“Wow, they’re still going!”
We’ve probably all thought it or said it. A story appears in the media reminding us that there’s a small group of people who never seem to retire: Musicians. To name the most obvious, Bruce Springsteen in his mid-70’s, Paul McCartney into his 80’s, and two of the remaining Rolling Stones, Mick Jagger and Keith Richards into their early 80’s.
We all might marvel at how they’re still going, but the question would be why are they still going?
Money? Unlikely, as estimates suggest they’d all be billionaires, or close to it. There’s little they couldn’t buy or do, given their resources.
Demand for what they do? Yes, these are some of the biggest names in music since the 1960’s and 70’s. There’s always going to be strong demand to see them play. Moreso as they age because fans begin to wonder whether this will be their last concert.
Love of what they do? Higher on the list. This is something they’ve dedicated their lives to, and they’re not just performing old favourite tunes, they continue to write and release new songs and albums. Maybe why you rarely hear about a bad concert performance from them.
Health. Arguably the biggest explainer. Undeniably they’ve all (as far as we know) had a decent run with their health, although McCartney has had angioplasty and Jagger required a heart valve replacement. Springsteen has had ulcer issues and Richards fell out of a tree once and landed on his head! But today, they all continue to play two-to-three-hour concerts, and they don’t sit on stage and strum guitars. They’re all high energy performances. Their ability to get on stage every few nights for several hours would be dictated by their ongoing health and fitness. This would be a choice to stay fit driven by their want to perform.
People in their 70’s and 80’s can’t commit to performing for extended periods of time unless they have the physical ability to do it. People of a younger age would struggle without conditioning. The only way they have the physical ability to do it is to make a conscious effort to be physically fit enough to stand up, move around, play instruments, and sing for several hours. It’s a commitment and it’s helped them achieve an ongoing control over their lives.
There’s an overlap there with saving and investing. Why do we save and invest?
We want to have some safety and security in the future. Financial resources give us a level of control over our futures that we otherwise wouldn’t have without them. In most instances, the major savings goal of our life is retirement. If we’re not working anymore, we don’t have an income, so we then draw on our accumulated resources.
It’s a commitment and a sacrifice. It requires discipline and prioritising the future ahead of the now.
This can offer us choices. And choices without worry. Whether that be an ability to travel if you want. Being able to replace appliances or do maintenance and upgrades around your house. Replace a car when required. Or go to a Rolling Stones concert.
While increasing financial resources give us choice as we age, perversely we’re then confronted with a decline in strength and vitality. The reality that our bodies are often going in the opposite direction to our financial resources. When we’ve finally accumulated money to enjoy, we don’t always have the health to fully enjoy that money.
Can we do anything about it? Luck undeniably plays a role in our health. The aforementioned musicians certainly have had some health issues, and possibly somewhat self-inflicted, being rock stars! But if you dig into what has kept them going, they are all committed to various forms of exercise.
As we age, we naturally lose muscle mass and bone density, otherwise known as sarcopenia. This starts as early as our 30s. Adults can lose 3-5% of their muscle mass per decade after age 30. The result if not addressed is increased frailty and reduced mobility, and a higher risk of falls and fractures. A reminder the wisdom of “doing less” and “taking it easy” as we age may be an accelerant to losing the ability to do anything at all.
Unfortunately, old injuries certainly don’t help with overcoming mobility and strength issues. Likewise, for anyone suffering from a degenerative health condition that makes movement hard. However, in some cases our health issues aren’t as irreversible as we may believe.
Joan MacDonald’s wake-up call came from her daughter. At 70 years old, Joan had high blood pressure, lymphedema in her ankles and kidney failure. Basic movements like getting down on the floor and back up again were strenuous.
MacDonald was coaxed into action with a light exercise program by her daughter, a personal trainer, who highlighted the gravity of her deterioration.
Improvements in her overall health and ability to live independently were almost immediate. Within two months, she noticed she was more agile and could climb and descend stairs more easily. Her edema went down and her acid reflux became less severe. But the biggest moment came during a visit with her doctor who halved her blood pressure medication dose. In less than a year of training, she was allowed to go off that medication entirely.
Nine years later, MacDonald has 2 million followers on Instagram, written a book, and has been featured on the cover of Women’s Health magazine. Proof you don’t need to be a billionaire musician to keep moving and stay active in your 70’s.
As financial advisers, we’re certainly not personal trainers or doctors, our intent is to see people make the most of their money. We’ve seen the sacrifices many have made to acquire their wealth, with the intent of giving themselves options for their future.
Quality health and medical advice is as important as quality financial advice for making the most of everything we have.
This represents general information only. Before making any financial or investment decisions, we recommend you consult a financial planner to take into account your personal investment objectives, financial situation and individual needs.
