Are Healthcare Costs Draining Your Nest Egg Account?
By The Weiss Ratings Team On June 1, 201908:00 AM Eastern
Relying on Social Security for retirement? That could be the biggest mistake of your life.
First, Social Security benefits have lost a whopping 33% of their buying power since 2000, according to a new report from the nonpartisan Senior Citizens League.
And even though recipients saw a fairly generous cost-of-living adjustment (COLA) in 2019, it was negated by expenses rising even faster.
Second, Social Security is facing a significant shortfall. Come 2034, the trust fund is only expected to collect enough in taxes to pay about 79% of scheduled benefits.
Third, you may be surprised to hear that Social Security was never even meant to function as a sole source of income for seniors.
The Social Security Administration itself says it will replace only 40% of the average worker’s pre-retirement income. But most seniors need double that amount — around 80% — just to pay for basics like housing, food, transportation and healthcare.
Look at the numbers:
The typical Social Security recipient now receives benefits of around $1,360 a month, or $16,320 a year. A dual-income household, therefore, might collect $32,640.
Now look at the costs:
- Healthcare. A healthy 65-year-old couple today can expect to spend $377,000 on healthcare in retirement. That’s at least $18,850 per year over 20 years. (And many seniors live much longer!)
- Housing. About 30% of seniors 65 and over carry mortgage debt. But even if your home is paid off by retirement, you still have maintenance costs. At roughly 4% of an average home’s value each year, you can expect to spend $15,528 a year on your home.
- Transportation. Just because you’re no longer commuting for work, you still need get around town and visit the grandkids. Transportation costs for retirees average $6,852 per year.
- Food. The average senior household forks over $5,508 on food in a year. This figure includes $170 a month dining out. But even if we replace that with 100% home cooking, we’re still talking around $4,140 a year.
- Clothing. While you may not need much in the way of business attire, you can still expect to spend about $1,417 at your local department store.
Adding it all up, we arrive at a minimum of $46,787 …
… meaning you’re ALREADY $14,147 in the hole.
And you’re STILL lacking things like basic cable, internet and cell phone service. Not to mention all those vacations and country club memberships you were looking forward to!
And what about your healthcare costs?
Do you know most seniors pay way too much for their Medicare Supplemental Insurance?
It’s true.
Just look at a few examples...
A 65-year old woman living in Florida could pay $1,669 for a Plan G policy instead of the $4,601 charged by another provider for the same quality coverage.
- Saving $2,932 every month.
A 65-year old man living in Texas could pay $1,557 for a Plan F policy instead of $6,119.
- An extra $4,562 in his pocket instead of his insurer’s.
And get this...
As a 65-year old man in Pennsylvania, you could pay $1,599 for a Plan C policy, while another insurer down the street would charge him a whopping $6,350 for the same coverage!
- That’s $47,510 saved over 10 years!
How is that possible?
How could one insurance company charge so much more than another one?
For the same plan? In the same locale?
It can only mean one thing: Insurance Companies are gouging consumers … and they assume you’ll never know the difference!
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Sincerely,
The Weiss Ratings Team
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