According to a report by Kaiser Family Foundation, a couple retiring in 2014 will spend an average of $220,000 out-of-pocket for a variety of expenses including Medicare premiums, supplemental insurance, hospital readmission and other medical services. Preparing for retirement is becoming increasingly more costly and it is imperative that one prepares for a comprehensive retirement
Newly released data from Fidelity Investments indicates that Americans are saving more for retirement. The trend is consistent across people in all age demographics over the past year, with IRA contributions reaching record highs. Given America’s obsession with short term gains in recent years, experts are encouraged at the development. Find out more here
Delaying one’s retirement is seemingly daunting, as many look forward to the relaxation and leisure associated with traditional retirement. However, this recent analysis finds that working for a longer time entails many benefits that transcend the benefits of a comfortable, but disengaged life. Working through retirement brings mental happiness as well as physical strength to ensure a longer, healthier life, and can bring more financial security.
With an ever-increasing life-expectancy age as well as drastic rises in health-care costs, it seems Social Security is not enough to sustain anyone for their expected length of retirement. Social Security expenses are reaching a deficit which could result in further spending cuts urging a change in retirement policy in order to prepare for our futures after work. We must adequately prepare for the future before it is too late
