Provo-Orem Utah has some of the healthiest, most active, and long-lived seniors in the nation. Retirement funds can dry up after 15 years, especially since Utahns are reaching way past their 80s. While growing your 401k is a sound plan, other investments can serve you well in your retirement years.
A residential solar power system is practically free in Utah. A 6-kW system should be enough to cover your daily needs as well as send enough electricity to the grid to cover your nighttime use. With federal tax reductions as well as Utah’s incentive programs, a 6-kW solar power system will only cost $10,000-$16,000. With a financial plan at a 6-7 percent rate, you’ll only be paying $110-$180 a month for 10 years. Considering you’re probably already paying $100-$150 on your electricity bills, you can use the savings on your monthly bills and a little extra to pay for your panels. After 10 years, your panels will be paid for, and you can enjoy free electricity for the rest of your retired life. If you get your panels early, you might need to replace them after 30-35 years. But even then, they would have netted you savings of more than $30,000 during their decades of use.
One of the leading factors in senior ailments in the USA is obesity. Twenty-one percent of all medical spending in the country is obesity-related. Being overweight taxes your body (particularly your knees) and raises your risks of diabetes, heart problems, and strokes. Investing a few minutes of your time every day through exercise or visits to the gym can halve your medical spending come retirement.
If you’re already overweight, signing up in weight-loss clinics can help you start your path towards a fitter future. The less strain your body endures when you’re younger, the more active you are when you’re older. A stronger musculature reduces your risks of accidents and mitigates their effects even if you do suffer one. A bit of extra weight in your younger years can put a lot of strain on your knees, giving you mobility problems that exacerbate your risk of accidents. Live a little healthier now, and get to enjoy a more active lifestyle when you finally retire.
Cultivate your connections and relationships so that they last until your twilight years. Family and friends are priceless, especially if you have authentic and meaningful connections. Social interactions keep you happy while also keeping your brain active. A simple conversation with someone daily can keep your neurons firing, warding off Alzheimer’s and depression. Join a club or be a little more active in church. Constant interactions produce a chemical reaction in your body, releasing oxytocin that keeps you content and happy. Investing in meaningful connections requires very little of your money. However, you need to make consistent and earnest efforts to treat the people around you with kindness and consideration.
Investing in your future isn’t all about your 401k. Spend a few extra dollars on solar energy, fitness, and your friends and family and continually reap the rewards until you reach your senior years.