In the United States you are allowed to retire at 62, you are not allowed access to Medicare/medicade or any other type of healthcare until the age of 65. At what point in time is this issue going to be addressed?
Got a letter from my pharmacy advising how much drugs would be going up in price. Amlodipine a blood pressure med. Is increasing by 500%. This is utterly redicilous. Cost of living is going way up, and these pompas a holes want us to make due with the bone they throw to us.😢
Over a 30 year retirement, your cost of living is likely to at least double and possibly 4x. Rule of 72 - 2% inflation it will double in 36 years or not quite double in 30 years. 4% inflation it will double in 18 years or not quite 4x in 30 years. 72/x% = years. 72/4.8% it will double in 15 years, or 4x in 30 years.
There's no question about if Medicare expenses will go up, it's how much it will go up. I have already been notified my 2025 supplemental plan will be going up about 7% and that will be in June of next year. It's not a big amount but we don't know how much part B and part D premiums will be along with the 2025 deductible. That $50 COLA will be eaten up rather quickly for people getting low Social Security income. Hopefully people will be able to make up the difference of real living expenses from their retirement savings. And hopefully that savings is able to beat the inflation amount to help counteract the shortfall.
Do you have any videos on how to figure your taxes for a single person that is retired and on social security I have an IRA and I'm just trying to figure out how much I can take out of that and not Old Uncle Sam the whole farm if you know what I mean
Face it - If you don't have a 401k nest egg to dip from you will have 2 choices. You will have to take a part time job or lower your lifestyle every year.
