As a mental health worker, I often encourage my patients to regularly meet with their primary care doctors to rule out any underlying medical conditions. It's amazing how easily our moods are impacted by issues such as chronic pain, diabetes, hormone issues, and so much more.
From a financial standpoint, keeping your health in good shape may help to reduce medical expenses during retirement. According to this 2022 CNBC article, the average retired couple can expect to spend $315,000 for their healthcare and medical expenses. This number will likely increase given other factors like rising healthcare costs. And if you plan to retire, say, twenty years earlier or at around age 45, your F.I.R.E. number should account for healthcare coverage.
Prioritizing your health is a critical component in your path to F.I.R.E. Investing in your health is a great idea for so many reasons:
More energy for work, which may translate into higher performance-based raises and/or productivity for side gigs.
Good health will help you to enjoy life while working AND life during retirement.
Long-term, your savings may be protected from costly medical expenses.
Good health can support a good mood. Personally, I find it much easier to be creative and to write when my health conditions are managed.
Depending on current health conditions, easing chronic pain issues can health to boost overall quality of life.
Consistently doing tough tasks (such as working out or getting vaccinated) may help to strengthen your discipline "muscle".
Regular engagement with your healthcare providers will help you to plan for bigger things, such as injuries, illnesses, and age-related conditions.
Where do I start?
Similar to first starting the path to F.I.R.E., start small. Do a little research. Examine what is within your ability and means. I'd also encourage you to consider larger goals that you can aim for over time. This month's goal of running a mile could turn into running a half marathon later this year.
To give you a starting point, I've compiled a checklist of health habits to support your path towards F.I.R.E. and/or overall good health. Feel free to plug some of these in to your calendar. Build up some consistency. Here's to hoping that you'll have a long and healthy retirement!
Do you have any recommendations to support a healthy path towards F.I.R.E. and/or ensure a good long retirement? Feel free to share your thoughts!