Today, more people than ever are living to be 100 years or older. With longer lives come new, sometimes unfamiliar responsibilities that can affect people's ability to take care of both themselves and the ones they love - particularly when it comes to finances.
In a national survey of more than 500 Americans age 50 to 65, Liberty Life Assurance Company of Boston found that although baby boomers have a positive view of their current financial health, with 68 percent rating it as good or excellent, many are behind where they need to be in saving for retirement. In fact, half of the 50 to 54 year olds surveyed had saved less than $100,000 for retirement and only 17 percent of the full-time employees surveyed have an occupational pension. Further, many baby boomers (30 percent) said that they were at least somewhat confident that Social Security will provide them with most of the money they need for retirement - a surprising statistic given the outlook for the Social Security program.
Uncertainty about your financial future can be stressful and even ultimately impact your physical health and well-being. The good news is there are simple steps you can take to help manage your financial stress and live a longer, healthier life.
1. Cook at home more often. A homemade meal is not only a healthier alternative to eating out but will save you money. Preparing healthy meals full of whole foods and fresh ingredients may sound expensive but in reality buying the ingredients for a recipe is often cheaper than the
2. Exercise regularly. Physical activity is not only known to improve your mood and act as a stress reliever but it is also great for your overall health and well-being. Best of all it doesn't have to cost you a dime! There are countless exercise routines that can be done from home or outdoors without membership dues or gym fees.
3. Partner with your doctor. Financial stress should not be an excuse to neglect your health. Work with your doctor to create a personalized health prevention plan. Through Medicare, you are entitled to a yearly wellness visit with your doctor at no cost (no deductible and no co-pay). Use this visit to map out needed preventative screenings and outline steps you can take to stay well.