Episode 321 – Can money buy you a longer life? Surprisingly, in some cases it can.

Hello this is Bill Rainaldi, with another edition of Security Mutual’s SML Planning Minute. In today’s episode, can money buy you a longer life?

In past episodes we’ve discussed whether money can buy you happiness, and how much it takes to be considered wealthy. The answer to those questions was yes, at least to some extent, money can buy you happiness, and it takes about $2.2 million to be considered wealthy.[1] Today we take a look at a related topic: Can money even extend your life expectancy? A recent article in The Wall Street Journal took a detailed look at this question. The answer is not surprising.

It makes sense that wealth would give you a longer life expectancy. People with money can afford better healthcare, healthier foods and live in safer neighborhoods.[2] But how much of a difference does it really make?

A study published in 2024 by Jama, the Journal of the American Medical Association, came up with some specific numbers. The study was done of over 35,000 Americans over the age of 50. According to the study, the wealthiest 10% live to a median age of 86.3 years, while the poorest 10% live to a median age of 72.3 years. In other words, on average, wealth can add up to 14 years to your life expectancy.[3]

There are other factors that help keep the wealthy going. Experts suggest buying things that help you “track your health, stay active and reduce stress.”[4] An Apple Watch or an accessory such as a Fitbit or a Whoop can help encourage healthy habits.

Eating right and exercising are certainly factors in the equation, and both healthy foods and gym memberships are more readily available to people with money. But there’s more to it than that, and the good news is that not everything costs money. Participating in physical activity, maintaining social connections and managing stress are all key indicators.[5]

Also, multiple studies have shown that taking up a new activity can help. For example, a 2021 analysis by a Japanese public health center found that participants having a hobby (or many hobbies) had a 10 percent and 20 percent lower risk of cardiovascular disease, respectively.[6] Remember that heart disease is the leading cause of death in the United States.

But through all of this, there’s one thing to keep in mind. These studies only address where we are today. The truth is that people are living much longer today than previous generations. Which would you rather be: a person with average life expectancy today, or a wealthy person with a long life expectancy from 100 years ago? Those people had access to the finest medical care on the planet. But they didn’t have antibiotics, MRI’s or cancer treatment.

After a hiccup due to COVID, life expectancy has once again resumed its upward trend.[7] And hopefully the trend will continue as each of us ages.

[1] Charles Schwab & Co., Inc. “Schwab Modern Wealth Survey, June 2023.” Aboutschwab.com. https://www.aboutschwab.com/schwab-modern-wealth-survey-2023 (accessed July 27, 2023).

[2] Pinsker, Joe. “Money Can Buy a Longer Life—to a Point.” wsj.com. https://www.wsj.com/health/wellness/life-expectancy-longevity-wealth-1f15a18a?mod=Searchresults_pos1&page=1 (accessed Jan. 8, 2025).

[3] Himmelstein, Kathryn, Tsai, Alexander, and Venkataramani, Atheendar. “Wealth Redistribution to Extend Longevity in the US.” jamanetwork.com. https://jamanetwork.com/journals/jamainternalmedicine/fullarticle/2814487 (accessed Feb. 11, 2025).

[4] Pinsker, Joe. “Money Can Buy a Longer Life—to a Point.” wsj.com. https://www.wsj.com/health/wellness/life-expectancy-longevity-wealth-1f15a18a?mod=Searchresults_pos1&page=1 (accessed Jan. 8, 2025).

[5] The Press Rundown. “Experts Identify Five Key Habits to Enhance Longevity.” pressrundown.com .https://www.pressrundown.com/health/experts-identify-five-key-habits-to-enhance-longevity?lctg=62dc8f6a4e53eb2959e7326e (accessed Feb. 11, 2025).

[6] Wang, Dong, Shirai, et al. “Having hobbies and the risk of cardiovascular disease incidence: A Japan public health center-based study.” sciencedirect.com. https://www.sciencedirect.com/science/article/abs/pii/S0021915021013186 (accessed Feb. 11, 2025).

[7] Johnson, Steven Ross. “U.S. Life Expectancy Increases: 3 Things to Know.” USNews.com. https://www.usnews.com/news/health-news/articles/2024-12-19/u-s-life-expectancy-increases-3-things-to-know#google_vignette (accessed Feb. 12, 2025).

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