Download or read book Funding Savings Needed for Health Expenses for Persons Eligible for Medicare written by Paul Fronstin and published by . This book was released on 2010 with total page 14 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Health Care Expenses in Retirement and the Use of Health Savings Accounts written by Paul Fronstin and published by . This book was released on 2004 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The new Medicare drug law that was enacted in late 2003 makes two changes that supporters of the law say should make it easier for today's workers to prepare to pay the medical bills they will confront in retirement: prescription drug benefits (the new Medicare Part D) and health savings accounts (HSAs). This paper examines the impact of Medicare Part D on savings needed for insurance premiums to supplement Medicare, Medicare Part B and D premiums, and out-of-pocket expenses in retirement, and examines the viability of using HSAs to save for these expenses. It presents a wide range of estimates based on various ages at the time of death, because longevity risk is a major threat to retirement income security. This range of estimates also varies with various assumptions regarding health insurance premium inflation rates and out-of-pocket expenses. Projecting the amount needed for medical expenses in retirement is tentative and complex because it requires conclusions about the range by which medical inflation will exceed consumer prices generally, as well as assumptions about whether medical practices will change in a way that makes Medicare coverage for a given ailment more or less likely.

Download or read book Medical and Dental Expenses written by and published by . This book was released on 1990 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Savings Needed for Health Expenses in Retirement written by Paul Fronstin and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper updates earlier EBRI research on estimated savings needed to cover health insurance to supplement Medicare and out-of-pocket expenses for health care services in retirement. It finds that men retiring at age 65 in 2009 will need anywhere from $68,000 to $173,000 in savings to cover health insurance premiums and out-of-pocket expenses in retirement if they want a 50-50 chance of being able to have enough money, and $134,000 to $378,000 if they prefer a 90 percent chance. With their greater longevity, women will need more: a woman retiring at age 65 in 2009 will need anywhere from $98,000 to $242,000 in savings to cover health insurance premiums and out-of-pocket expenses in retirement for a 50-50 chance of having enough money, and $164,000 to $450,000 for a 90 percent chance. For those seeking a median (50 percent) chance of having enough money for health care in retirement, these estimates are about 9 percent higher than a year ago for men and married couples, and 16 percent higher for single women. Many individuals will need more money than the amounts cited in this report because this analysis does not factor in the savings needed to cover long-term care expenses, nor does it take into account the fact that many individuals retire prior to becoming eligible for Medicare. However, some workers will need to save less than what is reported if they choose to work during retirement and receive health benefits as active workers. The PDF for the above title, published in the June 2009 issue of EBRI Notes, also contains the fulltext of another June 2009 EBRI Notes article abstracted on SSRN: “Many 401(k) Sponsors Suspending Matching Contributions Are Funding Defined Benefit Pension Plans.”

Download or read book Savings Needed to Fund Health Insurance and Health Care Expenses in Retirement written by Paul Fronstin and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the cost of health insurance and health care expenses in retirement. It examines recent trends in private- and public-sector retiree health benefits and the impact of these trends on current and future retirees. It also presents options that retirees currently have to supplement the Medicare program, and provides estimates of how much those options will cost current and future retirees.

Download or read book Amount of Savings Needed for Health Expenses for People Eligible for Medicare written by Paul Fronstin and published by . This book was released on 2013 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper updates previous estimates by the Employee Benefit Research Institute on savings needed to cover health insurance premiums and health care expenses in retirement. Much like EBRI's 2012 report, this analysis finds that the savings targets for a 65-year-old retiring in 2013 were not higher than the savings targets for a 65-year-old in the previous year. In fact, these particular savings targets have continued to fall, with the decline ranging from 6-11 percent. This report discusses the model, the savings targets, and continued reasons for the decline in savings targets. In 2010, Medicare covered 62 percent of the cost of health care services for Medicare beneficiaries age 65 and older, while out-of-pocket spending accounted for 12 percent, and private insurance covered 13 percent. Individuals can expect to pay a greater share of their costs out-of-pocket in the future because of the combination of the financial condition of the Medicare program and cutbacks to employment-based retiree health programs. Because women have longer life expectancies than men, women will generally need larger savings than men to cover health insurance premiums and health care expenses in retirement post-65 when examining needed savings regardless of the savings targets. In 2013, a man would need $65,000 in savings and a woman would need $86,000 if each had a goal of having a 50 percent chance of having enough money saved to cover health care expenses in retirement. If either instead wanted a 90 percent chance of having enough savings, $122,000 would be needed for a man and $139,000 would be needed for a woman. Savings targets declined between 6 percent and 11 percent between 2012 and 2013 for a person or couple age 65. For a married couple both with drug expenses at the 90th percentile throughout retirement who wanted a 90 percent chance of having enough money saved for health care expenses in retirement by age 65, targeted savings fell from $387,000 in 2012 to $360,000 in 2013. The PDF for the above title, published in the October 2013 issue of EBRI Notes, also contains the fulltext of another October 2013 EBRI Notes article abstracted on SSRN: “IRA Asset Allocation, 2011.”

