Offbeat This is the nation's biggest retirement worry

18:35  07 may  2018
18:35  07 may  2018 Source:   moneytalksnews.com

Prepare now for retirement health care costs

  Prepare now for retirement health care costs Medicare alone won't pay all the medical bills you're sure to incur, and early retirement makes it even trickierSo you're largely on your own when it comes to making sure you're adequately covered -- and you can afford that coverage.

Health and wealth are the two things people worry about most as they approach retirement . A lack of awareness of the ways available to plan better for retirement is also causing problems, according to the report, MGM Advantage Retirement Nation 2012.

It was the top fear for those contemplating retirement and the second biggest worry among those The nation ’ s capital isn’t an affordable place to buy a home. The median real estate cost is 8 This college town is also the home of Florida Polytechnic University. The bigger cities of Tampa and

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Future medical expenses haunt the imaginations of millions of Americans. In fact, paying for health care costs during one’s golden years is Americans’ No. 1 retirement worry, according to Franklin Templeton Investments.

The firm’s latest annual Retirement Income Strategies and Expectations (RISE) survey — for which 2,000 adults were polled — found that the top three retirement concerns are:

  1. Paying for medical and pharmaceutical expenses — cited by 31 percent of respondents
  2. Paying off debt — 18 percent
  3. Funding assisted-living care — 15 percent

Perhaps we should not be surprised. After all, costly health problems tend to strike later in life. And it has been projected that a 65-year-old couple who both retire in 2018 would need an estimated $280,000 to pay for their health care expenses throughout retirement.

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  15 ways to make more money in your 401(k) Your future self will thank you.For many people, a 401(k) retirement plan is the biggest source of retirement savings.

Shutterstock. The financial worries that keep Americans up at night differ depending on where they live (and sleep). More than 10,000 Americans were asked to choose their “ biggest financial challenge” from seven options: Planning for retirement , saving for a home, saving up an emergency fund

Join the Nation ' s Conversation. Those who have the most years to save for retirement appear to be the most worried that when the time comes, they won't be financially ready. "For Millennials, this is the time to take action around their finances,'' he says.

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A hidden fix for health care funding concerns

As it turns out, many Americans are not doing all they can to prepare for health care costs in retirement. The Franklin Templeton survey found that 76 percent of folks who were still working weren’t using a health savings account (HSA), or didn’t have access to one.

Of course, you can’t be faulted for not contributing to an HSA if you are not eligible for one. To be eligible, you must have a high-deductible health insurance plan. If you are not allowed to contribute to an HSA, you need to check out other options for cutting costs. You can start by reading “15 Ways to Beat the High Cost of Medical Care.”

If you are eligible for an HSA, though, opening and contributing to one is perhaps the best way to save money to pay for your medical costs in retirement — or before.

Here's How Much Americans Rely on Social Security

  Here's How Much Americans Rely on Social Security Social Security once again tops the list of major income sources for U.S. retirees — just as it has every year since 2001, according to a new Gallup survey. Social Security once again tops the list of major income sources for U.S. retirees — just as it has every year since 2001, according to a new Gallup survey.

Join the Nation ' s Conversation. Almost half (46%) of investors in this country are worried they will outlive their savings in retirement , a new survey shows.

Daimler CEO and Head of Mercedes-Benz says this is the future of autonomous cars. The Finnish study dovetails with National Retirement Planning Week in the U. S ., an effort to promote retirement planning. 3 Things In Biotech, May 2: Big CARs, Big Kar Lands, Amgen Advances.

Kevin Murphy, senior vice president and national retirement plan strategist for Franklin Templeton’s U.S. Defined Contribution Division, notes that HSAs are often thought of as IRAs or 401(k) accounts for medical expenses. This is true in that HSAs are a tax-advantaged account in which you can save money for medical expenses.

From the tax perspective, though, an HSA is better than any retirement account. As we detail in “3 Bold Ways Retirees Can Cut Health Care Costs in 2018,” HSAs offer a unique hat trick of tax benefits:

  • Contributions are tax-deductible in the year they are made.
  • Gains on contributions grow tax-free.
  • Withdrawals are tax-free if you spend the money on qualified medical expenses.

America's backup retirement plan: Keep working .
About a third of America's "gig economy" workers are taking side-jobs to save -- or survive -- in retirement.Load Error

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