Avoiding Retirement Hazards
Written by Takara Alexis   
Sunday, 24 April 2011
As health care prices continue to rise severely, employers are also shifting more weight of the costs onto their employees. A lot of companies are beginning to drop retired workers from their health plans, and on top of that, millions of Americans have no form of coverage whatsoever.
by TakaraAlexis


As health care prices continue to rise severely, employers are also shifting more weight of the costs onto their employees. A lot of companies are beginning to drop retired workers from their health plans, and on top of that, millions of Americans have no form of coverage whatsoever.

So one of the most common mistakes made in retirement, is a lack of preparation for the financial impact of your health. One very overlooked and most expensive costs is long-term healthcare. Long-term health costs can be devastating to a financial plan, so buying long term care insurance early on can assist with minimizing its costs severely.

A common assumption is that you should have enough retirement assets that will last you until your life expectancy is reached.

But today, the world is always going through massive changes. As medical technology increases along with life expectancy, the odds are good that at least you or your spouse will live past age 90. So it's crucial that you are prepared to live longer.

Your generation is famous for working long, tiring and abnormal hours to get ahead. And most baby boomers agree that they'll be working even while retired. But that can be one of the biggest retirement mistakes you make.

As of now, the average age of retirement in America, is 62. According to the Employee Benefit Research Institute Retirement Confidence Survey of 2007, among retirees who had to leave the workforce earlier than they wanted to, 28% did so because of disability, 28% because of layoffs or corporate restructuring and 25% to care for a spouse or family member. So even if you decide to work as long as you can, it may not always be possible and it's vital that you plan and save for such a scenario.

About the Author:

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