Final answer:
Financial concerns for early retirees can affect their quality of life, especially with a fixed retirement income and rising healthcare costs. Preparing for healthcare and independence through pre-arranged legal and financial planning is crucial. However, economic changes and inflation pose significant challenges to fixed incomes.
Step-by-step explanation:
Early retirees have made proactive quality-of-life decisions about their old age while they are still young, opting for living wills, retirement planning, and medical power of attorney. These measures reflect a desire for control over their future healthcare and independence. However, financial concerns can impinge on their quality of life, as they depend on a fixed retirement income and are concerned about how to pay for increasing medical care needs, which could lead to stress about running out of money. The healthcare industry has been driven to innovate to support the active lifestyles desired by the aging population, while changes in the economy have both helped and challenged the financial stability of the elderly. The financial futures of many older people have been altered due to losses in retirement savings during recessions and the threat of inflation decreasing the buying power of fixed incomes over time.