Plan for a Healthy Retirement

Read More

Plan for a Healthy Retirement

One of the consequences of an aging population is that there will be increased pressure on an already overloaded public health system. Advances in technology will add to the pressure as new but often more costly procedures become available. Health care costs are 10 times higher in old age than in mid-life. By 2050, 1 in 4 people will be aged over 65, compared to 1 in 8 now. Not only will the total spend on health increase dramatically but there will be fewer taxpayers to fund it!

Possible outcomes over the next twenty years could include:

  • Longer hospital waiting lists
  • Reduced Government spending on other important areas such as education and social welfare to help fund health care
  • Access to medical treatment based on ability to pay
  • Increased reliance on private health care
  • Unaffordable health insurance premiums

Research shows that good health is one of the main determinants of happiness. Planning for a happy retirement means planning for a healthy retirement. Strategies you can use to plan for good health include:

  • Maintaining healthy practices throughout your life with regard to fitness, diet and health checks
  • Staying active and working beyond the age of 65 (good for your finances as well as your health!)
  • Setting aside a separate fund of money to be used either to cover the costs of private health care or to pay the premiums for health insurance
  • Reducing the cost of health insurance by increasing your excess and setting aside funds to cover the excess.

There is no question that paying for health care is a major retirement issue now and it will become critical. As medical technology advances, you will want nothing but the best available treatment. Make sure you can afford it by planning ahead.

Related Articles

Economy
Liz Koh

Budget Winners and Losers

The latest Government budget had something for everyone but while most households will be a few dollars a week better off, there are some clear winners and losers. In the winners’ corner are businesses, those on high incomes, and savers. The biggest losers are property investors who have built large portfolios financed partly by tax rebates.

Read More »

Top Up or Miss Out

The end of June is an important date for KiwiSaver members. The financial year for KiwiSaver runs from 1 July 2009 to 30 June 2010 and if you have contributed at least $1,040 to KiwiSaver during that time, you will be eligible for the full amount of Government tax credit to be paid into your KiwiSaver account in July.

Read More »

Responsible Investing

There is a worldwide trend for investors to want to make a positive contribution to the world by investing in companies that are socially and environmentally responsible. If you are passionate about the effects of climate change, the scarcity of food and water, and social or environmental policies in general, then you will no doubt wish to ensure that the companies in which you invest are going about their business in a manner that is consistent with your views.

Read More »

Helping You Live your retirement To the Max

Keep in touch

Fill in your details and we’ll get back to you in no time.