Being Wealthy Can Mean Being Healthy

• On average people from lower socio-economic groups, die earlier than their wealthier counterparts and often need long term care before they pass.  These poorer groups, and those with less education, suffer from higher rates of depression, and also chronic conditions such as high blood pressure, diabetes and obesity that can increase the risk to needing long term care.        
• Not surprising, but early retirement was found to generally be good for people’s health unless it was forced on them.  The people forced into early retirement were found to have poorer mental health than those folks who take regular retirement.       
• Interestingly, seniors who participate in non-work activities, such as volunteering or caring for others (long term care) were found to have stronger mental health, but only if they felt appreciated and were rewarded for their help.

"These findings have important implications for us all." Nazroo said in a statement this week. "Increases in life expectancy raise major challenges for public policy. Among these is the need to respond to marked inequalities in economic position and life expectancy at older ages. In addition, despite the fact that we are all living longer, many people now stop work before the statutory retirement age and a large proportion of these still have the potential to provide a positive input into society, the economy and their own well-being. Our findings will help us understand how society can help people realize this potential."

With people living longer these trends will play an important role in shaping the culture of how we care for our seniors.  As the United States’ standard of living continues to increase to the point where our poor people are now becoming the obese, we will be faced with the challenge of paying for long term care for these people.  The long term care bill for the poor will primarily be picked up by the government’s welfare program (Medicaid).  The middle to upper class will be forced to plan themselves with financial planning tools such as long term care insurance.  If you’d like to learn more on the long term care insurance topic to see if it might be a good fit for your portfolio fill in the quick form below.  Thanks for reading…we really appreciate it.