{"id":228,"date":"2017-08-21T16:25:00","date_gmt":"2017-08-21T16:25:00","guid":{"rendered":"https:\/\/pensionjustice4you.net\/wpblog\/?p=228"},"modified":"2025-01-27T16:27:31","modified_gmt":"2025-01-27T16:27:31","slug":"this-may-be-the-biggest-monkey-wrench-in-many-americans-plans-for-a-comfortable-retirement","status":"publish","type":"post","link":"https:\/\/pensionjustice4you.net\/wpblog\/general\/this-may-be-the-biggest-monkey-wrench-in-many-americans-plans-for-a-comfortable-retirement\/","title":{"rendered":"This May Be The Biggest Monkey Wrench In Many Americans\u2019 Plans For A Comfortable Retirement"},"content":{"rendered":"\n

According to the Consumer Bankruptcy Project, retirees are the fastest-growing segment of our population filing for bankruptcy, and 39% of bankrupt retirees do so on account of medical expenses. This sad statistic is largely attributable to (i) a lack of awareness regarding the amount of money needed to cover out-of-pocket medical expenses in retirement; (ii) misunderstandings about Medicare coverage; and (iii) failing to consult with a certified financial planner, estate planning attorney, and\/or elder care attorney well before planned retirement.<\/p>\n\n\n

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When asked, 69% of baby boomers and 66% of retirees estimate that their health care costs in retirement will be $100,000 or less. However, the Employee Benefit Research Institute (EBRI) states that the average retired couple will actually spend about $265,000 in out-of-pocket medical expenses in retirement (includes Medicare premiums and out-of-pocket health care costs relating to all Medicare plans and supplemental insurance plans). Knowing the amount of money you may need for such out-of-pocket medical expenses is crucial to proper planning for a comfortable retirement.<\/p>\n\n\n\n

While many pre-retirees assume that Medicare will cover all of their health care expenses after age 65, data compiled by EBRI suggest that Medicare will cover only about 62% of those expenses. Therefore, Medicare-eligible retirees should consider purchasing additional Medicare insurance (Medicare Parts B and D) or purchasing a “Medigap” policy from a private company to cover expenses not covered by Medicare Parts A, B and D, such as co-pays and deductibles. However, Medicare and Medigap plans do not cover the cost of hearing aids, which average $2,300 for just one ear. Nearly 25% of Americans age 65-74 suffer disabling hearing loss. So, again, the cost of hearing aids is an expense for which you may need to plan and budget.<\/p>\n\n\n\n

In addition, 44% of men and 58% of women over age 65 will require some type of long-term care, which is NOT covered by Medicare. The average cost of an apartment in an assisted living facility is over $47,000\/year, and 24\/7 care in a semi-private room at a nursing home exceeds $92,000\/year. A certified financial planner, estate planning attorney, and\/or elder law attorney can help you plan for these expenses by advising you about long-term care insurance, cash value life insurance, and other strategies for ensuring you will not run out of money in retirement on account of medical expenses. Knowledge is power.<\/p>\n\n\n\n

To read more posts about pension issues, please go to my Facebook Page www.facebook.com\/PensionJustice4You<\/a> and if you like it, share it with your Friends!<\/p>\n","protected":false},"excerpt":{"rendered":"

According to the Consumer Bankruptcy Project, retirees are the fastest-growing segment of our population filing for bankruptcy, and 39% of bankrupt retirees do so on account of medical expenses. This sad statistic is largely attributable to (i) a lack of awareness regarding the amount of money needed to cover out-of-pocket medical expenses in retirement; (ii) misunderstandings about Medicare coverage; and (iii) failing to consult with a certified financial planner, estate planning attorney, and\/or elder care attorney well before planned retirement….<\/p>\n

Read More Read More<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[21,23,24],"class_list":["post-228","post","type-post","status-publish","format-standard","hentry","category-general","tag-pension","tag-retire","tag-retirement"],"_links":{"self":[{"href":"https:\/\/pensionjustice4you.net\/wpblog\/wp-json\/wp\/v2\/posts\/228","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pensionjustice4you.net\/wpblog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pensionjustice4you.net\/wpblog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pensionjustice4you.net\/wpblog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/pensionjustice4you.net\/wpblog\/wp-json\/wp\/v2\/comments?post=228"}],"version-history":[{"count":1,"href":"https:\/\/pensionjustice4you.net\/wpblog\/wp-json\/wp\/v2\/posts\/228\/revisions"}],"predecessor-version":[{"id":230,"href":"https:\/\/pensionjustice4you.net\/wpblog\/wp-json\/wp\/v2\/posts\/228\/revisions\/230"}],"wp:attachment":[{"href":"https:\/\/pensionjustice4you.net\/wpblog\/wp-json\/wp\/v2\/media?parent=228"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pensionjustice4you.net\/wpblog\/wp-json\/wp\/v2\/categories?post=228"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pensionjustice4you.net\/wpblog\/wp-json\/wp\/v2\/tags?post=228"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}