Staying Healthy in Retirement: Your Physical, Mental and Financial Wellbeing

At JBS Financial, we believe retirement should be about more than just stopping work—it’s about living with purpose, vitality, and peace of mind. Whether you’re preparing for retirement or already there, looking after your physical and mental health is key to enjoying your next chapter. But good health isn’t just about wellbeing—it has significant financial implications too.

Let’s take a look at why it pays to take care of yourself now and into the future.

The Financial Reality of Health in Retirement

While many retirees enjoy lower overall living expenses, healthcare costs often increase with age. According to the Australian Institute of Health and Welfare (AIHW), Australians aged 65 and over account for 41% of the nation’s health expenditure, even though they make up only 17% of the population.¹

Whether it’s specialist appointments, medications, dental work or private health insurance premiums, these out-of-pocket costs can quickly add up—putting pressure on your retirement income if you haven’t planned for them.

Prevention Is Better Than Cure—Physically and Financially

Staying well reduces not only your risk of illness but also the need for expensive treatments later on. Adopting a preventative approach means being proactive in:

• Scheduling regular check-ups and screenings
• Maintaining a balanced diet
• Exercising regularly, even if it’s just walking or stretching
• Getting adequate sleep
• Staying up to date with vaccinations and medications

These small habits now can lead to significant savings—and better quality of life—in the future.

Don’t Forget Your Mental Health

Retirement can be one of life’s most rewarding stages—but for many, it’s also a big adjustment. The transition away from full-time work can lead to a loss of structure, identity, or social connection. That’s why maintaining mental wellbeing is just as important as physical health.

Here are some steps that can help:

• Find purpose: Whether it’s travel, volunteering, learning a new skill or helping with the grandkids, having a reason to get out of bed each day is powerful.
• Stay socially connected: Join a club, catch up with friends regularly, or get involved in your community. Social connection supports cognitive function and emotional resilience.
• Keep your brain active: Puzzles, games, learning, reading or even going back to study can help keep your mind sharp.
• Practice mindfulness and stress management: Retirement is the perfect time to embrace a slower pace, reflect, and take time for yourself.

Key Steps to Stay Healthy Before and After Retirement

To enjoy the retirement lifestyle you’ve envisioned, here are some things to consider:

Before Retirement:

• Factor healthcare costs into your retirement plan
• Review your private health insurance
• Start building healthy habits you can carry into retirement
• Identify hobbies or activities that bring you joy
• Consider your social and mental wellbeing needs beyond work

After Retirement:

• Set a weekly routine that includes physical activity and social connection
• Revisit your health and life insurance needs
• Consider setting up an emergency fund for unexpected medical expenses
• Look into Medicare and any concessions you may be eligible for (such as the Pensioner Concession Card)
• Stay in regular contact with your financial adviser to ensure your plan supports your lifestyle

How JBS Financial Can Help

Our goal is to help you Retire Right—and that includes preparing you for the health and wellbeing aspects of retirement, not just the financial ones.

We can help you:

• Understand how to factor rising health costs into your retirement income strategy
• Set up an emergency savings buffer
• Review your insurance needs
• Ensure you have the flexibility to pursue the lifestyle you want, with the peace of mind that you’re financially prepared

“Your health is one of your valuable assets in retirement. That’s why planning for future medical costs—both expected and unexpected—is essential. By budgeting for healthcare expenses and building an emergency fund, our clients can face retirement with confidence, knowing their lifestyle is protected. It’s never too early—or too late—to start that conversation.”
— Jenny Brown, CEO, JBS Financial

Client Snapshot: Phil & Linda’s Journey

Phil and Linda came to JBS Financial in their early 60s, ready to transition into retirement. Their vision was to travel Australia in a caravan, explore Asia, and spend time overseas during the World Cup—but they were concerned about how unexpected health costs might derail their plans.

We helped them build a plan that included:

• A dedicated medical contingency fund
• A review of their private health cover
• Budgeting for prescription and specialist costs, even while abroad

Three years on, they’re living their dream—on the road, staying active and healthy, with the financial peace of mind that they can manage whatever life throws at them.

Take the Next Step Towards a Healthy Retirement

Your health is invaluable, and preparing for associated costs is essential for a stress-free retirement.

📞 Contact the JBS Financial team today to discuss how we can support your journey towards a healthy, happy, and financially secure retirement.

Source:
¹ Australian Institute of Health and Welfare, Health Expenditure in Australia
https://www.aihw.gov.au/reports/health-welfare-expenditure/health-expenditure