We are all looking forward to what has been dubbed the “golden retirement age,” and there are a lot of things that are amazing, but these amazing promises hide some uncomfortable truths. While there are some things that seem to be so appealing because they are told to us all the time about this period, there are things that people gloss over in order not to scare the people who are about to retire.
However, those things, while uncomfortable to hear, are needed so those of us who are close to retiring know what to expect, and for those who are far away from the retirement period, they are needed so they know to prepare adequately for those years.
It’s not often that people are truthful about what retirement is about, and this can be a problem: from the unforeseen medical costs people don’t like to talk about to a lot of expenses and things people have to do but don’t expect, there are a lot of aspects that aren’t talked about. This is why we have gathered these hard truths about retirement that you should have on your mind when you think about retirement, especially if you are close to the period.
Let us know if you have considered any of these before or if they’re all new to you!
3 Responses
A lot of truths were spot on. Disappointed to see that there was no mention of Medicare Advantage Plans available from numerous major insurance companies that will pay a lot more than straight Original Medicare. Copay’s are modest and mostly all costs are fully paid when you hit the maximum out of pocket level. There is also the Gap coverage option. This is important info that should have been included.
My spouse and I waited until age 70 to start collecting social security which has made a big difference for our long term plans. The 8% increase per year for the four years after our age 66 regular retirement age gives us 32% more.
We have a moderate LTC plan which has a reasonable rate which will help IF we need it later in life.
This article does not address the federal taxes you will have to pay on those benefits based on ridiculous levels of income that have not been adjusted for years.