For the last 60 years or so the main concern for American people was not if they could retire, just when. In the last 30 years, it has become a question of how well you could live, based on when you chose to retire. Now, the question is focused on if retirement will ever be a good idea. The costs aren’t just coming from food and utility bills these days.
One of the biggest costs many people underestimate is health care. Many retirees feel like $41,000 will be enough for them to live their last days on. However, the average Medicare Plan B runs $315,000 through retirement. This is up from the $300,000 cost just last year. Considering the $170.10 costs being deducted from their checks automatically every month, many retirees are finding themselves hit with a massive shock. The bigger shock though comes from the nearly two-thirds who believe that $25,000 will see them through retirement’s medical costs.
This is where health savings accounts come into play. These accounts can help ensure people have more than enough money earmarked to keep them medically well, and in fully functioning condition through their golden days. Hope Manion is the Senior Vice President at Fidelity Workplace Consulting, and she has certainly seen her fair share of problems with this area of life. “By planning early and saving consistently, people can put themselves in a much stronger position to retire how and when they want.”
This kind of planning is something people don’t talk about until it’s too late, and given the current state of the world, this is a smart plan to be working on. President Biden doesn’t care about the American people and seeing them living their best lives. He would be much happier seeing people work until they are 90. The liberals want to see the American people stuck in work for decades to come. We are the party that makes up a large percentage of those with the highest wealth. We put the most into the pot and take the least out.
Considering how badly the liberals have mismanaged Social Security over the years with their horrible plans, it will be a miracle if it is still funded by the time anyone under 45 now hits the retirement stage. They have been paying out illegals, people who never paid into the pot, and overpaying many who have manipulated their horrific system. Inflation is not helping this figure either.
The Senior Citizens League is a nonpartisan organization that focuses on the issues of older Americans. They have a lot to say about the social security in this country and not much if any of it is positive. Looking at the way inflation is impacting social security in 2022, they estimate retirees have lost 40% of their buying power since 2000.
Mary Johnson serves as a policy analyst with The Senior Citizens League and she conducted the research into the topic. “That’s the deepest loss in buying power since the beginning of this study in 2010,” she stated. This kind of drop is not something we as a nation can or will easily recover from. We know what this kind of inflation means, and unlike the temperature, once inflation raises prices for more than six months, they become near impossible to drop back down.
So, retirees better get ready for a bumpy, overpriced, and under-prepared retirement if they are planning on hanging it up any time soon. The money will go a lot faster than you or anyone else thinks. Especially if you plan on doing something in your retirement. If all you plan on doing is sitting in the nursing home, don’t worry; inflation got you pretty good there, too.