The best plan for aging well is free | Paul Fain

Aging is a funny thing. Not ha-ha funny, but more of a “Are you kidding me!?” kind of funny. For instance, I’ve got arthritis in my big toes (my BIG TOES, for crying out loud!). And why is hair falling out of my head but proliferating out of my nose and ears?

In a season of merriment, love and joy, I’m having a bah-humbug moment. It is hard to accept my aging self. Apparently, I am not alone. In 2021, Americans spent about $48 billion trying to turn back the hands of time with injections, lasers, miracle creams, hairpieces and hair dyes, supplements and cosmetic surgery. But sometimes, aging is more complicated than an eye cream or hair color.

This month, my wife and I have been married 35 years. We’ve lived in the same houses, eaten the same foods, raised the same kids. However, health-wise, for better or worse, my wife married worse. Before age 62, I’ve had 11 medically-necessary surgeries (shoulder, knee, sinus, gastrectomy, hernias, etc.), began wearing hearing aids and eyeglasses, had a donnybrook battle with cancer and developed arthritis in my feet, knees, hips and hands. My (same-age) spouse can outrun, outjump, outski and outeat most 30-year-olds (without gaining a pound). You can’t make this stuff up. Genetics has a lot to do with it – some people just have better DNA than the rest of us.

What are the implications of aging on our financial plans? For one thing, we should anticipate changes to the medical expenses in our budgets. Because of my creaky bones, we typically meet the out-of-pocket maximum of our high-deductible health insurance coverage by April of every year. It’s a lot of outgoing money.

According to the Centers for Disease Control and Prevention, and the Good Lord willing, my life expectancy is about 10 more years. So, paired with my health history, I’ve cut back my work hours to allow more flexibility to spend time with my family and to add some bucket-list travel – less income and occasionally more expenses. Subsequently, several times during the year, I update our numbers and run retirement “What If?” scenarios. What is doable? What is concerning?

We all have a finite amount of time on this Earth, so let's focus on the positive parts of aging. Researchers are finding that if we view aging in terms of opportunity and growth, our bodies respond in kind. The opportunity to be a grandpa has been beyond joyful. My youngest grandchild turned 1 year old last week. Down the street, we were also celebrating the life of my wife’s 94-year-old mother, now in hospice.

What about you? What is your attitude toward aging? What are you doing to strengthen your mental and physical health? What are you grateful for? When is the next review of your financial plan?

Let’s accept that the best aging plan is free and ridiculously straight-forward: get adequate rest; eat nutritious foods; stay hydrated; stretch and strengthen your body at any age; manage emotional stress; and stay connected to relationships.

Perhaps most important, maintain a sense of humor about getting older. At my monthly haircut appointment, the stylist asks, “What are we doing this time?” As I glance at my balding head in the mirror, my laughing reply is always, “Surprise me!” Happy holidays and Merry Christmas.

Paul Fain is a Certified Financial Planner and Chairman Emeritus of Asset Planning Corp., a financial planning and investment management firm based in Knoxville. He welcomes comments and column ideas, but cannot offer specific personal financial advice. Write to him at paul@assetplanningcorp.com.

This article originally appeared on Knoxville News Sentinel: Paul Fain: The best plan for aging well is free