Thanks to medical advances, people are living longer, and we often hear that 70 is the new 60. Which is good news for longevity, but what effect will it have on retirement?

Let’s say I work to age 60 but live to 90. That means I’ll have about 40 years to save up for a 30-year retirement. Even with the time value of money on my side, if I diligently save 10–15% of my annual earnings, it still won’t be enough to last for 30 years, given inflation and the ups and downs of the economy. (Bear in mind that many of the Baby Boomers have not saved diligently for 40 years, so retirement income is a real challenge for many middle-income South Africans.)

Then, chances are I’ll have to spend more money on healthcare in the last few years of my life than in the first, say, 60–70 years. So, the cost of healthcare will further challenge my retirement finances. This scenario paints a bleak picture, and it doesn’t help to put one’s head in the sand and wait for disaster to happen – or to have to turn to your children for help in later life.

So, what can you do?

The obvious solution is to work beyond age 60 so that you can leave your retirement savings untouched, generate income to live on and hopefully bolster your savings. But this option can only work if you have your health, hence the topic of this article: healthy mind, body and finances. It’s a hard fact that if you haven’t saved enough for retirement, you’ll have to work longer – and to do so, you’ll need your mental and physical health.

The first piece of good news is that our economy and society need the wisdom and experience of seniors, even if they don’t always realise it. We can add value by continuing in our corporate careers for longer, taking on consulting ventures, starting small businesses or making money through our hobbies. The opportunities are endless if you are healthy. The second piece of good news is that seniors who remain active in society live longer, happier lives.

So, my challenge to seniors is to look after your physical and mental health, dream new dreams, and find ways to add value to society while continuing to earn a living.

At Evergreen Lifestyle, we offer two benefits that can assist you as you take on the challenges of later life. Firstly, purchasing an Evergreen Life Right and living in one of our villages can be more affordable than maintaining a property that you own outright. Secondly, our approach to continuous care and active aging is designed to help you lead a healthy, active lifestyle.

Remember that Evergreen is not only for older adults who are retired – we have a number of residents who have chosen to enjoy the benefits of Evergreen living while continuing to work.

If you’d like to know more about Evergreen Lifestyle, call Sharon on 087 808 7000 and ask about our Partnership for Life promise.