Live your best life for longer
Staying healthy as you age could be the smartest investment.
There may have been a time when people were faced with choosing whether health, happiness or money mattered most to them. But in today’s world, embracing all three can increase the likelihood of enjoying a more enriching and enjoyable experience as you age. Establishing a good balance of physical, mental and financial health is not just a formula for general well-being, it’s an excellent way to increase longevity. And that means it’s wise to plan to maintain these three pillars of health over the long term, working towards a longer health span, as well as a longer life span.
Get (and stay) physical
Among the many advantages of looking after your physical health is preserving your freedom of movement for as long as possible. The human body is made to move – and keeping it in motion helps keep the effects of aging on joints and muscles at bay. Exercise gives us energy and reduces the risk of developing debilitating or chronic conditions, such as arthritis and osteoporosis.
Although the average Canadian life expectancy has reached the highest age ever, people are spending more time (about 9.8 years on average) in ill health.[1] Unsurprisingly, this usually occurs during the later years of a person’s life. A multi-year study found that men and women who added healthy habits to their lifestyle at a younger age lived longer than those who didn’t. In fact, adding just one healthy habit from a simple list of five (proper nutrition, physical activity, weight control, not smoking and moderating alcohol intake) appeared to add about two years to a person’s life span.[2]
Staying active also makes it easier to enjoy hobbies and interests that boost your overall quality of life. Getting out on the trails, water, slopes or pickleball court releases endorphins, those “feel good” hormones that are essential for combatting the stress and anxiety that we all encounter, regardless of age. But it’s especially important as we get older to promote feelings of satisfaction and serenity that help brighten our outlook on the future.
Being prepared for life in retirement includes having life insurance in place. Today, it’s even possible to own insurance that’s good for your health. Incentive-based behavioural insurance encourages people to make healthy decisions and choose activities that can help defend against chronic disease and extend their life expectancy. Special rates (and rewards) for this type of insurance promote healthy habits through an engaging points-earning system, and of course, protect and provide for your loved ones when the time arrives. Recent enhancements are making this type of insurance popular, especially among people of retirement age who see it as an exciting and satisfying way to maintain a healthy lifestyle.
The icing on the cake is the fact that preserving a healthy body helps safeguard your mental health, too.
Nurture your mental wellness
In recent years, our awareness and understanding of the relationship between physical and mental health has increased. Diseases related to cognitive decline, such as Alzheimer’s, Parkinson’s, dementia and severe depression, among others, can threaten longevity in similar ways to physical illness.
Looking after your mental faculties is essential to living a fulfilling, independent life as you age. It’s become commonly known that participating in activities that stimulate and nurture your brain can be instrumental in preserving cognitive function. These include being socially active, as well as individual pursuits such as learning new and challenging skills. Some studies also state the importance of maintaining a sense of happiness and belonging to being your best self.[3] Each positive action contributes not only to your personal health, but to your relationships and everyday fulfillment in later life.
Protect yourself
Many employers offer a benefits package that helps offset the costs of medical, dental and other forms of health care for employees and their families. What some may not consider is that once they retire, that benefits program will no longer be available. Planning for this eventuality is essential since health care costs can be prohibitively expensive for uninsured individuals. Fortunately, affordable and reliable insurance is available, and you can determine the extent of the coverage you want and for how long. Some programs even offer special rates for couples, families and affinity groups.
Contemporary post-career insurance programs offer more than just routine visits to a few health professionals. The convenience of online apps allows people to connect virtually with a wide selection of professionals, making it easier to look after your health regardless of where you live. Having a conversation with your advisor can help make the process of obtaining the right insurance coverage smooth and efficient.
Focus on financial fitness
While good physical and mental health gives you the strength and well-being to pursue your goals, your money provides the means to accomplish them. A healthy financial footing is the key to being comfortable in retirement. Working closely with your advisor can help you achieve what you’ve been preparing for your entire life: the chance to enjoy your golden years with passion and purpose instead of worry and stress. Of course, this will depend on your discipline in saving enough money and having the right investments to last throughout retirement. In a recent survey of Canadians, 70 per cent of respondents said they weren’t saving enough for their retirement and 66 per cent said they have underestimated how much money they will need to retire.[4]
Like regular exercise and social interactions, routine deposits and investment returns during your working life are necessary to build a nest egg that can provide retirement income. Although this can be more difficult during tough economic times, Canadians are taking action to meet the challenge of higher loan payments and costs head-on. Homeowners of all ages are looking for effective solutions and welcoming the guidance of their advisor to help protect their financial future.
In terms of solutions to unpredictable circumstances, some are opting for all-in-one bank accounts, which can help to reduce stress and keep a personal financial plan on track. This type of flexible bank account is designed to accommodate people’s changing needs by combining savings and chequing accounts, a mortgage and a credit line, all in one. There are online resources that provide instant access to details about how flexible banking works and how it can make a healthy difference to your financial situation.
Plan on living longer
Maintaining your overall health goes hand in hand with enjoying a long life, yet those extra years can be hard on savings and living standards. The possibility of outliving your retirement savings is a legitimate concern, even for the most prepared. However, there are ways to avoid worrying about the financial future. Guaranteed income products, such as annuities, can reduce the risk of running low on funds and strengthen a retirement income strategy. Are annuities right for you? Learn more about them in this article.
Take control
The average healthy Canadian can now realistically expect to live well into their 80s, so it makes sense to plan to spend upwards of two decades, or a full quarter of your life, as a retired senior. Setting yourself up for robust physical, mental and financial health will contribute to aging pleasantly through a retirement full of enriching challenges and experiences.
Everyone ages, but not everyone lives out their final years the way they may have envisioned. Thankfully, there’s an abundance of information and resources that can help you take control of your dreams and goals so you can live life, on your terms, for longer than you may have imagined. The first step is to engage your advisor and work on a plan.
This convenient worksheet can help you begin to explore the many facets of retirement planning.
Health span barriers
While participating in a panel discussion entitled “Navigating Longer Life Spans” at the 2024 World Economic Forum in Davos, Switzerland, Manulife CEO Roy Gori spoke about overcoming four barriers he sees as essential to extending personal health spans.
1. Nutrition
A direct link exists between illness and the consumption of ultra-processed foods, which is highly impactful among adults and even higher among children. Committing to a more nutritious diet can limit the detrimental effects of unhealthy food.
2. Stress
Loneliness can have a major influence on health span. In 2022, reports by Statistics Canada estimated between 19 per cent and 24 per cent of Canadians over 65 feel isolated from others and wish they could participate in more social activities.[5] A lack of social connection carries the risk of early death on a similar scale to other major health issues, including alcohol use, obesity, sedentary lifestyle and air pollution.
3. Sleep
Good, consistent sleep habits can increase your life span and health span. Recent research says people who had seven to eight hours of restful sleep each night and few other sleep-related issues were likely to live longer that those who didn’t (4.7 years longer for men and 2.4 years for women).[6] Some studies claim up to one-third of Canadians are not getting enough sleep, and thousands of people suffer from insomnia and other sleep disorders.[7]
4. Health care systems
Health care systems have an overall tendency to focus on treatment, which can contribute to extending a life span but “not necessarily to living in better health.” Seeking professional advice through ongoing relationships with different types of health care providers can help improve individual health and lengthen the average health span.
[1] The number of years individuals can expect to live in good health
[2] Healthy lifestyle: 5 keys to a longer life - Harvard Health
[4] 70% of Canadians Think They Won't Save Enough for Retirement
[6] Getting good sleep could add years to your life - American College of Cardiology
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