Download or read book Savings Needed for Health Expenses for People Eligible for Medicare written by Paul Fronstin and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides estimates for savings needed to cover health insurance to supplement Medicare and out-of-pocket expenses for health care services in retirement. Medicare generally covers only about 60 percent of the cost of health care services (not including long-term care) for Medicare beneficiaries ages 65 and older, while out-of-pocket spending accounts for 13 percent. The Patient Protection and Affordable Care Act (PPACA) reduces cost sharing in the Part D “donut hole” down to 25 percent by 2020. This year-to-year reduction in coinsurance will continue to reduce savings needed for health care expenses in retirement, all else equal, for individuals with the highest prescription drug use. EBRI analysis finds 1-2 percent reductions in needed savings among individuals with median drug use and 4-5 percent reductions in needed savings among individuals at the 90th percentile in drug use since EBRI's 2011 analysis. A 65-year-old man would need $70,000 in savings and a woman would need $93,000 in 2012 if each had a goal of having a 50 percent chance of having enough money saved to cover health care expenses (excluding long-term care) in retirement. A 65-year-old couple, both with median drug expenses, would need $163,000 in 2012 to have a 50 percent chance of having enough money to cover health care expenses (excluding long-term care) in retirement, $227,000 to have a 75 percent chance of covering those expenses, and $283,000 to have a 90 percent chance of doing so. These estimates are 1-2 percent lower than the savings targets estimated in 2011. Many individuals will need more money than the amounts cited in this report because this analysis does not factor in the savings needed to cover long-term care expenses, nor does it take into account the fact that many individuals retire prior to becoming eligible for Medicare. However, some workers will need to save less than what is reported if they choose to work during retirement, thereby postponing enrollment in Medicare Parts B and D if they receive health benefits as active workers. Finally, issues surrounding retirement income security are certain to become an even greater challenge in the future as employers continue to scale back retiree health benefits and as policymakers begin to address financial shortfalls in the Medicare program with solutions that are likely to shift more responsibility for health care costs to Medicare beneficiaries. The PDF for the above title, published in the October 2012 issue of EBRI Notes, also contains the fulltext of another October 2012 EBRI Notes article abstracted on SSRN: “IRA Asset Allocation, 2010.”

Download or read book Savings Fitness written by Barry Leonard and published by DIANE Publishing. This book was released on 2007-12 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many people mistakenly believe that Social Security (SS) will pay for all or most of their retire. needs, but the fact is, since its inception, SS has provided little protection. A comfortable retire. usually requires SS, pensions, personal savings & invest. The key tool for making a secure retire. a reality is financial planning. It will help clarify your retire. goals as well as other financial goals you want to ¿buy¿ along the way. It will show you how to manage your money so you can afford today¿s needs yet still fund tomorrow¿s. You¿ll learn how to save your money to make it work for you & how to protect it so it will be there when you need it. Explains how you can take the best advantage of retire. plans at work, & what to do if you¿re on your own. Illustrations.

Download or read book Amount of Savings Needed for Health Expenses for People Eligible for Medicare written by Paul Fronstin and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper updates previous estimates by the Employee Benefit Research Institute (EBRI) on savings needed to cover health insurance premiums and health care expenses in retirement. This report discusses the model used to estimate the amount of savings needed, the savings targets, and reasons for the recent increase in savings targets. This analysis does not factor in the savings needed to cover long-term care expenses. Medicare beneficiaries pay a share of their health expenses out-of-pocket because of program deductibles and other cost sharing. In 2015, a 65-year-old man needs $68,000 in savings and a 65-year-old woman needs $89,000 if each has a goal of having a 50 percent chance of having enough money saved to cover health care expenses in retirement. If either instead wants a 90 percent chance of having enough savings, $124,000 is needed for a man and $140,000 is needed for a woman. Savings targets increased from 6-21 percent between 2014 and 2015. For a married couple both with drug expenses at the 90th percentile throughout retirement who want a 90 percent chance of having enough money saved for health care expenses in retirement by age 65, targeted savings increased from $326,000 in 2014 to $392,000 in 2015. The main reason for the increase in needed savings is related to the adjustment that is made each year to rebaseline out-of-pocket spending associated with prescription drug use. As a result of the rebaselining, data on out-of-pocket spending for prescription drugs for 2012 and beyond have increased. The Patient Protection and Affordable Care Act (PPACA) is reducing cost sharing in the Medicare Part D coverage gap or so-called “donut hole.” By 2020, coinsurance in the coverage gap will be phased in to 25 percent. This year-to-year reduction in coinsurance will continue to reduce the savings needed for health care expenses in retirement, all else equal, for individuals with the highest drug use, which is one reason why this analysis finds past reductions in needed savings for health care expenses in retirement. Improvements in the outlook for growth in premiums related to the Medicare program also contributed to past declines in savings targets. However, more recently, these declines were offset by larger increases in out-of-pocket spending on prescription drugs as a result of rebaselining.

