Dec 2, 2024
Greg Ho does more before breakfast than many people do all day — despite being well into what most would consider retirement age. The 72-year-old is the president of a New York investment firm who decided to run his first marathon at 56. Since then, he's run 43 and has set the goal of running 100 before his 100th birthday.
Despite concerns from his doctors and a busy schedule that leaves him sleeping just 4.5 hours nightly, Ho believes his intensive training is a key part of what keeps him going. "Physically and mentally, running enables me to perform while I get little sleep," Ho told Business Insider. "It gives me energy to do what I want to do and keeps me involved."
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While marathon running may not be for every retiree, Ho's story exemplifies how maintaining good health in your later years can revolutionize your life. As he said, it helps him stay focused and connect with like-minded people.
Other retirees can learn from his example. Here are two ways healthy lifestyle choices can help you stretch your savings.
1. You can avoid costly medical care bills
Healthcare in retirement can be expensive, and costs tend to increase with age. In fact, the Center for Retirement Research has warned that mean spending for a 65-year-old is $21,400, but this jumps to $36,600 at 90. Those with health issues also spend a lot more than the mean. Someone in the 90th percentile sees average annual costs of $43,500 at 65 and $79,900 at 90.
Medicare won't cover all of the costs seniors face, especially if they need expensive prescription drugs. As a result, many older Americans find themselves draining their nest egg to take care of their medical issues.
If you follow Ho's example and stay in shape, you can hopefully reduce the need for expensive medical services and avoid the ongoing costs of treating chronic illnesses like diabetes.
"I found the difference between my perceived health and what I could accomplish with some effort was astounding," Ho told Business Insider. He reportedly improved his cholesterol levels and blood pressure once he began marathon training, and even his joints — previously a concern — held up well as he adopted an anti-inflammatory diet and his body became accustomed to a strenuous fitness routine.
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2. You can stave off the need for long-term care
In addition to keeping healthcare costs down, staying in good physical shape can also reduce the chances you'll need costly long-term care at home or in a nursing home.
A 2023 Genworth Cost of Care Survey found that seven in 10 people aged 65 and over will need long-term care in their lifetime. The median monthly cost of a semi-private room in a nursing home averaged $8,669, while receiving care from a health aide at home was $6,292.
If you stay in good physical shape, you increase your odds of delaying the day you cannot live independently or put it off altogether. Avoiding expensive nursing fees could be the key to making your money last and leaving a legacy.
Although you certainly can, you don't have to run marathons to achieve these objectives. The Centers for Disease Control and Prevention (CDC) says just 150 minutes per week of moderate physical activity reduces your risk of many diseases and improves health metrics like blood sugar and cholesterol, both of which Ho said significantly improved for him after he began training.
So, get out today and start working out so you can help ensure your retirement savings — and you personally — can go the extra mile.
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Christy Bieber has 15 years of experience as a personal finance and legal writer. She has written for many publications including Forbes, Kilplinger, CNN, WSJ, Credit Karma, Insurify and more.
