annuity News

Health/Employee Benefits News

  • AHIP’s Policy Roadmap Aimed At Increasing Health Care Access, Affordability
  • Don’t Fall For Joe Namath’s Ads
  • Health Insurance Can Now Help Some Californians Find Housing
  • $2.7B Settlement In CalPERS Long-Term Care Insurance Lawsuit Is Canceled
  • Virginia Poised To Review Eligibility Of 2 Million In Medicaid ‘Safe Haven’
More Health/Employee Benefits News

Life Insurance

  • The 5 Secrets To Retaining Financial Sales Professionals
  • Life Insurance Activity Continues Dip In April But Still Stronger Than 2021, MIB Reports
  • Transamerica Adds Execs To Annuity And Life Insurance Team
  • Northwestern Mutual Invests $5M In Black-Led Financial Institutions
  • Protective Life Closes On AUL Acquisition
More Life Insurance

- Presented By -

How to Write For InsuranceNewsNet

Find out how you can submit content for publishing on our website.
View Guidelines

FEATURED OFFERS

Get Linked INN to your industry Connect with INN on LinkedIn to be first on all the news and insights that matter to your industry.

Press ReleasesAll press releases

  • OneAmerica Commits $1 Million Toward Financial Literacy
  • Transamerica Structured Index Advantage Annuity Offers Investors More Certainty with Upside Growth and Downside Protection
  • Senior Market Sales Creates First-of-Its-Kind Lead Acquisition Platform
  • Growing financial services firm Kuvare opens Des Moines office in East Village, continuing expansion in Iowa
  • BetterLife Selects iPipeline® to Digitally Transform Its Business & Better Serve Future Generations
Add your Press Release >

Topics

  • Life Insurance
  • Annuity News
  • Health/Employee Benefits
  • Property and Casualty
  • Advisor News
  • Washington Wire
  • Regulation News
  • Sponsored Content
  • Webinars
  • Monthly Focus

Top Sections

  • Life Insurance
  • Annuity News
  • Health/Employee Benefits News
  • Property and Casualty News
  • AdvisorNews
  • Washington Wire
  • Insurance Webinars

Our Company

  • About
  • Editorial Staff
  • Magazine
  • Write for INN
  • Advertise
  • Contact

Sign up for our FREE e-Newsletter!

Get breaking news, exclusive stories, and money- making insights straight into your inbox.

select Newsletter Options
Facebook Linkedin Twitter
© 2022 InsuranceNewsNet.com, Inc. All rights reserved.
  • Terms & Conditions
  • Privacy Policy
  • Sitemap
  • AdvisorNews

Sign in with your INNsider Account

Not registered? Become an INNsider.