“Health is wealth” is a phrase that is often used these days.
Scott Fulton, a professor of longevity at the University of Virginia and University of Delaware, wholeheartedly supports this concept in his book “Whealthspan: More Years, More Moments, More Money.”
“Everything meaningful in life requires ongoing investment — family, faith, friendships, career, sports, health — and they all grow with compound interest over time with continued investment,” Fulton writes.
It’s a balancing act, he tells Yahoo Finance, and “it’s not a prescription for another diet or lifestyle,” though the book ends with recipes for nutty oatmeal, hearty granola, and cabbage pancakes.
Fulton’s talk, including his discussion of managing his finances for a possible longer life, has been edited for length and clarity.
Kelly Hannon: What is “whealth”?
I’m just mixing the words wealth and health and trying to blend the two together. Health longevity is the blend of wealth, health and longevity. It’s all three.
Scott, you say the biggest threat to our financial wealth isn’t the stock market, politics, or a recession. Can you explain?
The biggest threats to our wealth and the preservation of our wealth are health care and housing costs. The stock market goes up and down, but we know that after every dip it goes through a recovery cycle. Retirement will have long-term effects, but they may be small compared to what you will eventually spend on housing and health care. It’s easy to spend $100,000 on someone with moderate special care needs later in life.
read more: What to do with your retirement savings when the market is volatile
And it says that the impact of health care and housing on our financial security doesn’t start until after age 55. Can you elaborate?
These things tend to feed off of each other. An example is a traditional couple, an older man with a younger woman partner, where the man runs into health problems sooner than the woman. They’re faced with the fact that the man needs assisted living type of care, a separate home beyond what they can provide at home. The couple ends up having to pay for two homes because the wife says, “I’m not ready to move into assisted living, and I don’t want to give up my lifestyle.” This happens a lot. This is when people start to fall off a financial cliff.
What is the so-called “gold zone” in the United States and where is it located?
These are places where people’s life expectancy is over 90 years. There are over 60 such communities across the United States. They represent millions of people who live happy, healthy, active lives. These Gold Zones are places where the average American is doing something a little differently in some way that is leading to a different outcome in their life expectancy. They have a more balanced approach to life that includes elements of mind, environment, food, activity, and community. The result is better health and life expectancy. These people are naturally part of more supportive communities. They are more likely to eat healthy foods. They are active in their daily lives. It’s not just one thing.
Where are these zones located?
They are spread across 22 states and live in locations ranging from small towns to communities within major cities like New York and Los Angeles. They have access to the same food, water, and medical care as the rest of us, yet they are living 15% longer than average. To a 20-year-old, living 10 or 20 years longer and in good health may not seem like a big deal, but to a 65-year-old, the opportunity to double the remaining years of their life and fill it with amazing moments is a unique investment opportunity worth taking note of.
Should living to 100 be our goal?
I don’t think it’s a purposeful goal. Chronological age is relatively abstract. You don’t get a medal for living to 100. You might get an award or a special birthday cake. But in the end, it’s what you do with the years you have. Creating special life experiences and great moments. It’s those moments in life that we should measure.
There are moments that captivate and envelop us. The joy on a child’s face as we return from an expedition. A room full of people we love and who love us back. An athlete excited by a new level of performance. These are emotions that connect, and they are emotions that matter for all ages.
How do we build the foundation for wealth, health and longevity?
We can think of wealth as more than just money. Financial wealth gives us flexibility and more options. And aging is all about maintaining options. The natural reality of aging is that you run out of options. It happens. So the longer you can keep options on the table, the better.
Health is the ultimate wealth. We all know the stories of billionaires who would give all their money to have one extra year of health. Life is a vehicle. It takes time. The key is to create more opportunities for time, so that special moments in life can happen. Health allows you to create more of these moments, whether that’s time with your grandchildren or time to go hiking in your 90s. To make it happen, you need to be prepared.
What are “Super Seniors”?
In general, we’re talking about an increasing number of people over 80 years old. Not just over 80 years old, but living active, normal lives every day, doing the same normal things that they did when they were in their 50s and 60s.
There are a lot of people in their 80s who aren’t necessarily looking to work 40 hours a week, but continue to work multiple days or part-time as part of their purpose. They enjoy it, and that’s why they continue to do it. They may need or benefit from the income, but they’re pushing back against the traditional idea that, “Now that I’m 65, I should retire and spend my time on the golf course or playing bridge.”
Super seniors tend to be active. They’re not running the 100-meter dash or anything. They just live normal lives. There are a lot of people like that in the world, so I think of super seniors as great role models.
Finally, what are the characteristics of longevity?
Humility. Curiosity. Positivity. As long as I have the humble perspective that I don’t know everything, I’ll remain curious. These two are superpowers in aging.
If we don’t keep up with the times, we’ll get left behind and ignored. We need to maintain a level of curiosity that allows us to really benefit from new information, stay informed, and talk to people about what’s going on, rather than complain about our illnesses and pains.
Early in my career, I was amazed to see world-class scientists asking seemingly innocent questions. Their curiosity was as healthy as that of a young child, and they seemed constantly curious about the world unfolding before them. Having worked with hundreds of scientists, it’s clear to me that lifelong curiosity is a superpower.
Kelly Hannon is a senior columnist for Yahoo Finance. She is a career and retirement strategist and author of “Taking control over 50: How to succeed in the new world of work. And, “You’re never too old to be rich.” Follow her on X Kelly Hannon.
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