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Americans are living longer than in previous years, but they are also spending more of those years in poor health. This shift has financial implications, according to medical and financial experts. The average life span in the U.S. has increased to 77.5 from 70 years old since 1960, but the number of years spent in good health, known as the health span, has decreased.
Today, older adults are experiencing about 10 years of chronic ailments, such as diabetes, cancer, and cardiovascular disease, which is double the duration compared to the 1960s. This discrepancy between life span and health span is attributed to advancements in medical treatments that prolong the lives of sick individuals without necessarily improving their health. Obesity, a significant factor in chronic diseases, now affects 42% of U.S. adults.
The financial impact of declining health spans is significant. About 90% of the nation’s annual healthcare costs go towards treating chronic diseases and mental health conditions. Individuals with chronic ailments often face escalating medical expenses, with the average 65-year-old retiree expected to spend around $165,000 on healthcare in retirement. Early retirements due to poor health and out-of-pocket treatment costs further strain household finances.
Health directly influences wealth, especially as individuals age. Claiming Social Security earlier than planned due to health issues can result in reduced benefits. While healthy individuals may incur higher expenses in the long run, particularly for long-term care, they also have the opportunity to enjoy more active and fulfilling years.
Investing in one’s health is crucial, especially in middle age when susceptibility to chronic diseases increases. Prioritizing spending on healthy food, fitness activities, and other wellness practices can yield long-term benefits. By making simple dietary adjustments and engaging in regular exercise, individuals can significantly improve their overall health and potentially prevent chronic ailments. Making these changes early on can have a positive impact on longevity and quality of life.
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Emily Jensen, graduated from the London School of Economics and Political Science (LSE) in the UK in 2015 with a degree in Economics. She specializes in financial markets and international trade. After graduating, she worked as an analyst at an investment bank in London, where she developed expertise in global economic trends. She later transitioned into consulting, focusing on fintech ventures and providing insights into global economic developments. Emily is passionate about the intersection of finance and technology and aims to drive innovation in the financial sector.
