Hint: I’m not referring to money
Ric Edelman: It's Thursday, March 23rd. Yesterday, we talked about the four-day workweek. If you work one day less a week, maybe you can work more years, meaning your body might not get worn out so quickly. And if working fewer days a week lets you stay in the workforce longer, that might be really good for your long-term health.
A new study says that if you retire early, you could indeed damage your health. The Journal of Economic Behavior and Organization says retirement might accelerate cognitive decline. In their study, people who retired reported substantially lower levels of social engagement, lower rates of volunteering and lower rates of social interaction. In other words, people who retired were more likely to be socially isolated, and that is strongly linked with faster cognitive decline.
One of the best ways to maintain your social connectedness is to keep working. Studies say that when you go to work, you use your brain actively. That helps your mental abilities, just like going to the gym improves your physical fitness. Social interactions generate a positive feedback loop of social, emotional and physical well-being. Being part of a bigger social network with friends and family enhances mental and intellectual stimulation. You can expect lots of changes in society in coming years. You're going to work fewer days per year, but you'll work more years. You'll change your career many times to keep up with changes in technology, consumer demand and your own interests. And that means you need to make sure you have a financial plan that anticipates all of this.
When are you going to work? Where are you going to work? How long are you going to work? How much money are you going to earn and how are you going to be able to afford a long period of time of not producing income? All of this means you need a financial plan of the future with a rethinking of the notion of retirement. This is why there's no substitute for meeting with a financial advisor who is skilled in the subject of longevity.
I want to make sure you listen to Jean's podcast every Thursday, Self-Care with Jean Edelman. She's releasing her new podcast right now today at 1 p.m. Eastern. You can follow her on Twitter, Instagram and YouTube.
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