‘WILL RISING MEDICAL COSTS DECIMATE MY RETIREMENT PLANNING?’
One of the things that many retirees and pre-retirees fail to take into account when it comes to retirement planning is the rising cost of health care — especially as you get closer to retirement age. It’s tough to think about this when you’re relatively healthy, but as you age, your body is more vulnerable and prone to getting sick. That means you’ll have to spend more on drugs and medical visits as you get older.
On average, Medicare beneficiaries aged 65–74 spend $2,920 a year in out-of-pocket expenses. Those aged 75–84 spend $3,815 a year.
And, those 85 and above spend $4,615 a year — an average of 30% of their income.
For example, vision and dental care are not covered by Medicare, nor are hearing aids or hearing exams. Recent surveys show that 50% of people age 55 and over wear partial or complete dentures. One-third of all non-institutionalized elderly persons 70 years of age are hearing impaired. And 92% of persons 70 years of age and older wear glasses. The good news is that there are ways to potentially save for the rising cost of health care in a tax-advantaged way so that you can boost your savings. A skilled financial planner should be consulted to help you “catch up” on your retirement savings if you haven’t taken into account the rising cost of health care in your retirement plan. Give our office a call to get started or visit our website at DuPontWealth.com to check out our free online reports.
Not only that, but your health insurance premiums will go up as well — and medical expenses increase every year, far beyond inflation.
A recent Fidelity study showed that a couple who retires in 2021 will need $300,000 to cover health care costs in retirement. That figure applies only to retirees with traditional Medicare insurance coverage. It also doesn’t include costs incurred due to long-term care. Unfortunately, many retirees and pre-retirees make the mistake of thinking that Medicare will cover all of their medical bills when they retire. The truth is that Medicare only covers a percentage. According to an analysis, average out-of-pocket health care spending by Medicare beneficiaries is sizable and increases with age.
SUDOKU
ONE-PAN APPLE CIDER CHICKEN
Inspired by WellPlated.com
INGREDIENTS
1 1/2 lbs boneless, skinless chicken thighs
4 tsp olive oil, divided 3 sweet apples, cut into 1/2-inch slices 2 tsp fresh rosemary, chopped, plus more for garnish
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1 tsp salt, divided
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1/2 tsp black pepper, divided 1/2 cup apple cider 2 tsp Dijon mustard
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DIRECTIONS
1. Sprinkle chicken with 1/2 tsp salt and 1/4 tsp pepper. Set aside. 2. In a small bowl, combine apple cider and mustard. Set aside. 3. In a large skillet over medium heat, warm 2 tsp olive oil. When shimmering, add chicken thighs top-side down. Cook for 4 minutes, then flip and cook for 4 more minutes. Transfer to a plate and cover with foil. Wipe the skillet clean. 4. Heat the remaining oil in the skillet, then add sliced apples, remaining salt and pepper, and rosemary. Cook for 5 minutes. 5. Return the chicken to the skillet and add apple cider-mustard mixture. Cook for 5 minutes, then serve sprinkled with rosemary!
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