healthcare costs Archives - DR News - News, Retirement, Finance

Don’t Retire Broke! These 5 Overlooked Factors Could Ruin Your Golden Years

Estimating expenses for the distant future, spanning several decades, presents a formidable challenge. The majority of people diligently contribute to IRAs and 401(k)s, with the belief that consistent financial contributions will secure a comfortable retirement. Nevertheless, certain often-overlooked variables exist that influence the calculation of retirement expenses. Being attentive to these five factors can help create a more precise and practical retirement budget. Taxation Aside from the allure of relocating to warmer climates, many retirees …

The truth about American retirement savings

A new report reveals a stark divide in American retirement savings, highlighting the struggle of lower-income households to adequately prepare for their golden years. While overall retirement assets have grown to $36 trillion, a significant portion of the increase is concentrated among higher-income workers, leaving tens of millions ill-prepared for the financial challenges of retirement. According to Anqi Chen and Alicia Munnell of the Center for Retirement Research at Boston College, the median combined 401(k) …

Just How Much Should You Be Spending on Long-Term Care Insurance?

As we get older, the likelihood of needing long-term care increases significantly. This includes in-home healthcare, assisted living, or nursing homes. However, the cost of such care can be great, often running into thousands of dollars per month. This is where long-term care insurance takes effect, offering a financial safety net for these expenses. But the question arises: how much should you pay for this insurance? Evaluating the Cost of Long-Term Care Insurance The cost …

A Look at the Average Retirement Age for Men and Women in 2024

In spite of earning less than their male counterparts, American women retire earlier on average, according to recent data. While women face a gender-related wage gap, earning just 82% of what men earn in similar roles, statistics show that they retire around two years earlier than men. Analysis from the US Census Bureau reveals that the average retirement age for women in 2016 was 63, compared to 65 for men. Forbes reports that as of …

Is Your Retirement Fund Above or Below the American Average?

Retirement is a significant milestone, marking the transition from decades of hard work to a period of relaxation and enjoyment. However, it’s crucial to understand the financial landscape of your retirement years. Let’s delve into the average retirement income in the U.S. and explore how you can ensure a comfortable retirement. The Role of Social Security Plays in Retirement Income Social Security is a fundamental component of retirement income for many Americans. It acts as …

Is the 2024 Social Security Boost Just Smoke and Mirrors? Find Out Why!

As retirees look towards 2024 with anticipation for the Social Security Cost-of-Living Adjustment (COLA), the expected increase may not be the financial panacea many are hoping for. With the COLA set at 3.2%, this translates to an average of just over $50 extra per month for the more than 66 million beneficiaries. While this adjustment is designed to help Americans maintain their standard of living in the face of inflation, the reality is that it …

Want to Retire in 2024? Here’s What You Need to Know.

Embarking on the retirement journey is a monumental step. However, diving headfirst into this new chapter without laying the proper financial groundwork can lead to a myriad of unforeseen challenges and obstacles. It’s essential to approach this milestone with both excitement and prudence, ensuring a smooth transition into your golden years. For those looking at 2024 as their year to retire, there are three pivotal things you must know. 1. Your Financial Milestone There’s no …

Here Are the Best and Worst States to Retire This Year

Choosing the perfect retirement destination is a critical life decision that varies from person to person. Whether you’re drawn to beachfront serenity, mountainous tranquility, or proximity to family, it’s easy to feel overwhelmed by the array of options. Retirees have historically flocked to states with warmer climates and lower living expenses, such as Florida and Arizona. However, the results of Bankrate’s latest study suggest other options worth considering than conventional retirement hotspots. Bankrate’s study includes …

Shocking Truth About Retirement Healthcare Costs – Are You Prepared

The topic of healthcare expenses during retirement remains a daunting uncertainty that often evades the thoughts of individuals when they are young and in good health. However, the reality is that unforeseen medical costs will consume a larger portion of your retirement funds than you may currently grasp. According to Fidelity’s estimate for retiree healthcare expenses, if you were to retire this year at the age of 65, you should anticipate spending an average of …

The Truth Behind Healthcare Cost Disparities and What You Need to Know

As healthcare costs, deductibles, and copays continue to rise, people are seeking ways to lower their healthcare expenses. The Health Care Cost Institute (HCCI) conducted a study that showed noticeable differences in the expenses for standard medical treatments like surgeries, diagnostic tests, and X-rays, even when performed in the same state. This disparity might tempt individuals to make healthcare choices based solely on price. However, while cost is a crucial factor to consider, it is …