How To Save Money While Aging Well
Your senior years should not be plagued with money woes. The stress that money problems bring not only ruins your aging experience but can also be disastrous to your health. Rising health care costs and your increased need for health care can add up to big bills that can further tax your health. To age well, you must use sound financial judgment as well as make healthy choices for your body and mind. The goal is to remain as healthy as you can for as long as you can and have a healthy bank account to support those goals. Beyond the obvious, such as choosing the right insurance plan and saving money for retirement, there are other strategies you can implement to further a successful and happy retirement.
Chronic stress is known to worsen health problems and can also accelerate the aging process. Though everyone experiences and handles stress differently, it is important to identify the specific stresses in your life and hone in on its source to be able to address it adequately. Relationship stress, family stress, and work stress can be treated through meditation and gentle yoga. The more you practice, the more significant the mental and physical benefits you experience.
In the case of financial stress, meditation will not save you. You need a concrete plan to approach your problem. Develop a budget that will address which debts you need to pay off first and stick to the program. Learn to avoid excessive spending that puts you in a debt cycle. Once you are as debt free as reasonably possible, learn ways to increase your savings.
An easy way to lower your expenditures and increase your savings is to view the world as your gym. Thirty minutes of brisk walking five days a week in your neighborhood is excellent for your body and your mind. Bring your cell phone, but only use it in the event of an emergency. Take in the outdoors around you and let your mind be free. You can be active doing leg extensions or squats in your own home. You can do several ballet plies while cooking a meal and toe raises while brushing your teeth. Before you get out of bed in the morning move your pillow out of the way and stretch out your spine; arms overhead and extending through your toes. The idea is to connect your daily routine activities to a specific exercise and do it every time you enter into that everyday behavior. If you have physical limitations, talk to your doctor before implementing at home exercises or neighborhood walks.
Learn to limit the portions of food you eat. We are a nation of overeaters. In many countries around the world, it is unheard of to have a "to go" box from a lunch or dinner that is too big for consumption in one sitting. The Dietary Guidelines for Americans 2015-2020 recommend active men over 65 need 2,600 calories daily, while sedentary men require just 2,000; for women it’s 2,000 if active, and 1,600 daily calories if sedentary. Pass on the heaping helping and pass on a second helping. By limiting the amount of food you eat, you can maintain a more healthy weight, which in turn can improve your health and longevity, as well as save money.
If you have room in your yard, start a vegetable garden, plant some fruit trees, and involve your friends to share in the workload and the resulting produce. If you don't have a yard, join a community garden. Growing your food is an excellent way to increase the number of fruits and vegetables you eat and has the added benefits of making you physically active and socially engaged. By making a garden a group effort, you can prevent isolation which for many older adults is a risk factor for everything from depression to hypertension. If you have problems kneeling or being down on the ground, try using raised garden beds or even try gutter gardening. Gutter gardens are a simple way to grow vegetables that have minimal roots in gutters that are affixed to an outside wall at a height that is comfortable for you. Gutter gardens also remove the problem of bugs in the soil. A fruit and vegetable garden will lower your grocery bill and shift your eating habits to a more healthful plant-based diet. Learn how to can or freeze your produce if you have a short growing season where you live.
Make a small investment to solve a significant problem. A grab bar in the shower or lowering the height of your bed can help you prevent a range of serious injuries from a fall. Fractures and head traumas often result in a rapid health decline and even death. Improve your balance with gentle tai chi exercises. Be sure you have adequate lighting in your home. Fix uneven floorboards and get rid of throw rugs. By being mindful of how you move through your home you can avoid an unnecessary fall which will save you money by avoiding medical treatment and might even save your life.
Kick bad habits and start with smoking. Just because you have not already developed lung cancer after decades of smoking does not mean you won’t, nor will it help prevent other lung problems like emphysema or chronic obstructive pulmonary disease (COPD). Replace a bad habit with a good one as proposed above. If you drink alcohol on a daily basis or sometimes to excess, consider cutting back or quitting altogether. Alcohol contributes to unsteadiness on your feet and can precipitate you to fall. Do not take more than the prescribed dosage of painkillers or anti-anxiety medications and never mix them with alcohol. It is easy to become addicted to these drugs as you age because often they are used in the treatment of chronic conditions. You can build a tolerance to them and need progressively stronger doses. Try to find alternative ways to address your pain or anxiety. Cut back on sugar and fatty foods.
If your day is not structured, create a schedule. Try to eat at regular times as well as have a predictable bedtime and wake up call. Your body will appreciate the regularity of life. Kicking bad habits to the curb can help you enjoy your retirement years with greater energy and health as well as save you a lot of money on bad habits that are expensive. Don’t tax your wallet and your well being.
There are many techniques for aging well and preserving your bank account. Some methods are simple while others require guidance by trusted counsel. Reduce the financial stresses of your retirement and contact our office today and schedule an appointment to discuss how we can help you with your planning. And if you are outside our service area, please contact an experienced Elder Law Attorney (preferably one that is Board Certified in Elder Law) to assist you.
Jason A. Penrod is only the 20th attorney to be Board Certified as an Elder Law Expert by the Florida Bar and the National Elder Law Foundation. He is the founder of Family Elder Law (www.familyelderlaw.com) which has offices in Lakeland, Lake Wales, and Sebring, Florida.