This week is Thanksgiving-a time for reflection and gratitude. I'm going to give you the top ten things to be grateful for.
Number 10 - Your job. With unemployment rates as high as they are, it's more important than ever.
Number 9 -Clean air to breathe and clean water to drink. Not everyone is as fortunate as we are.
Number 8 -- Honesty and Integrity. With all the dishonesty in the world today, let's appreciate the honesty and integrity that we deal with on a daily basis.
Number 7 - Coworkers. I appreciate the people I work with; you should do the same.
Number 6 - Medical personnel - Doctors, nurses and support staff. They are there when we need them; let's appreciate them also.
Number 5 - Our military, both past and present. Their lives are on the line, let's be thankful for their commitment to serve our Country.
Number 4 - Your health - Nothing is more important. Without it life can be miserable; be grateful for good health.
Number 3 - Our country - Freedom is a blessing none of us appreciates enough. We can go to bed without worrying about foreign attacks; not everyone is that fortunate.
Number 2 - The rebounding economy. Although it is moving slowly, it is still moving in the right direction.
Number 1 - Friends and family - What can I say? It all starts and ends here. Appreciate the people you care about.
I'm also thankful for your interest in my blog. Have a Happy Thanksgiving.
Last week we talked about your finances and health. I emphasized that your health plays a major role in your financial picture. This is especially true as you age. Many of us over the age of 55 will be forced into retirement due to health issues and most of those people with health issues could have prevented their early retirement through regular check ups and physicals.
Let's talk about your finances and health and some steps that you need to take for yourself and your loved ones.
Step 1 - Check out your health insurance policy. I'm sure you know the deductible and extent of your coverage but do you know what happens if you go on disability both short and long term? Do you know the COBRA rules? Is your spouse covered? Lots of questions, check out your policy!
Step 2 - Disability insurance - Do you have it? If so, what does it cover and for how long? How do you qualify?
Step 3 - Retirement plan - How will it be paid? How much? And who are your beneficiaries? Can you afford to draw from your retirement before you qualify for social security?
Step 4 - Life insurance - This, of course, is a last resort but you need to know what your options will be, who your beneficiaries are, and if you have it at work, will it stop when you leave?
Lots of issues. Deal with them sooner rather than later. Because unfortunately, insurance must be purchased before you need it. Don't wait until you get sick. You and your family will be better off.
Last week we talked about taking control of your retirement accounts. This week we will talk about the relationship between health and finances.
Older Americans are living longer and acquiring greater wealth than in previous generations. That's good news; however, a study performed by the U.S. Department of Health and Human Services reported that 20-25% of Americans age 55-64 stated that a health problem limited their work activity. That's a full 1/4 of the work force in that age group. Think about that, it could be you! Those who experienced a major health problem, such as a stroke or heart attack, commonly left the labor force altogether. By age 65, only a third of men and women still work.
The study found that poor health is often a stronger influence than financial variables on a person's decision to retire. Those retirees are then hit with out of pocket medical costs and the loss of earnings.
Understand that your health is your financial picture. The two are not mutually exclusive. The average household net worth for older Americans was $31,000 when both partners were in poor health versus more than $400,000 when both were in excellent health. No one wants to be forced into retirement with very little chance at re-employment and with less money than they expected.
Preventative behaviors like cancer screenings, vaccinations, diet, physical activity, and not smoking are crucial. Get a physical to find out what your health issues are. They can be frightening to face, but the sooner you find out, the better chance you have of overcoming them.