Seniors’ heathcare costs taking a bigger bite out of retirement
With healthcare costs rising as much as they are, seniors are losing more and more buying power for their retirement dollars. And with Social Security making up a large percentage of many seniors’ income, COLA increases unfortunately aren’t keeping pace with increased healthcare costs. Add to that the fact that so many seniors entering retirement today have little or no savings in their nest egg, and a somewhat dismal picture for tomorrow’s retirees can be painted; an important reason why building your savings is now more important than ever. This article by Maurie Backman appears at madison.com and explains how retirement healthcare costs are rising twice as fast as Social Security. Click here to read more.
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.