| May 21, 2014

Bad News for Middle Class Americans’ Health Care Costs

Health care costs could drain most or all of Social Security benefits during retirement.

Don’t expect any help from your Social Security benefits when it comes to paying for living expenses such as food, housing, travel and transportation during your retirement. That’s because you’re probably going to need it all for health care costs.

HealthView Services revealed its new Retirement Health Care Cost Index, which shows that middle class Americans’ retirement health care costs are on course to surpass their Social Security benefits. The sorry state of affairs looks like this:

  • For a healthy couple retiring in 10 years: 98 percent of Social Security benefits will be required for health care costs
  • For couples retiring in 20 years: 127 percent of Social Security benefits will be required to cover health care costs
  • For couples retiring in 32 years: 190 percent of their Social Security benefits will be required to cover health care costs

Ron Mastrogiovanni, Founder and Chief Executive Officer of HealthView Services, says…

“The Index reveals an ugly truth that will come as a shock to many: Over the course of time, retirees will need to use their entire Social Security benefit just to pay for health care. Many Americans believe that Medicare will cover most or all of their health care costs in retirement. This is simply untrue.”

Planning for retirement

With an estimated jump of 5-7 percent inflation for health care costs (according to HealthView data) compared to just a 2 percent increase in Social Security, the average American’s golden years don’t look so golden. And a recent survey of over 1,000 workers by Employee Benefit Research Institute mirrors those sentiments — 49 percent say they doubt their ability to afford a comfortable retirement.

Gary Herman, President of Consolidated Credit, believes something can be done to help more people prepare…

“The first thing people can do is live a healthy lifestyle and learn how to
cut healthcare costs. A healthy adult will be less likely to need medical attention, which minimizes expenses. Further education on retirement strategies is also beneficial. Find resources that are geared toward financial planning and start saving now. Don’t wait.”

If you need help planning for your golden years, don’t hesitate to contact a certified credit counselor at Consolidated Credit. They have the expertise and resources to assist you in improving your money management skills for a brighter future.

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"We are really proud to recommend Consolidated Credit" Kathleen Cannon, President & CEO of United Way of Broward County. Consolidated Credit Counseling Services, Inc. is pleased to announce our partnership with the United Way as a United Way Chairman’s Circle Organization.

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Consolidated Credit is honored to receive the 2012 Excellence in Financial Literacy Education (EIFLE) Nonprofit Organization of the Year award. The EIFLE awards acknowledge innovation, dedication and the commitment of organizations that support financial literacy education worldwide. See what Consolidated Credit can do for you.

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