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Health and retirement

Health has a very important impact on retirement. How long will we live, and how well will we be?

Why it's important

  1. Annuity rates take your health into account, so in simple terms if you have or have had ill health you may well receive a higher level of income.
  2. Health also impacts on how we retire. As we age we're less likely to be as active, or to spend as much money on discretionary items like holidays. We may also incur additional costs, such as needing help with gardening, maintenance and possibly care.
  3. We're living longer than previous generations. This brings the option to retire differently, and for many people the traditional idea of stopping work completely doesn't work. Instead, people may want to continue to work but have more free time.
  4. Serious ill health may well impact on retirement decisions. Someone with a short life expectancy may not want, or need, a long-term guaranteed income.
Reading time

5 mins

 

What you need
There is preparation or required action

Key themes at a glance

Medical history
Always disclose as much as possible about your health as it could result in a higher level of income for the rest of your life
Think about your spending
You may want to have more discretionary spending in the earlier years of retirement and spend less as you get older
Make your own plan
Retirement can be different for everyone. Think about how you want to retire and build a plan around that
Leaving a legacy
You may want to have the ability to leave a legacy to your family as part of your retirement planning
Flexibility over time
You may want the flexibility to adjust your income based on changing needs over time

“Health is so important, from getting a better annuity rate to choosing the right retirement strategy.”

Josh Gordon BA (Hons) FPFS
Head of Financial Planning

financial adviser in the office

Health concerns

As you approach retirement, it’s essential to be mindful of your health. Here are some common health concerns for individuals approaching retirement and what steps you can take:

  • High blood pressure: monitor your blood pressure regularly. High blood pressure is a significant risk factor for heart disease and stroke. Maintain a healthy lifestyle, including regular exercise and a balanced diet.

  • High cholesterol: get your cholesterol levels checked. Elevated cholesterol can impact heart health. Consider dietary changes, exercise, and medications if needed.

  • Diabetes: the risk increases with age. Stay physically active, manage your weight, and follow your doctor’s advice regarding diabetes prevention and management.

  • Arthritis: joint pain and stiffness may become more pronounced. Stay active, consider low-impact exercises, and manage pain effectively.

 

  • Osteoporosis: bone density decreases, making bones more fragile. Ensure adequate calcium and vitamin D intake, engage in weight-bearing exercises, and consult your doctor for preventive measures.

  • Cancer: risks increase, particularly for breast and colon cancer. Attend regular screenings, maintain a healthy lifestyle, and be aware of any unusual symptoms.

  • Thyroid problems: hypothyroidism (low thyroid) can cause fatigue, weight gain, and depression. Discuss any symptoms with your doctor and follow their recommendations.

  • Mental health: anxiety and depression may arise. Seek professional help if needed, stay socially connected, and prioritize self-care.

  • Financial stress: many retirees face financial challenges. Plan ahead, create a budget, and seek financial advice to manage your resources effectively.

What should I do next?

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