Download or read book Saving for Health Care Expenses in Retirement written by Paul Fronstin and published by . This book was released on 2008 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the savings needed to cover health insurance premiums and out-of-pocket expenses for health care services in retirement and evaluates the use of health savings accounts (HSAs) to save for those expenses. Proponents of HSAs often tout them as a vehicle for funding future retiree health care costs. But, while HSAs represent an important option for consumers seeking more control over their health care spending, statutory contribution limits make it unlikely that these accounts will play more than a minor part in savings for health care costs in retirement. This research shows that while HSAs can be used to save for health care expenses in retirement, the maximum savings that can be accumulated in an HSA will be far from sufficient to fully cover the savings needed in retirement for insurance premiums and out-of-pocket expenses. One of the difficulties in using an HSA to save money for premiums and out-of-pocket expenses during retirement is that individuals also can (and may need to) use the money in the account to pay for health care services during their working years or to pay COBRA premiums and insurance premiums during periods of unemployment. The PDF for the above title, published in the August 2008 issue of EBRI Notes, also contains the fulltext of another August 2008 EBRI Notes article abstracted on SSRN: quot;The Impact of Immigration on Health Insurance Coverage in the United States, 1994-2006.quot.

Download or read book The 5 Years Before You Retire written by Emily Guy Birken and published by Simon and Schuster. This book was released on 2013-12-02 with total page 182 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive guide to planning your future retirement before it's too late! Even though half of all Americans put money aside for retirement, it isn't until they reach their sixties that many realize that they haven't saved enough. With The Five Years Before You Retire, you'll hone in on what you need to do in the next five years to maximize your current savings and create a realistic plan for your future. This book guides you through each financial, medical, and familial decision, from taking advantage of the employer match your company offers for your 401k program to enrolling in Medicare to discussing housing options with your family. Covering every aspect of retirement planning, these straightforward strategies explain in detail how you can make the most of your last few years in the workforce and prepare for the future you've always wanted. Whether you just started devising a plan or have been saving since your first job, The Five Years Before You Retire will show you what you need to do now to ensure that you live comfortably for years to come.

Download or read book Don t Go Broke in Retirement written by Steve Vernon and published by Rest-Of-Life Communications. This book was released on 2020-08-18 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt: Make Smart Choices with Your Social Security and Savings! Are you thinking about retiring soon, or have you recently retired? Don't Go Broke in Retirement, the latest in a series of acclaimed books by trusted retirement expert Steve Vernon, gets right to the point and shares an easy-to-follow, three-step plan that helps you answer these critical questions: Have you saved enough money to retire? When should you start your Social Security benefits? What's the best way to build lifetime income that's protected from financial crises? What living expenses should you reduce to make retirement more affordable? Based on the "Spend Safely in Retirement Strategy," the plan was developed from new research by the Stanford Center on Longevity and the Society of Actuaries. Learn why this strategy has garnered national attention and discover how the recent financial turmoil successfully stress-tested this plan, proving its effectiveness for managing retirement funds. Don't Go Broke in Retirement provides the information and tools you need to generate the most retirement income from your Social Security benefits and retirement savings, including: A simple, step-by-step checklist to help you put your plans into action Modifications to personalize the strategy for your goals and circumstances Access to bonus chapters to help you apply the strategies outlined in the book, including investing in retirement, navigating tax rules, and finding professional help with retirement funding strategies A list of helpful resources and research to learn more Don't worry about your retirement! Instead, develop solid financial strategies so you can confidently enjoy your retirement years.

Download or read book Have You Ever Been Bitten by an Elephant written by Drew Blackston and published by . This book was released on 2020-08-17 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt: The authors of "Have You Ever Been Bitten by an Elephant? The Definitive Guide for Retiring Well" have met with over 10,000 individuals and families from across this great country to create an informative and fascinating look at retirement planning for the complex needs of today's retirees. Their unending desire to create custom and comprehensive financial planning for both retirees and pre-retirees has allowed them to have the unique knowledge, experience and insight to help almost anyone looking to maximize what they have worked so hard to accumulate. As you read this book, it takes you on a journey through the triumphs of smart and solid planning, as well as guiding you pas the most common pitfalls that derail so many retirees. So you may be wondering how an elephant bite can affect your retirement. Take a seat. Grab a pad and pen, because the answer will astound you. The Blackstons donate 100 percent of their proceeds from the sales of this book on Amazon to the Villages Honor Flight.

