Financial security may be tied to better health

Most seniors recognize that the key to healthy aging is following a smart diet and getting plenty of exercise, but experts say it may not be that simple. Financial planning is also a crucial aspect of being healthy later in life, Time magazine reports.

While experts are not suggesting a link between wealth and overall well-being, many do believe that being on top of money matters can yield numerous health benefits. Specifically, stressing over financial matters may lead to greater health problems such as heart disease or diabetes. In turn, that leads to greater financial distress due to health care costs.

"The connection that people are starting to make is if they are healthy, they are more likely to be able to spend their money on things they enjoy versus spending it to deal with health issues," retirement expert Luke Vandermillen told the publication.

There are a number of ways seniors can reduce their financial concerns in retirement. For instance, AARP suggests credit card points or loyalty programs, which can provide extra cash so seniors can offset the retirement costs of living.