Three Important Spans of Life

 

Uncertainty is a reality of life and nowhere is this more applicable than later life when people face uncertainties about their health (will I get diabetes or dementia?), wealth (will I outlive my savings?), and life expectancy (how long will I live?). This post will describe three important spans of life.

Life span is the length of time a person lives, from birth until death. Health span is the portion of life spent in relatively good health, with physical and mental ability to perform desired activities and maintain independence. Wealth span is the period when people have sufficient financial resources to support their desired lifestyle. These three spans are closely connected, especially during later life.

 

Most people want all three spans to be long. In other words, to live a long life (longevity) in good health with enough money to support themselves. This outcome takes planning and positive daily habits. Below are strategies to lengthen the three spans of your life.

 

Life Span

 

People can support longevity by avoiding tobacco, maintaining a healthy weight, eating a nutritious diet, staying physically active, getting adequate sleep, managing stress, receiving recommended preventive care, and maintaining meaningful social connections. Regular medical and dental checkups are also important to identify health problems early. Avoiding preventable injuries, particularly falls and automobile accidents, also becomes increasingly important with age.

 

Health Span

 

Lengthening health span means a longer period of healthy functioning. Strength training can help preserve muscle mass, while aerobic activity supports cardiovascular health. Balance and flexibility exercises may reduce fall risk and help people remain mobile. Cognitive stimulation through reading, learning new skills, hobbies, and social activities can support mental well-being. Also, managing chronic conditions, taking medications appropriately, and addressing hearing or vision problems.

 

Wealth Span

 

Strategies include saving consistently before retirement, avoiding excessive debt, maintaining an emergency fund, diversifying investments, controlling spending, and developing a sustainable retirement withdrawal strategy. Delaying Social Security, when appropriate, can increase monthly benefits, while working longer can provide additional earnings and allow retirement savings to grow. Retirees should also plan for inflation, taxes, health and long-term care expenses, and longevity risk.

 

The goal is not just maximizing each span independently but aligning your health span, wealth span, and life span. Successful aging is about more than adding years to life. It is also about adding life to those years with good health and financial resources to make later life enjoyable and meaningful. Remember, the greatest wealth is health (Virgil, BC).

This post provides general personal finance or consumer decision-making information and does not address all the variables that apply to an individual’s unique situation. It does not endorse specific products or services and should not be construed as legal or financial advice. If professional assistance is required, the services of a competent professional should be sought.