Advice from someone who’s retired and bored.
When it comes to retirement planning, most of the rules apply to both men and women equally. A secure, comfortable retirement is every worker's dream. And now because we're living longer, healthier lives, we can expect to spend more time in retirement than our parents and grandparents did. Achieving the dream of a secure, comfortable retirement is much easier when you plan. The mere fact that a woman's life expectancy is longer than a man's means; she will need to save more than her male counterpart.
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Senate Democrats announced that they would add $150 billion in rebates for senior citizens living off Social Security. This move will likely cause a clash with the White House and House leaders who sponsored the narrower package that excluded seniors from receiving funds in the stimulus package. Whether or not the plan will save the economy from a recession is still in question. However, including seniors in the stimulus plan insures that financial help could be delivered to those most arguably in need - our nations retired who live on a fixed income. Although, adding senior benefits would likely mean shrinking the size of payments to those earmarked earlier. But, we do have some good news to report. The Pres. is working on a plan to credit the donut-hole in Medicare-D. Stay tuned as it will probably change. You know how the Government works!
So you’re getting ready to sign up for Medicare and Social Security, check out for seniors. You and your spouse have the option to retire at ages 62, 65 or 70. If you decide to retire early at age 62, then you will be limited to how much extra money you can earn. If you and your spouse retire at age 65 or 70, then you have full benefits. Congress is debating on rising the retirement age to 67, you better hurry.
Medicare Parts A & B covers 80% of Hospital and Doctor’s services. You will need supplemental insurance to cover the remaining 20% that Medicare doesn’t cover. You will also need Medicare Part D for your prescriptions. Medicare cost about $98.00 for you and $98.00 for your spouse, you’ll pay $122.00 for you and your spouse will pay the same on average for supplemental insurance depending on the option you both select and $60.00 for you and $60,00 for your spouse’s prescriptions, again, depending on the drugs needed. These are approximant costs; this isn’t too bad, considering that your social security check should be around $1,400 to $1,900 and your spouse’s check is half of yours if they retire at age 65, so that’s about $700 to $800 for a total of $2,100 to $2,900 a month. Your Medicare payment of $98.00 is automatically deducted from your Social Security check each month, however, your supplemental and Medicare Part D are out of pocket expenses.
Now, you got a handle on your financial and health care and you know something about social security, what else is there to consider?
Retirement isn’t for everyone!
What do you do with all the time on your hands? There’s only so many days of playing golf, handball, tennis, racket ball, trips here and there or what ever else you enjoy. Sooner or later your bones start to stiffen up, your back starting to ache, your arms and legs start throbbing and your mind starts to wander and you find yourself talking to yourself, pretty soon you’ll be asking yourself, “Why did I retire so soon, I’m bored? ’.Don’t forget, your body worked 30 to 40 years and a slow down will weaken the physical and mental properties, and you know what that means. There are plenty of activities in a retirement community, all you have to do is keep active, get involved and connected. Or, if you feel ready and up to it, have plenty of Viagra for men or Lyriana for women on hand. Always have your cell phone or iphone nearby, as you’ll never know when you’ll need it.
