Greetings!
USA Today reports that with medical care and other costs soaring, many retirement plans are being severely compromised.
For years, we assumed that most people could retire on 70%-90% of their pre-retirement income. The projection now is that people will actually need 126% of their pre-retirement income. This is largely to do with increased life expectancy, fewer pensions and the high cost of medical and long term care.
"Almost everyone needs to be saving more for retirement," says Sheryl Garrett, founder of Garrett Planning Network. |
|
A sobering fact:
An average 65 year old will need $225,000 for just medical and long term care costs not covered by Medicare. |
