Avoiding the Single Largest Risk to Your Retirement Income
American workers are retiring, and health care costs are rising. We are all feeling it, even if we aren’t ready to retire. But it’s hitting retirees harder.
Many retirees will see a reduction in their Social Security in 2020 even though payments increased this year. Why? The cost of health insurance rose faster than the increase in the cost of living adjustment for Social Security. But decreased Social Security isn’t the greatest threat. There is an even greater threat to our retirement savings that is largely being ignored. And that’s the risk of a long-term care event.