Longevity Archives - The Free Financial Advisor

Baby boomers are living longer than previous generations and are becoming more aware of the importance of an overall healthy lifestyle. According to the Schaeffer Center of Health Policy and Economics at the University of Southern California, the average life expectancy for 65-year-olds will rise 20 years in 2030.

Not only have advancements in medicine made this possible, but boomers have adopted essential habits that help them age more gracefully than other cohorts. Here are 9 reasons why baby boomers are healthier than other generations.

1. They Are Socially Connected

Connection is one of the most important parts of the human experience and is imperative for maintaining overall health and well-being. Studies have shown that staying socially connected reduces anxiety and depression and improves cognitive function.

Boomers are more likely than other generations to maintain relationships with their neighbors, churches and community organizations, giving them an increased sense of purpose and additional support through life’s transitions.

2. They Put Family First

Strong family ties are part of boomer’s core values. Many boomers come from large families and are parents themselves, and they deeply value these relationships. The link between strong family ties and increased longevity is apparent. A study by the American Sociological Society found that of 3,000 people studied from ages 57 to 85 those that listed being extremely close to family members had a longer life expectancy.

3. They Engage in Natural Movement

In addition, pickleball may result in less impact on your knees and joints than tennis, especially in doubles. In addition, pickleball is an easy sport to play with friends, and you can update a tennis court to work for pickleball. To play pickleball, you would just need to find the best beginner pickleball paddle, a pickleball ball, a court and a friend to play, making it an easy sport to start.

4. They Drink Moderately

Research has shown that having one glass of wine per day can actually have health benefits. Most baby boomers enjoy wine over any other alcoholic beverage. For boomers, drinking moderately is about savoring the experience of drinking. They appreciate the taste, aroma, and social aspects of drinking, whether it’s sharing a glass of wine with friends at dinner or enjoying a craft beer at a local brewery. By focusing on quality over quantity, they derive pleasure from alcohol consumption.

5. They Have Financial Stability

Unlike some younger generations burdened by economic challenges, many baby boomers have achieved financial stability, allowing them to afford healthcare services, nutritious food, and leisure activities that promote good health. Economic security can alleviate stress and provide resources for pursuing a healthy lifestyle.

6. They Have a Positive Attitude

Not surprisingly, a positive outlook on life can have a profound impact on health and well-being. Baby boomers, known for their optimism and can-do attitude, approach aging with a sense of optimism and purpose. They view aging as an opportunity for personal growth, continued learning, and meaningful contributions to society.

7. They Are Adaptable

Throughout their lives, baby boomers have demonstrated resilience and adaptability in the face of life’s challenges, including health-related setbacks. They are more likely to embrace new technologies and healthcare innovations that facilitate remote monitoring, telemedicine, and personalized medicine. Boomers are healthier because of their ability to manage various conditions effectively.

8. They Take Preventative Health Measures

With the expansion of healthcare coverage and Medicare benefits, baby boomers have greater access to preventive care, screenings, and treatments for chronic conditions. Regular medical check-ups and early detection of health issues can lead to better outcomes and improved quality of life.

9. They Value Lifelong Learning

Many baby boomers have a thirst for knowledge and intellectual stimulation that extends beyond their professional endeavors. They engage in lifelong learning as a way to satisfy their curiosity, explore new interests, and stay mentally sharp. Whether it’s attending lectures, joining book clubs, or pursuing hobbies like painting or gardening, baby boomers are healthier than other generations because they actively seek out opportunities to expand their minds and engage with the world around them.

Redefining Aging

As a cohort, baby boomers are defying stereotypes of aging by prioritizing their health and well-being through conscious lifestyle choices, access to healthcare, and a positive mindset. As this generation continues to redefine aging, they serve as role models for future generations aspiring to live healthy, fulfilling lives well into their golden years.

12 Places Baby Boomers Are Spending Their Money That Have Meaning

Teri Monroe

Teri Monroe started her career in communications working for local government and nonprofits. Today, she is a freelance finance and lifestyle writer and small business owner. In her spare time, she loves golfing with her husband, taking her dog Milo on long walks, and playing pickleball with friends.

Thursdays are when we hear from the Other Guy (OG). Sit back and enjoy:

I recently stumbled across two interesting sites on longevity. Both www.livingto100.com and gosset.wharton.upenn.edu/mortality accomplish the same task – they pose a litany of questions about your health, wealth, mental and spiritual well-being and use your inputs to predict how long you’ll live.

For the record, I’m planning on living until 135.

The questions these sites ask fall into two different categories: things you shouldn’t do to your body and things you should.

My unscientific analysis surmises that it’s generally a bad idea to:

a) smoke
b) drink
c) avoid seat belts
d) have random sex with strangers (I know you think I’m kidding – but seriously, according to these two sites, it’s not a good idea. I can’t seem to imagine why…)

All this “research” started me thinking about financial longevity – what are the 4 stupidest things you can do with money that will kill your chances of a healthy financial life, no matter how well you try and recover in other areas? Can we draw some parallels? If we’re smart enough to show you the Top 7 Financial Hacks to Avoid, we can surely pull together the four worst ways to train wreck your financial life.

Here’s my list:

1) Borrow money from your 401(k) or other retirement plan. Why? This is financially like smoking 3 packs a day. Stop doing this. “But, O.G., I’m paying myself back with interest!!” Right. You’re paying yourself back these pre-tax dollars with after-tax money. Don’t get me started on the arithmatic of how much you’ll pay.

2) Rack up credit cards and roll the balances into your mortgage. Obviously this isn’t as common as it used to be, but it’s still happening. Paying 2.99% for a J Crew sweater for the next 30 years is freaking dumb. This is like having six Jack and Cokes a day. Your liver isn’t going to quit tomorrow, but it’s not there to crank through your whiskey addiction at 6 ounces a night either.

3) Not paying attention to your lifestyle costs relative to portfolio value. This has come up in my practice a number of times recently. I don’t care how much money you have – you simply cannot withdrawal $100,000 per year from a $1,000,000 portfolio forever, even if David Copperfield is your buddy. It’s simple mathematics. It won’t last forever. Be conservative. Wear a seatbelt – and go slow.

4) Scattering money with no clear and coherent plan or direction. You guessed it – this is like putting your…well you get the idea. You’re not in college anymore. It’s time to settle down and put all your stuff in one place.

That’s my fantastic four, or fabulous four, or fashionable four, or…well you get the idea. What are yours? I’m curious: what’s the top financial mistake you’ve seen that will submarine an entire financial plan?

9 Reasons Baby Boomers Are Healthier Than Other Generations