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48% of Retirees Aren’t Tracking This Major Retirement Expense
Health care is the wild card in retirement. Nearly half of retirees are not tracking what they spend on healthcare according to a recent study from insurance company Allianz Life. A paper from the Center for Retirement Research at Boston College pegged retirees’ actual healthcare spending in 2017 at $4,300 monthly. This is $51,600 per year and nearly three times the average retiree’s Social Security income. In this article Catherine Brock stresses the importance of tracking health care spending and also suggests a number of ways to manage costs. Eating and staying healthy, shopping for insurance and/or Medicare Advantage plans, and considering health care savings accounts (HSAs) are among the suggestions. Full piece here.
The AMAC Foundation offers a free-to-the-public advisory service to all folks ageing into–or already in–Social Security. This service provides guidance in understanding the complexities of Social Security and the myriad rules and regulations associated with the process for claiming benefits, with NSSA-Certified Social Security Advisors available via email or telephone to discuss options. Learn more about this service via the Foundation’s website.