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
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
