Financial planning tools and services to put you on the path to the future you want
Your guide to financial planning and retirement
Connect with peers and experts
Get to know the people behind the company and the mission behind the work
Offer financial wellness to the people at the heart of your business
March 31, 2022
There are probably thousands of articles published every day on how and why to eat well and exercise. And yes, these are critical endeavors for healthy aging. But, they don’t cover everything you need to do to live your best life for as long as possible.
What might be missing? The two most overlooked endeavors for preparing for your future are:
The data is pretty clear that Americans have gotten the message on the benefits of diet and exercise. However, they have not yet as widely adopted financial and intellectual habits that are also critical to thriving in old age and are key to how to live your best life.
Let’s take a look at who does what and why each area of self improvement is important.
According to Pew research, a whopping 97% of Americans believe that healthy eating habits are key to a long and healthy life. And, 98% say that it is important or somewhat important to get enough physical exercise.
That is almost everyone who at least believes that taking care of your body is important. (Whether we actually do it every day is a whole other story.)
Maintaining your mind through learning and social activities is proving to be as critical to thriving in old age as eating well and exercising. And yet, these activities do not seem to be as widely adopted.
Research from UC Berkeley found that when people in their 80s were taught something new over just 6 weeks, they could make their brains up to 30 years younger. Wow. Learning is powerful.
And, while Pew research has found that about 74% of Americans engage in some kind of personal learning, it is not clear that the learning endeavors are focused and sustained in the way that may be necessary to stave aging. In the Pew Research, they reported on the types of activities personal learners undertook:
These are great and beneficial activities, but it is important to make learning a focused and conscious habit. And, it doesn’t have to be calculus or rocket science. In the UC Berkeley research, people learned painting, photography, music, and how to use an iPad.
Learning Falls with Age: The Pew study also discovered that people who identify themselves as lifelong learners are likely to be younger and more educated. Take a look at the self identified learners by age:
Learning is scientifically proven to reduce the intellectual impacts of aging, it is also a time worn concept well understood by artists and intellectuals.
Think back to high school or college English. Do you remember the poem, “Sailing to Byzantium” by William Butler Yeats? The poem essentially calls out to the reader to develop an intellectual and creative life in order to survive the physical downsides of aging. Your body might not be able to keep up, but a nourished brain can enliven life at any age.
The National Institute on Aging finds that 25% of Americans over 65 are socially isolated, and a meta analysis of 277 studies with 177,635 participants from adolescence to old age found that people’s social networks increase through young adulthood, then decrease steadily over the rest of their lives.
Fostering social connections is another critical part of aging well. Research has found that social 60 year olds are almost 12% less likely to develop dementia than less socially active peers. And, the National Institute on Aging links loneliness to higher risks of high blood pressure, heart disease, obesity, depression, cognitive decline, Alzheimer’s disease and more.
According to research from Charles Schwab, only 33% of Americans have a written financial plan, making personal finance, the least adopted habit – by far – that is important to your long term well being and living your best life.
Having a financial plan has myriad concrete benefits:
Confidence: A written plan increases your confidence and reduces your stress. When you have a plan for how to use your money, you know what you need to do to live your best life.
Better habits: When you have a written financial plan, you develop better habits. People with a plan are much more likely to:
Improved outcomes: The result of those financial habits? Better outcomes. If you have a financial plan, you are more likely to be able to achieve your retirement goals.
Research finds that written plans may be especially important for low- and moderate-income levels. One-third of households with less than $48,000 in annual income with a written plan save 10% or more of income, compared with about one in 10 households in that income range without written plans.
The NewRetirement Planner is the most comprehensive modeling engine in the game. Using your inputs, our algorithm runs every possible scenario—even ones that may break every rule in the book—to help you see where you stand now and find the best plan to improve your use of your money and time.
It’s easy to get started. We’ll walk you step by step to better habits, improved outcomes, and the life you want.
Do it yourself retirement planning: easy, comprehensive, reliable
Take financial wellness into your own hands and do it yourself retirement planning: easy,
Share this post:
If you want to have a good retirement, you need to figure out what that means to you. Do some life planning for retirement, set goals, and use these retirement tips to create a plan that allows you to achieve exactly what you want. What do most of us want? It is usually pretty simple,…
Retirement is not the end. It is the beginning. A restart in fact. Here is a massive list of what to do in retirement.
Research shows that feeling lonely is a big risk factor for heart attack, clogged arteries, and stroke. In fact, the dangers of loneliness are on par with obesity, light smoking, and anxiety. A study published in the British medical research journal BMJ found that feeling lonely, or being socially isolated, increases your risk by 29%…
Our weekly newsletter full of inspiration, podcasts, trends and news.
© 2023 NewRetirement, Inc. All rights reserved.
Disclaimer: The content, calculators, and tools on NewRetirement.com are for informational and educational purposes
only and are not investment advice. They apply financial concepts in a general manner and include
hypotheticals based on information you provide. For retirement planning, you should consider other
assets, income, and investments such as equity in a home or savings accounts in addition to your
retirement savings in an IRA or qualified plan such as a 401(k). Among other things, NewRetirement
provides you with a way to estimate your future retirement income needs and assess the impact of
different scenarios on retirement income. NewRetirement Planner and PlannerPlus are tools that
individuals can use on their own behalf to help think through their future plans, but should not be
acted upon as a complete financial plan. We strongly recommend that you seek the advice of a financial
services professional who has a fiduciary relationship with you before making any type of investment or
significant financial decision. NewRetirement strives to keep its information and tools accurate and up
to date. The information presented is based on objective analysis, but it may not be the same that you
find on a particular financial institution, service provider or specific product's site. All content,
tools, financial products, calculations, estimates, forecasts, comparison shopping products and services
are presented without warranty.