Your health = Your wealth

by | Oct 8, 2010 | Lifestyle & Leisure | 0 comments

For sheer bottom-line impact, nothing beats taking care of your “health capital.”

That’s what Olivia Mitchell said in a 2007 Money magazine interview.  Mitchell was the head of the Pension Research Center at the Wharton School of Business.  If retirees (or soon to be retirees) are concerned with their financial future, she warns, they should invest in their health in retirement.

According to her figures, a 65-year-old couple could need savings of $295,000 (back in 2007 – even more now!) just to cover insurance premiums and out-of-pocket medical costs over an average life span. In addition to having a stockpile of that much cash, it’s even smarter to lead your life so that you need less health care in the first place.

Poor health also carries huge opportunity costs. After all, you can’t save if you can’t earn, and you can’t earn without your health.  The median couple in their fifties and sixties who develop chronic health problems ends up increasing wealth at less than half the rate of their healthy counterparts.

Want to double your investment portfolio?  Exercise, eat lots of vegetables, and don’t smoke.

Dr. Lavine has been an innovator in the use of movement and touch to promote health since 1981. He practices in New York City and Princeton, NJ.

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