Download or read book Retiree Health Benefits written by Paul Fronstin and published by . This book was released on 2003 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Use of Health Savings Accounts for Health Care in Retirement written by Paul Fronstin and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the savings needed to cover health insurance premiums and out-of-pocket expenses for health care services in retirement and evaluates the use of health savings accounts (HSAs) to save for those expenses. Proponents of HSAs often tout them as a vehicle for funding future retiree health care costs. However, statutory contribution limits mean that they are unlikely to play more than a minor part in savings for health care costs in retirement. If an individual age 55 in 2009 were to contribute $3,000 to his or her HSA and also contribute the $1,000 catch-up contribution each year for 10 years, $48,300 would be in the account after 10 years at a 2 percent interest rate. And if the interest rate was 5 percent, $55,100 would be accumulated at the end of 10 years. Such savings levels by themselves are inadequate to cover health costs in retirement. A man age 55 in 2009 would need between $144,000-$290,000 by the time he reached age 65 in 2019 (depending upon his use of prescription drugs in retirement) to have a 50 percent chance of being able to cover premiums and out-of-pocket expenses for Medigap and Medicare Part D. Thus, a 55-year-old man would be able to use an HSA to accumulate between 16-32 percent of needed savings for insurance premiums and out-of-pocket expenses in retirement for a 50-50 chance of having enough savings. For a 90 percent chance, the maximum HSA savings would cover between 7-16 percent of the necessary savings amount. Women, who live longer than men on average, will need more. The PDF for the above title, published in the April 2010 issue of EBRI Notes, also contains the fulltext of another April 2010 EBRI Notes article abstracted on SSRN: “Tax Expenditures and Employee Benefits: Estimates from the FY 2011 Budget.”

Download or read book How to Make Your Money Last Completely Updated for Planning Today written by Jane Bryant Quinn and published by Simon & Schuster. This book was released on 2020-01-07 with total page 432 pages. Available in PDF, EPUB and Kindle. Book excerpt: NOW COMPLETELY UPDATED to reflect the changes in tax legislation, health insurance, and the new investment realities. In this “highly valuable resource” (Publishers Weekly, starred review) Quinn “provides simple, straightforward” (The New York Times) solutions to the universal retirement dilemma—how to make your limited savings last for life—covering mortgages, social security, income investing, annuities, and more! Will you run out of money in your older age? That’s the biggest worry for people newly retired or planning to retire. Fortunately, you don’t have to plan in the dark. Jane Bryant Quinn tells you how to squeeze a higher income from all your assets—including your social security account (get every dollar you’re entitled to), a pension (discover whether a lump sum or a lifetime monthly income will pay you more), your home equity (sell, rent, or take a reverse mortgage?), savings (how to use them safely to raise your monthly income), retirement accounts (invest the money for growth in ways that let you sleep at night), and—critically—how much of your savings you can afford to spend every year without running out. There are easy ways to figure all this out. Who knew? Quinn also shows you how to evaluate your real risks. If you stick with super-safe investment choices, your money might not last and your lifestyle might erode. The same might be true if you rely on traditional income investments. Quinn rethinks the meaning of “income investing,” by combining reliable cash flow during the early years of your retirement with low-risk growth investments, to provide extra money for your later years. Odds are, you’ll live longer than you might imagine, meaning that your savings will stretch for many more years than you might have planned for. With the help of this book, you can turn those retirement funds into a “homemade” paycheck that will last for life.

Download or read book Retirement written by Robert Dong and published by Efalon Acies. This book was released on 2023-12-17 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: The transition to retirement marks a significant chapter, and it's one that deserves careful consideration and preparation. As you delve into this book, we'll unravel the intricacies of understanding your finances, building a robust retirement portfolio, navigating the tax landscape, and optimizing various income streams. Beyond the numbers, we'll delve into the personal aspects of retirement, exploring how to craft a lifestyle that aligns with your passions and fosters personal fulfillment. Health and wellness take center stage as we discuss strategies to prioritize your physical and mental well-being. Additionally, we'll address the importance of estate planning and leaving a lasting legacy. Life transitions are inevitable, and we'll guide you through adapting to change, overcoming challenges, and embracing new opportunities in your retirement years. This book is more than a guide; it's a companion on your journey to financial freedom and a fulfilling retirement. So, turn the page, absorb the insights, and prepare to celebrate the next chapter of your life. The adventure begins now.