You might have to move, but not because you want to
As much as we all love our homes, sometimes you may have to consider moving even if it’s not really the ideal thing. This can be both because a new place can make your savings last longer and you can live more comfortably, but also because it could lessen the stress and worry about not being able to retire comfortably.
If you have extra funds to move somewhere else and buy property, you can rent your old home and get some extra income from that, or you can just think of this move as a great chance to be closer to grandkids, go to a better climate for you, or just get to enjoy a community with more senior members.
There are a lot of reasons why you could want to move, so if retirement is worrying you too much, look into this opportunity! And since we’re at it, I feel we might need some extra help. There’s this book written by Ryan Frederick called “Right Place, Right Time” and it is focused on the intersection of place and healthy aging.
Read all about how you can save money for your retirement fund today here!
18 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.
Maybe they didn’t want to promote an option that can have many disadvantages, such as restrictive networks (don’t get sick when you travel!), prior authorization (the insurance can decided what procedures you do or don’t get etc.). It’s good for some people who never go out of their network area and are willing to wait longer to get approvals or be denied.
I work for a wound care as a nurse. Those advantage suck and nothing is covered
I agree, I have an advantage plan and love it. Medicare Advantage is frowned upon by lots of people but is working well for me
The Medicare (Dis)Advantage Plans do not often tell the complete truth about what is covered. They are probably find if you don’t have any major illnesses. Unfortunately, information on healthcare plans is as clear as mud and most people do not fully understand how to best select a plan.
However a lot of drs do not take it. In my area in VA, I cannot find one that I would ever consider going to.
How can someone take a medicare payment, become a middle man with their own costs and still have enough money to make things work? Short answer is they can’t. The doctors and hospitals are routinely being denied payment by MCA plans because there is no more money. The largest group in San Diego just cut ties with all MCA plans and thousands more are going that same route. Its a great concept until you actually need care.
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.
What “ridiculous” levels of income are you talking about? Are you referring to tax paid on RMDs and social security payments? Your statement makes no sense.
Great read
Very useful article. I am glad I moved after my retirement to Brazil. Took only three months getting my equivalent Green Card. Free, complete medical care, including hospitalization, transplants, cataract surgery, hearing aids and many free medication if you can´t pay for it. Great doctors amnsd 24 hours emergency service.
Thank God I am very healthy in part thanks to the great food they have here. Not the stuff I ate for a very long time in the States. Climate is great, people love foreigners and your Social Security payments go a long way. You don´t need any extra money to love well. No stress. ‘
I WAS TOLD MY HEALTH PLAN COVERED EVERYTHING. THEN I GET EMAILS OR MAIL TELLING ME HOW MUCH I OWE I AM AFRAID TO GET.A PAIR OF GLASSES
Instead of our Anti-American Politicians spending millions on illegal criminals, that money should be used to pay everything for Senior Citizens and Disabled Veterans. We get a little increase then they raise the cost of everything, then we don’t make any extra. Wouldn’t it be nice to retire and not have to pay for medical insurance or medication?
Retirees need to be aware of IRMAA implications on your Medicare Part B and Part D premiums if you make a yearly income above the annual thresholds.
Those who feel that they have to save money for college expenses should read what Rachel Cruz, daughter of Dave Ramsey, has to say about it.
Taking SS early leaves more of you 401K, IRAs, ROTHs to grow. You have to factor that in.
How about the total amount left uncollected for the years waiting until age 70? For example a monthly of $2,500 means $120,000 left uncollected. How long before the 8% increase catch up? What could one have done with $120,000 over 4 years?