Over the years, what has fascinated me is the connection between relationships, health, and longevity. This year, we're starting to learn more about these connections. Here's the good news: strong relationships may prolong your life.
In our 2023 Planning & Progress study, we surveyed two groups of people: high-net-worth Americans with at least $1 million in investable assets and the general population. Our research shows that while on average, individuals have strong feelings about their friendships, physical health, and mental health, wealthy people are more concerned about friendships than the average American, who report feeling better about their overall physical and mental health.
While it's not hard to imagine that those who are physically and mentally healthy might live longer, what does friendship have to do with it?Interestingly, the idea that focusing on friendships and other "warm relationships" can improve physical and mental health is not new. The Harvard Study of Adult Development, the longest longitudinal study of human life ever conducted, found that people who were closely connected to others were happier, healthier and lived longer than those who did not.
To learn more about the connection between relationships and well-being, we interviewed Dr. Robert Waldinger, Clinical Professor of Psychiatry at Harvard Medical School and Director of Harvard Studies. It turns out that this connection can be all about stress. Waldinger explains: Stress is an inevitable part of our lives. We go through this every day, and we find that good relationships can be stress regulators.
Research conducted by the Harvard team has even found that aging diseases may occur later, sometimes at all, in people with strong relationships. While Waldinger says that if you have good relationships, there's no guarantee that you'll be happier, healthier, or live longer, ......Just as eating right and exercising regularly are key factors in staying healthy, so are warm relationships.
In our interview, Waldinger went even further, saying that loneliness ......It can be harmful to your health, just like smoking or obesity.
So, what does all this mean for you?Well, for starters, you might want to live well for as long as possible so that you can seize every opportunity that comes with longevity. For me, it's about spending more time with the people I love doing the things I love. By consciously strengthening your connection, you'll be well on your way to achieving this. In our interview with Waldinger, we even discuss strategies you can use to help improve your relationships.
The other piece of the puzzle is your longevity. Our 2023 High Net Worth Retirement Study shows that you may be living much longer than you think. Study participants estimated that they would live to be 81 years old, but retirement and longevity experts say your financial plan should be designed to last until age 100. This means that you may retire for as long as twenty years longer than you planned.
Longer lifespans offer many opportunities to pursue new passions or spend time with family and friends, and perhaps even explore encore careers. However, it is important not to underestimate the challenges that come with longevity. Much has been written on this topic, but I really like this brief from the Center for Retirement Studies at Boston College, which argues that longevity risks are the greatest threat to your life goals. It highlights research showing that retirees may underestimate the impact of longevity on their financial plans.
And, thankfully, with good financial planning, we can help you plan for these longevity risks. With an experienced financial advisor by your side, you don't have to rely on intuition and intuition. Instead, you can get informed perspectives and data-driven strategies to help you** the challenges ahead, so you can confidently pursue your life goals. At Northwestern Mutual, our financial advisors leverage this deep industry knowledge and sophisticated modeling software to create a financial plan that includes the right portfolio of investments and insurance products to do just that.