Baby Boomers Would Choose Better Health Over More Money

If Baby Boomers could go back and make different choices, many would prioritize better health over more money in their retirement planning. Several studies suggest that it takes more than money to plan for a successful retirement. Good health is a large part of the equation, but often overlooked.
One of the studies was a survey conducted by the Nationwide Retirement Institute. It found that 76% of Baby Boomers would prioritize their health over a larger retirement fund. This is a significant shift from previous generations who saw money as the most important factor in retirement planning.

One reason for this shift is the rising cost of healthcare. As Baby Boomers age, they are more likely to experience health problems that require expensive medical treatments or years of long term care. Having good health could avoid some of those expenses and lead to more financial security.

Another reason (even more important in my opinion) is research indicating that good health can lead to a longer and more fulfilling retirement. According to a study by the National Bureau of Economic Research, retirees who prioritize their health have a higher quality of life and are more likely to engage in activities they enjoy.

Baby Boomers recognize the importance of good health in retirement planning. While money is still important, it is clear that health should not be overlooked. Prioritizing good health can lead to a longer and more fulfilling retirement, as well as financial security.
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Sources:

• Nationwide Retirement Institute. (2019). Health and Wealth: A Strong Connection. Retrieved from https://nationwidefinancial.com/media/pdf/NFM-18413AO.pdf
• National Bureau of Economic Research. (2017). The Determinants of Retirement Happiness. Retrieved from https://www.nber.org/papers/w23705.pdf
• Annuity.org. (2022). [Survey] Money Mistakes: What Over 70 Percent of Retirees Wish They’d Chosen Over Money. Retrieved from https://www.annuity.org/retirement/lifestyle/retiree-money-mistakes-survey/