Every day, 10,000 people turn 60-years-old, and there are more enrolling in Medicare when reaching 65-years-old.
That magic age of 65, 67 or even 70-years-old has been burned into our heads since youth. It’s the age of retirement…the golden years when life is easy and time for relaxation is on our hands.
Because there are so many Boomers heading into “retirement,” there is also more research about what happens shortly thereafter.
One expert, Marc Freedman, CEO and founder of Encore.org, says, “retirement is a transition, not a destination.” His organization promotes encore careers – “second acts for the greater good.”
What Freedman suggests is that people entering retirement find themselves taking a sabbatical from work, a bit of time off but not long-term. For reasons that could be emotional or financial, retirees find themselves seeking a second act to fill the gaps from working 50-hours weekly to no work at all.
It used to be that when retirees were fortunate to have had lengthy service in corporate America, there was often a small pot at the end of the rainbow to pay for healthcare in retirement. Or retiree health insurance could be paid for with a pension.
Today? Not so much. Those fast approaching retirement age, 64-years-old, need to address the albatross of retiree health costs directly and lighten the load.
The annual Fidelity study of health costs estimates, “that a couple retiring at 65 will need $240,000 to cover health costs in retirement.”
The Employee Benefits Research Institute said the same couple needs $227,000 for a 75 percent chance to cover health costs in retirement. Read the rest of this entry »