How One Oversight Could Derail Your Retirement

Planning for retirement means more than just building up a nice nest egg. According to an article by Yahoo! Finance, there is one often forgotten expense that is ruining many people’s retirement — and that’s healthcare.

The article states that “waiting until retirement to plan for healthcare can be financially devastating.” In fact, research shows that medical debt is the leading cause of bankruptcy.

With the rising cost of healthcare, which is now estimated to be about $172,500 during retirement, it’s important to include this as a key component of your retirement planning.

The Seniors Trust is looking out for the financial well-being of older Americans. We believe Congress needs to enact the Social Security Expansion Act. This landmark piece of legislation will give retirees an immediate benefits increase of about $200 a month, a fair annual cost-of-living adjustment (COLA), increased minimum benefits, and ensure the long-term solvency of the Social Security program.