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Planning your financial future

The cost of smoking

Smoking impacts more than your health. It also can hurt your wallet. Find out the real cost of smoking when it comes to saving money.

There is no shortage of promotions, literature, products, and ideas on how to quit smoking. There's also no shortage of the many reasons why people should quit. And besides the laundry list of health complications associated with being a smoker, there is also the financial impact.

The following are three reasons how quitting smoking will help you shift the balance in your budget into the positive — for good!

The financial benefits of quitting smoking

You should have more money to save for retirement

According to the American Lung Association, the average retail cost for a pack of cigarettes in the U.S. is $5.51.1 So if a person were to smoke a pack a day, that would be $38.57 per week, $154.28 per month, or $1,851.36 per year. That's money you could be putting away for your retirement - accruing and compounding interest! The added bonus is that by quitting, you'll increase your longevity so you'll be glad to have that money stashed away in your nest egg versus smokes.

Your life insurance rates could be cheaper

There are many things that can factor into how much you'll pay for your life insurance. And since smoking carries a number of inherent health risks, you'll generally end up paying more than someone who is a nonsmoker.

You'll be able to better avoid serious medical expenses associated with smoking

It's no mystery that being a smoker will have some type of ill effect on your health. Not only can a serious smoking-related illness rack up substantial medical bills, but it could also mean that you won't be able to work. If you become seriously ill, you may end up having to tap into your retirement savings or other means in order support yourself and your family.

 

1. http://www.lung.org/our-initiatives/tobacco/cessation-and-prevention/smoking-cessation-economic-benefits.html

 

WEB.1818.11.15

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