Life Happens: Be Prepared When It Does
It's hard in this day and age to not take YOLO to heart and plan on living for the moment. That's not by any means a bad thing, but lots of people are deciding to start looking to the future to plan. There are many important decisions and ideas to take to
It's hard in this day and age to not take YOLO to heart and plan on living for the moment. That's not by any means a bad thing, but lots of people are deciding to start looking to the future to plan. There are many important decisions and ideas to take to heart when planning for the future, and it's important to prepare yourself for what comes next in your life.
When it comes to planning, a new study shows more of us are thinking about our futures including financially and health wise. The 2016 Insurance Barometer Study looks at the use of wearable activity trackers and smart scales by Americans. Things like your fitbit and retirement plan are becoming increasingly important, and millennials are starting to take those things to heart in a faster way. The study shows that 51% of Millennials and 30% of people overall are very likely to consider wearing an activity tracker. Who can blame you when lots of them come in stylish wearable forms, and it's easy to learn more about your health from them.
Did you also know that the three top planning issues for most people include:
Having enough money for a comfortable retirement
Paying for long-term care
Paying for medical expenses
This survey was conducted by non-for-profit research industry trade association known as LIMRA, and the non-profit educational organization Life Happens. Life Happens is an organization that is dedicated to helping consumers take personal financial responsibility through ownership of life insurance and related products.
"It’s natural that we put those things off. But, the sooner a person starts then the more secure they will be in retirement. But, it’s very common to put off and it’s critical to address it as soon as possible," Cliff Wilson, Life Happens Chairman said. It's funny, because millennials may be the most socially conscious generation, but even so, it's still easy to procrastinate when it comes to things like our health and well-being. Ladies, don't get caught in the trap.
As silly as it sounds, things as simple as a fit-bit or wearable tracker really do help with this. "22% of consumers are already using [wearable activity trackers]. And, of those people, 51% of millennials and 30% of the people overall would be willing to share information from the activity trackers in return for financial rewards for healthy behavior," Wilson shared. "So, it could have the potential for financial rewards from the life insurance company. In addition to that, healthy behavior, exercise and activity, could lead to a prolonged life to a longer life span which would again require planning for lifetime income that would last a person’s lifetime. So, the longer we live, the more resources it would take care of ourselves. There are opportunities for financial rewards from rating purposes based on healthy behavior," Wilson finished.
It's more than a trend, it's a responsibility you have to take your life seriously and really own up to your health and financial decisions. After all, those are two of the most important things in your life. While we're great at preparing our health, things like retirement planning and saving that hard earned money are falling a little short, "Most people care deeply about their families and about planning for retirement, and are very responsible people, but it’s just natural to put these things off. They feel that it’s overwhelming, they don’t understand insurance, they don’t want to take the time to deal with it. Eight out of ten Americans over-estimate the cost of insurance. So, it’s very important the earlier the better to sit down and start building a plan," Wilson added.
It may not be glamorous, but it's definitely necessary to help yourself better prepare for life. We know it seems like a lot of effort, but there are simple ways to get started, "The first step would be to sit down and assess where you are at this point. Everyone’s needs are different. Every has different obligations, responsibilities, whether a person is single, young family, empty nesters…but to sit down and take a hard look at where they are and make sure everything they have is up to date," Wilson shared.
Be ready and prepared for when life happens to you. For more information, go to LifeHappens.org. You got this, ladies!
Feature Image: Moyan Brenn