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- Open Enrollment 2023 FAQ
- Get Ready! Medicare Open Enrollment Begins October 15th
- Ten Shocking Medicare Stats
- Minimize Home Care Costs with Medicare
- 4 Ways to Make Your Home Safer for Loved Ones with Alzheimer’s Disease
- 7 Million Californians to Benefit from State-Run Retirement Plan
- 5 Ways to Get the Most from Medicare
- How to Spot Medicare Open Enrollment Scams
- 200,000 Doctors are Turning Away New Medicare Patients
- Doctors Warn Patients About Upcoming Medicare Changes
- The Mystery of Medicare
- Medicare Cost Plans vs. Medicare Advantage
- Shopping for Medicare Last Minute
- 5 Reasons to Switch Your Medicare Advantage Plan
- Medicare Help: Get Help Choosing a Hospital
- What do Medicare drug plans cover?
- How Medicare Online Works for Medicare Beneficiaries
- Medicare Part A Costs
- When to buy Medigap Insurance
- The Latest in the Battle for Prescription Drug Coverage
- Don’t Miss These Medicare Deadlines
- 4 Tips for Protecting Your Retirement Savings
- Medicare Open Enrollment Starts Soon
- The Ultimate Retirement Checklist
- Health Care to Cost $10K Per Person
- 8 Things Seniors Should Know About Hospice Care
- Do seniors know enough about their Medicare choices?
- Retirement Plans You Might Regret
- Medicare Penalized for Being Too Careful
- Paul Ryan’s Plan to Make Medicare a Voucher Program
- Thrown Away: $3 Billion in Cancer Drug Spending Wasted
- How Seniors are Winning with Home Care
- Medicare Facts - Are Injections Better Than Eye Drops for Addressing Cataracts
- 3 Things You Don’t Know About Medicare But Should
- Americans Want Medicare to Cover Obesity Treatments
- Best Places to Retire with Affordable Healthcare
- Medicare to Test New Drug Pricing for Doctors and Hospitals
- Retirement – 5 Websites Made for Retirees
- Medicare Home Health Agencies
- Medicare Part B Costs And Coverage 2016
- Medicare Advantage is Changing in 2016 – Are you Ready?
- Choosing a Home Health Agency
- Medicare Part D Costs and Coverage 2016
- DIY Guide to Medicare Shopping
- Should Medicare Cover Genetic Sequencing?
- CMS Bars Cigna from Enrolling New Medicare Members
- Is Medicare for All an Achievable Goal?
- Trump – Medicare Should Negotiate Drug Prices
- A Guide to Medicare Part A
- 5 Things You Didnt Know About Medicare
- Medicare News: A Look Back at Medicare Changes in 2015
- Hospital Prices Vary Across U.S.
- Five Ways You’re Wasting Your Retirement Money
- Government Targeting Remaining Uninsured
- Retirement Benefits Set to Change in 2015
- Medicare Costs: These 5 Screenings will Help You Keep Medicare Costs Down
- Medicare Spending: New way to explore Medicare prescription-drug spending
- Infections & Mistakes - Medicare Penalizes South Florida Hospitals
- Three Changes Coming to Medicare in 2016
- Quit Smoking with Help From Medicare
- Get Your Free Flu Shot Before It is Too Late
- Antibiotic Use: When Not to Take Antibiotics
- Medicare Premium Costs Are Not Going to Spike For Now
- A Migraine even without throbbing pain is a migraine
- Deciding on your best options according to your circumstances and needs
- Medicare Advantage Plans (Under part C)
- Medicare Prescription Drug plans (Part D)
- The things that Medicare doesn’t take care of
- Nurture your body by drinking plenty of water
- Avoid paying more for prescription drug coverage
- Dear Coffee lovers, Caffeine may actually be beneficial for you
- How does one select a primary care provider for oneself or a loved one?
- Know how traveling affects your Medicare plans
- Have Medicare costs been worrying you? The good news is, you may qualify for financial hel
- What should be done if I want to make a transition from Health Marketplace to Medicare
- The drawbacks of Medicare Advantage
- Can Medicare Advantage provide quality, savings, satisfaction and access- all together?
- Refining Medicare Advantage
- What are my expectations from a Medicare program?
- Medicare Additional/Supplemental Insurance Plans
- Working towards better American Health care- Medicare Advantage
- Managing out-of-pocket costs and paying for Medicare
- The basics of medicare and how it works
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4 Tips for Protecting Your Retirement Savings
Prepare for Retirement by Looking Closer at Your Finances
You’ve worked long and hard to be able to retire, don’t let a few financial mistakes keep you from enjoying life after work. Being able to live comfortably during retirement starts with creating a strategic plan for saving and investing. Part of that plan should include staying away from financial pitfalls that could derail you from your long-term retirement goals.
Threats to your retirement fund can include:
- The rising cost of healthcare
- High investment fees
- Inflation
- And even financially-dependent adult children
While you can’t control the cost of prescription medications, or the inflation rate, you can plan ahead to prevent your nest egg from dwindling.
Your Current Savings Strategy
If your current savings strategy doesn’t include adjusting for inflation, you may find that you’ve saved a lot less than you’d thought you would have by retirement age. According to the LIMRA Secure Retirement Institute, an increase in inflation rate of just 2% can dig into your earnings by upwards of $70,000 over the course of 20 years. The more inflation hikes, the more you’ll see your savings erode.
“Too many people make the mistake of thinking that low inflation is going to continue into the future,” says Michael Fertig, Vice President and Financial Advisor at Fragasso Financial Advisors in Pittsburgh. According to Fertig, investors should adjust savings rates for 3% to 4% inflation.
Dealing with Medical Costs
As we age we spend more on healthcare, it’s a fact of life. According to Fidelity’s 2015 Retirement Health Care Cost Estimate, a 65-year-old couple should expect to spend around $245,000 on health care costs. That amount doesn’t include money spent on long-term or nursing home care.
“Retirement savers who are in good health should consider a health savings account if they have a high deductible health insurance plan,” according to a statement given to US News by Stephanie Genkin, a certified financial planner in New York. “You essentially get a triple tax benefit – you deduct annual contributions from your taxes now, invest the money so it grows tax-free for decades and use the funds for medical expenses during retirement, without paying taxes on the gain.”
This is in addition to signing up for Medicare.
Pay Attention to Fees
Fees can cut into your investments. Understand how much your portfolio is costing you. The difference between a 0.5% fee and a 1.5% fee may seem small, but it can add up substantially over the course of your lifetime.
Cut the Chord
It may seem insensitive to say that dependent adult children are a money suck, but it is the unfortunate truth. Young adults today are often stuck with high student loan debt, and a tight job market that makes it difficult for them to begin paying off high interest loans. As a result, millennials are increasingly turning to parents for financial help or housing. As of a 2014 Pew Research Center study, 42.8% of men and 36.4% of women aged 18 to 34 still lived with their parents.
According to Jody Dietel, chief compliance officer for San Mateo, California based WageWorks, parents should have a plan for coping with needy children that includes encouraging greater independence. Parents should establish an end date, by which adult children will have to support themselves. “Often, sharing retirement income details will cause them to realize that they may need to help you if they don’t help themselves now,” Dietel says.