Financial experts are warning seniors about a retirement expense that often gets overlooked. According to an article by Yahoo! Finance, healthcare expenses are draining people’s retirement savings. That’s understandable when you consider one statistic showing that healthcare expenses could top $172,500 during retirement – and it’s only increasing.
It’s not surprising that medical debt is the leading cause of bankruptcy, accounting for more than two-thirds of all bankruptcy filings in this country. Yet, only one in five Americans says they have considered healthcare needs as part of their retirement planning.
More Money Can Ease Concerns
Here at Council of Seniors, we understand the impact medical expenses and healthcare can have on struggling seniors. That’s why we’re working tirelessly to get Congress to pass The SAVE Benefits Act. Inadequate Social Security cost-of-living adjustments (COLAs) in recent years make this legislation a priority. When passed, it will give $581 back to retirees. Money that can be used to help cover rising healthcare costs.
Please sign our petition now! Lawmakers need to know that this is an issue their constituents care about.