A “silver tsunami” of baby boomers is expected to enter retirement, prompting big decisions with regard to Medicare coverage and Social Security…
A"silver tsunami" of baby boomers is expected to turn age 65 in the next several years.Here's what experts say today's retirees need to consider when it comes to those programs.
Meanwhile, about 40% of households will not be able to maintain their pre-retirement standard of living due to insufficient retirement income, according to theIdeally, beneficiaries should sign up for all parts of Medicare the month before that birthday to avoid coverage gaps, according to a That's based on an annual 6% health care inflation rate, which J.P. Morgan calls a"prudent" assumption.
Based on the numbers, Medicare Advantage may seem like a better deal. But experts say there are trade-offs to consider. Because Medicare Advantage enrollees have no supplemental coverage, they should set aside more money for surprise out-of-pocket costs, Carson said. The full retirement age is the point when retirees stand to receive 100% of the benefits they've earned.For those turning 65 now, that amounts to a benefit cut of around 30%. So if their full retirement age benefit is $1,000 a month, they will receive a $700 monthly check for life if they instead decide to claim at age 62.
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