Talking Retirement

Healthcare Costs: Another Reason for Your Healthclub Membership

In another boomer-related report out last week, the Employee Benefit Research Institute said a sea-change is upon us. For decades, retirement costs accounted for the bulk of employers’ total spending on benefits. Now, says the EBRI, “fast-growing health care costs are on track to become the largest portion of employers’ total benefits outlays.”

Maybe this will motivate me to get the to gym today. In a way, it’s like saving for retirement. Read the article.

Life Expectancy Calculator No. 2 & 3

Another site you might want to check out is Real Age where they have a test to help you evaluate “the biological age of your body, based on how well you’ve maintained it.” For that test, look for The Real Age Test. (See this earlier entry for MSN’s Life Expectancy Calculator.)

Plan for Retirement Healthcare Needs Now

There’s a good article about retirement and healthcare on Dallas Now (the online version of the Dallas Morning News) this morning. It discusses various ways that you can start getting financially prepared to meet your retirement healthcare needs now. One item in the article caught my attention immediately:

The average 65 year-old couple retiring today will need about $190,000 to cover medical costs over the next 15-20 years, according to Fidelity Investments.

Learn more. Read the article. (Registration required—it’s free.)

An Argument to Split Healthcare from Employment

When planning for retirement, healthcare costs loom as a big question mark. We’re trained to expect healthcare to be paid for by our employers, but once we leave those jobs and enter retirement, most of us lost our insurance coverage. Marketplace, the American Public Media program, broadcast a piece on why healthcare should be separated from your employment. Listen to the piece here.

More Medicare Drug Benefit Questions and Answers

NPR has a very informative story on Medicare’s new and potentially-confusing drug coverage plan. Read the story here.

Some Thoughts on Why You Might Want To Keep Working

You may have read an earlier posting here about the study that said people who retire early have a greater risk of dying earlier. Today I read an article by Dr. David Lipschitz, who has some thoughts on why this might be and how to deal with it.

“No matter your age, an occupation is an essential element of good health. This could be continuing to work, developing a new career or a new hobby or, most importantly, remaining a lifelong learner.”

Basically he think “keeping purpose in life” is how to live longer. Want to read some more of his ideas? Click here.

Yes, Your Drugs Do Cost More

I just read Drug prices increasing ahead of other inflation, a story on MSNBC.com. It reports that “the average price increase for 193 brand name drugs amounted to 6.1 percent. Meanwhile, the overall inflation rate amounted to 3 percent for the year.” The survey was conducted by AARP and they chose those 193 drugs saying that “are those most widely prescribed to people age 50 and older.”

Just last Friday we were talking about how retirees were spending much more for healthcare than they had planned. If you’re still saving for retirement, how are you accounting for healthcare costs during your retirement?

From the Government: Medicare & You 2006

If you are on Medicare, you should be receiving Medicare & You 2006, a booklet from the government, but in case you didn’t, you can get the state-specific version at the Health and Human Services website. Visit the site.

Plan On Paying More For Healthcare In Retirement

On last night’s NBC Nightly News, there was a story about how current retirees are being shocked by the cost of healthcare. The woman they profiled had a five fold increase in her healthcare costs and she is a healthy person. “In your future, experts say, is the prospect of paying more and getting less — if your company offers retiree health care at all.” Read the article and see the video.

Secrets of a Long Life

When I think about planning for my long-term financial needs, my assumptions are usually based around living to the age of 80 or 85. I found an article on USA Today this morning about 4 people who have lived past the age of 100. Each centenarian shares his or her secrets of living a long life. Interestingly, two of them are still working (one at a volunteer position) at ages 102 and 104. Read the article.