Yesterday we talked about wealth.
Today I want to talk about health.
Well, both.
Let me explain…
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According to a recent report from CNBC, the #1 reason that people file for bankruptcy is health-related.
Let me say that again.
If you live in the U.S., medical issues and bankruptcy go hand in hand.
That’s a scary statistic. And I’m sure you see what I’m saying in your neck of the woods.
After all, medical expenses are a crying shame these days.
The “sticker” price of medical procedures is outrageous.
The health insurance system is filled with crooks, lobbyists and lawyers.
And the cost of medicare for American retirees keeps going up.
That’s a killer cocktail for American retirees.
After all, you face most of your major medical issues at a time when you’re on very fixed income (especially so, considering the Social Security stats I shared with you yesterday).
So if you thought the retirement crisis is bad. This makes it even worse.
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Now look…
You know me, around the office they call me “Mr Income”… so I’m always doing my best to make sure you have the income to live the wealthy and healthy life you deserve. After all, those medical bills can stack up!
But today I want to make sure your retirement is protected with MORE than just income.
So let’s take a deeper dive at the healthcare crisis facing retirees, and focus on TWO cold hard facts…
First, Medicare isn’t free.
This is a common misconception that I hear all of the time. And while hardworking Americans that have paid in to Social Security can get a “free” benefit there, that’s not the case with Medicare.
Medicare comes with premiums. And as I mentioned above, Medicare costs keep rising.
According to another study reported by CNBC, “The average couple retiring today at age 65 will spend an estimated $280,000 on health care during the remainder of their lives.”
That’s why it’s important to make sure you’ve got plenty of income to cover the monthly premiums.
Second, and this is a big one, Free Life expectancy is going up.
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If you look at those two facts… it is clear that the more you live, the more you pay in Medicare costs.
It is a Catch-22 situation.
Let me explain
When congress passed the Medicare laws back in the 1960s, they did not expect Americans to live as long as they do today.
At that time, the average American life expectancy was 69 years.
Today the average U.S. life expectancy is 79 years.
Which means that Americans are on Medicare for an additional 10 years.
This is a huge burden on Medicare.
In the ‘60s, the Average American was dying before he started experiencing memory loss, dementia, Alzheimer’s, severe hearing problems, severe vision loss and other disabilities that usually occur only in people over 70.
The more you live, the more health problems you face, and therefore the more you spend on Medicare.
In 1970, if you made it to 65 and qualified for Medicare, you could expect to live for about 15 years on the program. In 1990, you could expect about 17 years on Medicare; by 2015, you were on Medicare for close to 20 years. This is putting a huge burden on the budget.
Congress has been toying with the idea of increasing the eligibility age for Medicare from 65 yrs. to 67 yrs.
The Congressional Budget Office has estimated that raising the eligibility age of Medicare to 67 would save about $125 billion over a decade. That is a very tempting prospect for congress. Especially as the Medicare fund is all set to run out by 2026.
It may not even be that far off.
Just 2 years ago the fund was set to last till 2029.
2029… 2028…2027… 2026…
Medicare bankruptcy is speeding down on us…
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And Congress will not be able to hold on any longer. They are bound to crack under the strain. And when they do… Don’t be too surprised if they increase the eligibility age to 70 even.
Which means, you could be without Medicare for an additional 5 years.
With inflation, increased cost of medication, and all the problems with Social Security, it surely is going to be one hell of a rough ride.
And to make things even more interesting, Wall Street’s Bull run could come to an end. Any day now.
And nobody knows how long the next recession will last.
So if you’re thinking of a dream retirement, you have to do a little more than just dream.
And that’s where I want to help.
The truth is, while life expectancy is on the rise, I don’t just want you to live more.
I want you to enjoy every day you live. And look forward to the next.
And the only way to do that is by planning your retirement for yourself.
I surely do not expect congress to worry about your retirement or mine while they have bigger fires to fight.
Simply put, there are thousands (or even hundreds of thousands) of dollars that you could be on the hook for. And in some instances you could owe 20% of the inflated medical costs.
That’s a true nightmare scenario if you don’t have the right information.
And as I type to you I’m studying up on ways to make sure you’ve got the information you need.
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