Do the Elderly Have to be Wealthy to Stay Healthy?
Two recent studies have revealed the latest trends in retirement: First, people are waiting to retire longer than ever before, and second, retirees report that their number one fear is affording healthcare during their retirement.
Retirement experts believe that these two findings are likely linked.
Joshua Kadish, AIF, RFC of RPG- Life Transition Specialists says, “Many people who might like to retire earlier are delaying retirement until they reach age 65 and can qualify for Medicare. Insurance costs are through the roof and many people can’t afford to pay the high premiums up to age 65. Longer life expectancies, the instability of Social Security and other entitlement programs, concerns of the rising costs of Obamacare and Medicare all have combined to create a perfect storm of financial insecurity. No wonder people are postponing retirement as long as possible.”
In fact, financial experts are now saying that planning for retirement has never been more crucial. People are living longer than ever before, but that means that their health costs are also more expensive than ever before, and that coupled with unstable and exorbitant healthcare can leave seniors struggling to make ends meet. Estimates conclude that a married couple age 65 should budget approximately $250,000 for healthcare costs for a 25-30 year retirement.
Kadish continues, “On top of that, today’s retirees are not just concerned with the quantity of life, but also with the quality of life. They want to enjoy an active, healthy and rejuvenating retirement. They don’t just want to sit quietly at home. They want to travel, run in marathons, meet new people, and take the world by storm. Hence, it is very important to make sure that you make financial choices right now that will allow you to do that.”