Life spans are growing but 'health spans' are shrinking. What that means for your money

Published On Oct 9, 2024, 9:52 AM

Americans are living longer, with life expectancy increasing from about 70 years in 1960 to 77.5 years now. However, the 'health span'—the years lived in good health—is decreasing, with many older adults facing chronic conditions such as diabetes and heart disease. This imbalance results in higher healthcare costs, as 90% of the nation's annual health expenses are linked to chronic diseases. Retired individuals may face significant out-of-pocket costs, averaging around $165,000 for healthcare in retirement. The article emphasizes the importance of maintaining health to mitigate financial strain in later life.