The fastest growing segment of the population today, percentage wise, is people over the age of 100. This trend will continue, which means that you will need more money than you thought to enjoy the quality of life you desire as you age. The goal is to get there healthy, with quality of life, and to be able to afford the quality lifestyle you have been accustom as you approach the future you seek. Below are some important and necessary ways to save and invest so you enjoy 100 healthy, wealthy years.
Invest in You
According to Motley Fool, in 2022 research found that the “average 65-year-old male-female couple retiring now should expect to spend a whopping $315,000 on medical costs. That figure assumes enrollment in Medicare Parts A, B, and D.” Clearly, it is more cost effective to keep people healthy. I am very partial to Chiropractic care and what it offers to keep people healthy. It is the most cost-effective care according to the latest government studies. Chiropractic care can be utilized by anyone, affects the whole body, is natural, non-addictive and has no side effects except one …”health.” The 100 Year Lifestyle network of providers will help keep you healthy along the way.
The most important investment you can make is in YOU. Protect it with health and it will increase your wealth. This starts NOW! Starting earlier in life is better when saving. Everything needs time to grow. Even Money. Compounding interest over years continues to grow your money while you sleep over time.
People ask me, “How old should I be to start saving?” The answer is as soon as possible. “How much should I save?” As much as you possible can. This will be different for everyone.
You are never too old to start saving or investing. At the age of 62, in 1952, Colonel Harland Sanders franchised his first Kentucky Fried Chicken. In 1971, this number grew to over 3,500 franchised restaurants worldwide.
The Winning Formula for Saving Now
- Create a Plan: Congratulations, by doing this you just became part of only 20% of the U.S. population that saves money. This plan needs to include figuring out your household expenses and a budget. Experts state that you should save 15% of your income.
- Save and Pay Debts Simultaneously: You must pay off your debt and at the same time save money. It takes time for money to grow. No matter how much money you have, you will never be able to buy back time!
- Purchase Assets Over Liabilities: To gain wealth, you must purchase assets over liabilities. You want to purchase things that appreciate (go up) in value rather than depreciate (go down) after you purchase them. The most common asset is a home. A common liability is a new car.
- Tax Deferred Interest: Try to find out the best ways to save your money can grow interest tax deferred and you can access it tax exempt in your future.
- Invest in Yourself: Invest in yourself to learn a new trade, business or hobby that you are interested in to earn an extra income in your down time.
Every home gets built with a plan. If you do not have a plan that you follow you, will never know when you have successfully built financial stability or freedom. As The 100 Year Lifestyle says, “Your 100 is coming, you make the call.” Make the financial calls to enjoy the lifestyle you want and deserve.
Wealth Preservation Planning, LLC has been helping Doctors and other business owners save and invest money for over 30 years. For more information contact Wealth Preservation Planning LLC today at email@example.com or call (866) 212-9696 ask for Steven Kanner CFP,ChFC,MBA or Brian Mitteldorf D.C. Financial Advisor.