Why Lifespan vs Healthspan: Why the difference matters
When we talk about living longer, we often focus on lifespan, the total number of years a person lives. But there’s another equally important concept: healthspan. This refers to the number of years a person lives in good health, free from chronic illness or significant physical and cognitive decline.
Understanding the difference between lifespan and healthspan can help you make smarter financial decisions. A good financial plan should support both your longevity and your quality of life, ensuring you’re prepared for whatever the future holds.
While medical advances have helped extend lifespan, many people spend their later years managing health issues that reduce their quality of life. That’s why the conversation is shifting toward extending healthspan, not just lifespan.
Key financial considerations related to healthspan
- Healthcare costs: Budgeting for medical expenses, insurance, and potential long-term care.
- Income protection: Ensuring you have cover in place if poor health affects your ability to work.
- Emergency funds: Having accessible savings for unexpected health-related costs.
- Retirement planning: Aligning your retirement strategy with realistic expectations about your health and activity levels.
- Estate planning: Making sure your wishes are clear in case of cognitive decline or serious illness.
How to support a longer healthspan
- Stay active: Regular exercise supports heart health, mobility, and mental clarity.
- Eat well: A balanced diet rich in whole foods can reduce inflammation and disease risk.
- Manage stress: Chronic stress can accelerate aging and increase disease risk.
- Get regular checkups: Preventive care helps catch issues early.
- Stay socially connected: Strong relationships are linked to better health outcomes.
This information is of a general nature and is not intended as personalised financial advice. RIVAL Wealth is a Financial Advice Provider (FAP) licenced by the Financial Markets Authority to provide financial advice. Our disclosure document is located at rivalwealth.co.nz or a written copy is available on request
