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The Reality of a Dwindling Social Security Benefit

When looking ahead to one’s retirement years, those approaching the start of their Social Security benefits typically tend to focus on projected income streams. For a reality check, though, it’s essential to consider expenses as well, perhaps even more carefully. In a post on by finance writer Mike Obel, offers food for thought on this subject, outlining the sizeable outlays seniors face as their healthcare costs escalate in later years. Drawing on the results of a 2018 study by The Center for Retirement Research at Boston College, Obel suggests that “…out-of-pocket medical costs, including premiums, cost-sharing and uncovered services (excluding long-term care), leave only 75% of Social Security benefits available for other expenses.” Obel’s article also covers suggestions on steps seniors can take to mitigate portions of this impact, along with additional thoughts on managing income in retirement. Read the Obel post here

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