Leaving a career for a pension is a subject many look upon with a mixture of dread and excitement and it is one of the major life stressors. Although many have, or opt, to work later in their lives these days, the net median time a person has to live on a pension has increased. Several recent longitudinal studies on aging indicate that the act of retiring itself increases the risk of chronic disease. Out of pocket medical expenses have increased significantly during the "golden" years. Old age is inevitable, and that means that you should have some kind of plan in place for health in retirement.
Most of us do think a lot about withdrawal from the world of work, we save and invest for it and even dream of it. It is also a time of heightened stress, which can affect the health of the retiree. There is going to be a lot more free time to fill, with less income to do things. Many discover identity and self-esteem issues stemming from the loss of work. Social contacts from work are no longer as readily available.
Excepting those who must or who want to work, the number of years spent not working has increased - the median age is now three years earlier while the median life expectancy has risen three years. In addition, the time one spends in school has increased by two years. So that leaves an average net increase of eight more years of fixed income.
Studies in the US and abroad have pointed to a correlation between stopping work and negative health changes. Chronic conditions are increased among retirees. There is are increased findings of heart disease, cancer, arthritis, stroke and psychiatric problems.
In these studies, the rate of diagnosed chronic illness was twice that of those still working. Some diseases, such as severe cardiovascular disease, run up to four times higher in pensioners than in workers.
The annual out of pocket expenses for retirees averaged rather high: $2,900 for those 55 to 65 years, and $4,400 for those 85 and older. There is a large spread in the amount of medical spending by this population with half spending less than $920 and 10% spending more than 4,800.
Though most people will not stop "sweating" out their withdrawal from work, they can find more comfort in having a realistic plan for healthcare in retirement. You can get a lot of information off the internet and other media sources. Doctors, lawyers, financial planners, and insurance agents are all professionals that can be helpful in planning for withdrawal from work and implementing that plan.
Most of us do think a lot about withdrawal from the world of work, we save and invest for it and even dream of it. It is also a time of heightened stress, which can affect the health of the retiree. There is going to be a lot more free time to fill, with less income to do things. Many discover identity and self-esteem issues stemming from the loss of work. Social contacts from work are no longer as readily available.
Excepting those who must or who want to work, the number of years spent not working has increased - the median age is now three years earlier while the median life expectancy has risen three years. In addition, the time one spends in school has increased by two years. So that leaves an average net increase of eight more years of fixed income.
Studies in the US and abroad have pointed to a correlation between stopping work and negative health changes. Chronic conditions are increased among retirees. There is are increased findings of heart disease, cancer, arthritis, stroke and psychiatric problems.
In these studies, the rate of diagnosed chronic illness was twice that of those still working. Some diseases, such as severe cardiovascular disease, run up to four times higher in pensioners than in workers.
The annual out of pocket expenses for retirees averaged rather high: $2,900 for those 55 to 65 years, and $4,400 for those 85 and older. There is a large spread in the amount of medical spending by this population with half spending less than $920 and 10% spending more than 4,800.
Though most people will not stop "sweating" out their withdrawal from work, they can find more comfort in having a realistic plan for healthcare in retirement. You can get a lot of information off the internet and other media sources. Doctors, lawyers, financial planners, and insurance agents are all professionals that can be helpful in planning for withdrawal from work and implementing that plan.
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