Most baby boomers don’t understand the basics of Medicare, according to a survey by the National Association of Insurance Commissioners. Investment News reports that 66 percent of boomer respondents said they were “not very familiar” or “not at all familiar” with the plan’s options, such as Part B, which covers some medical costs, [...] [read full article…]
Have you heard this year’s presidential candidates debate the Retirement Health Care Tax? No? Probably because there is no official tax with that name. But it’s out there, just the same. The Retirement Health Care Tax is a collection of expenses you’ll pay for health care after age 65. And it should be a topic within [...] [read full article…]
The amount of money retirees will need to set aside to cover out-of-pocket health care expenses is projected to rise 4.7 percent this year compared with 2007, according to Fidelity Investments research released today. Fidelity calculates that a couple age 65 will need $225,000 to cover health expenses across their retirement years. That number has [...] [read full article…]
Boomers will see their retirement savings eroded by the skyrocketing cost of health care, according to new research by the Center for Retirement Research at Boston College. When Medicare premiums, co-payments and other expenses are considered, the average individual will need to set aside $102,000 for retirement health expenses; for couples, the number [...] [read full article…]
My recent columns on retiree health care and the timing of taking Social Security benefits prompted a number of questions from readers worried about insurance options for the pre-Medicare crowd, and the mechanics of Social Security. I went back to the experts on both of these topics to get the answers. Q: You wrote that pre-existing [...] [read full article…]
Boomers have always been in love with technology. As they age, companies are bringing to market all manner of gizmos that serve a generation’s changing needs. One interesting category: fashion hearing aids that are nearly invisible–or make a fashion statement with interesting design. The Wall Street Journal’s Melinda Beck writes today about her test [...] [read full article…]
When adults overhaul their fitness routines, the motivation comes in many forms. Some strive for improved overall health; others hope to stair-step their way to Madonna’s glutes, or dazzle tennis buddies with their overhead smash. As a result, boomers have kept the treadmills humming in recent years — but there’s a downside to all that vigorous [...] [read full article…]
When I left the world of full time employment about a year ago, healthcare was a major worry. Years away from Medicare eligibility—and with a family to insure—I needed a health safety net. Fortunately, my wife was able to shift us to her employer’s insurance plan. (Aside from health insurance, my marital good fortunes are many—but [...] [read full article…]
The number of large companies offering health benefits to early retirees–those who quit before becoming Medicare-eligible at age 65–has been falling. According to Mercer, the human resources consulting company, the percentage of large companies offering health benefits to early retirees fell from 46 percent in 1993 to 29 percent in 2001—and then leveled off through [...] [read full article…]
AARP continues to challenge the Equal Employment Opportunity Commission’s recent ruling permitting employers to eliminate or reduce health benefits for Medicare-eligible retirees, while retaining benefits for retirees under age 65. AARP is petitioning the Supreme Court to review whether EEOC had the authority to issue the ruling. Supporters of the ruling argue it will [...] [read full article…]
RetirementRevised.com is the companion website of Retire Smart, a column written by Mark Miller that appears in more than 30 newspapers each week. For millions of Baby Boomers, retirement is an opportunity for reinvention, rather than taking it easy. Mark is helping write the playbook for the new career and personal pursuits of a generation.
