Factoring in health care expenses is a critical part of retirement planning. A 65-year-old couple retiring in 2015 is projected to need savings of approximately $245,000 to cover their health care insurance and out-of-pocket costs in retirement. The first thing to do is to learn about what...
But if you retire too early, you might not have enough to get by on until Social Security kicks in. Another serious consideration when planning for an early retirement is health insurance. When you’re employed, you pay part of your monthly insurance premium and your employer pays the rest....
If you retire before age 65, you’ll need to find how to get medical insurance until you are eligible for Medicare. You might qualify through a previous employer, professional group or your spouse’s health insurance plan (if they are still working). You can look at getting coverage through...
Step 7. Get health insurance Your health is the biggest asset you can invest in. If you want to retire early, you need more than sufficient insurance cover. Remember that once you’re out of a job, your employer won’t be covering your health insurance costs. More importantly, do not...
Chances are you’ll walk away from employer-offered health insurance when you retire. You can get coverage under Medicare beginning at age 65, regardless of your Social Security full retirement age. Get acquainted with the types of coverage Medicare offers. For instance, “original Medicare” incl...
Seafaring retirees should consider factors such as costs, health concerns and staying connected with loved ones.
Since Medicare doesn’t kick in until age 65, if you retire earlier you’ll have to cover your medical expenses with private health insurance. Some school districts offer retiree health care to bridge the gap before Medicare eligibility, but the portion of premiums you have to pay depends on...
If you're still working when you're 65 and get health insurance through your employer or your spouse's employer, you'll have the opportunity to enroll in Medicare when you leave your employer plan through a Special Enrollment Period. In addition to Medicare options to consider, if your spous...
When using cash to cover expenses, pay attention to every expense. Stretching dollars during an inflationary period could help you get through this uncertain time. The Logistics of Relocating If you own your home and have paid off the mortgage or are close to paying it off, you have ...
“For retired adults to haveenough savings for retirement, I believe that the ratio should be closer to 100%,” says David G. Niggel, CFP, ChFC, AIF, founder, president, and CEO of Key Wealth Partners LLC in Litilz, Pa.“The cost of living is increasing every year—especially healthca...