2020 Employer Health Benefits Survey | Kaiser Family Foundation
This survey is geared toward employers who provide health insurance to employees. But the findings are eye-opening for individuals, too. They illustrate why the average American worker who retires before Medicare age faces sticker shock when shopping for health insurance.
In 2019, employees paid an average of $5,588 annually ($465 monthly) in premiums for family coverage through their employers. Employers, meanwhile, chipped in a staggering $15,754 ($1,312 monthly). Combined, family coverage ended up costing $21,342 per year ($1,778 monthly).
That employer contribution can obscure the overall cost of coverage. That, in turn, can explain why prices seem to jump so much when moving from employment to retirement. The overall price likely didn’t change too much. Instead, it’s losing the employer contribution that leads to the big jump in prices early retirees see.
Retirement experts have been warning about a retirement crisis for decades. That prediction is turning into an observation. For the next two decades, 10,000 people will blow out 65 candles on their birthday cakes—every single day.
Despite the drumbeat of warnings, about half of employees “are concerned with their household’s financial wellbeing.” And half of households “are in danger of lacking sufficient funds to continue their standard of living once they stop working.” This article explores why. (Note: it focuses on those who rely on defined contribution accounts for retirement).
The case for a retirement roommate | NNY360
The cost of renting is going up. And more than 40 percent of people age 65 and above live alone. Why not address both issues at once?
This author makes the case that more retirees should consider finding a roommate. Not only can it make financial sense, but having a roommate can also fend off one of the biggest risks retirees face: social isolation. It might not be for everyone, but it could be a great solution for many. In fact, one room-renting website reported that the number of users over 50 is growing twice as fast as other demographics.
How to Pick the Right Medicare Plans for You | Kiplinger
October is open enrollment time. For those looking for Medicare plans, navigating the options can be tricky. There are many parts (A, B, D) to consider, doughnut holes to avoid, and more. This article is an overview of what you need to know when assessing your needs and the available options.
(Note: PERA retirees have multiple Medicare insurance plans available through PERACare. During the month of October, you can attend a virtual meeting to learn more about how these plans work.)
News You Should Know is a digest of news from publications around the nation about finance, investing, and retirement.