Healthcare Costs And Delayed Retirement

According to Arthur Koff of retiredbrains in Chicago

, retirees don't factor in comprehensive medical expenses when they plan for retirement. Even with Medicare insurance, an average couple at 65 will need almost a quarter of a million dollars for two decades worth of medical care, says Fidelity Investments. The approximate cost of health care, coupled with many seniors' tendency to overlook this aspect of retirement, is causing more and more retirees to extend their working years, or risk nest egg depletion.

Koff also says that health care costs for those qualified for Medicare aren't what many usually expect. One partner in a couple is also likely to spend three decades in retirement, and need to contend with unforeseen expenses he or she has to pay out-of-pocket. The extra thirty years isn't something to sneeze at - seniors can spend hundreds of thousands on what insurance can't or won't cover.

A Wellesley College study has also found that the number of employees forced to retire early due to the economy is greater than that of people who opted to delay retirement because they don't have adequate retirement funds. Experts say that this results in officially retired employees looking for part-time or full-time jobs just to be able to live comfortably.

Both of these conditions are contributing to the effects of the recession - since people are working longer to afford retirement, the larger labor force maintains or increases the rate of unemployment, compared to the scenario wherein middle-aged workers actually leave work at the normal retirement age.

It's not just that many retirees are delaying their extension - some seniors expect that they won't be able to retire at all. Many don't have the financial capability to put money into retirement investments. In this case, a small pension and Social Security benefits aren't enough to support them, their spouses, and their families. If you're thinking of delaying your retirement, or facing the possibility that you won't be able to retire, contact a financial planner or investment advisor to find out what you can do with what you have, and have a comfortable retirement within reach.

by: Carina Smith

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