You Don't Have to Simply Survive Your Retirement
It's a common narrative the older generation likes to tell younger folks...
"When I was your age, I could get a can of Coke for a nickel!"
For all you later generations, that sounds pretty cheap. And it was, especially compared to today...
In 1960, a can of Coke cost just $0.05. In today's dollars, that $0.05 is equal to about $0.51. But in reality, today you'd have to pay around $1.19 for that can near our Baltimore headquarters. That's significant price inflation.
Just think about how the rising cost of goods erodes your buying power...
Let's say you've decided you only need $25,000 per year to live comfortably when you retire in 30 years... That's $500,000 in today's dollars.
If we adjust for 3% inflation (the average annual rate since 1913), you'll actually need more than $1.2 million to retire 30 years from today. And even if you do manage to save up that much, it still might not be enough. Just take a look at today's inflationary environment. Most people don't plan for times like these...
Some expenses might decrease – like childcare, education, and your mortgage (assuming you pay it off before retirement). But other expenses, like health care and end-of-life care, will increase so much that the additional expenses might surprise you.
According to the Fidelity Retiree Health Care Cost Estimate, a couple retiring today would need $300,000 saved for just health care costs.
You want to be able to enjoy your retirement, not simply survive it.
That's why my team and I began publishing our report on the best states for your retirement in 2014. I constantly travel around the country so I can give you my "boots on the ground" opinion. Additionally, my research team has spent months crunching the numbers on cost of living... hospital quality... crime rates... and much, much more. We pored over research and data on every state to compile our list of the best states for retirement.
We also included a list of considerations if you want to stay within your own state but move to a less-expensive area.
Retirement should be a time to relax and enjoy your golden years without worrying about money. That's why taking the time to weigh all your options is worthwhile. We've done all the legwork for you. We want you to use the data in this report to figure out what's most important to you and make the best decision for you.
Retirement Millionaire subscribers can find "Dr. David Eifrig's Best States for Your Retirement" (updated for 2022) right here. If you're not a subscriber, you can buy the report – and get it e-mailed straight to your inbox – right here.
Here's to our health, wealth, and a great retirement,
Dr. David Eifrig and the Health & Wealth Bulletin Research Team
August 27, 2022
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Reader question of the week...
Q: Any difference between hot and cold tea benefits? – W.Y.
A: There isn't a significant difference...
A 2015 study published in the Journal of Food Science and Technology found steeping your tea in cold water actually maximizes the health benefits, compared with steeping in hot water. But it takes two hours of steeping in cold to get all the antioxidant power.
One of my researchers makes a pitcher of tea once a week so she has a cup of tea ready to go every morning without having to steep individual cups overnight.
But plenty of folks like a hot, fresh cup. The concern there is the potential danger of drinking hot liquids. And if you're worried about drinking tea that's too hot, you're not alone. Several studies over the years have found associations between drinking hot beverages and esophageal cancer.
The belief is that too-hot beverages can burn the lining of the throat the same way they would skin. Burns damage cells... The body then generates new cells to replace them... And these new cells could have mutations that lead to cancer. Basically, whenever you damage and replace cells over and over, there's a higher chance of developing cancer.
In addition, whenever you burn yourself, you injure that tissue. It feels red and painful because your body is fighting the damage. That redness is inflammation, which also causes problems like heart disease and cancer over time.
If you're worried, give your tea or coffee five to 10 minutes to cool down.
Here are a few good tips...
1) Wait a few minutes. Usually letting your tea or coffee sit for about five to 10 minutes allows it enough time to cool. Depending on the temperature outside, you can enjoy your drink on a walk, too, as it cools off in the air.
2) Lower the temperature. Many folks I know add a few ice cubes to hot coffee so they can drink it sooner. And some places like Starbucks allow you to request lower temperatures on your drinks (try asking for 140 degrees).
3) Add milk. We've got the Brits to thank for this research. According to a study from Queen Victoria Hospital, adding 10 milliliters (about 2 teaspoons) of cold milk to piping hot tea (usually brewed at about 200 degrees) lowers the temperature safely below 149 degrees in five minutes.
Feel free to enjoy your drink how you like.
Keep sending your questions, comments, and suggestions our way. We read every e-mail... feedback@healthandwealthbulletin.com.
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