There is a trend forming, small increases in social security and larger increases in healthcare costs, that really threatens the retirement security of people who are relying only on social security as a source of income and support in retirement years. In 2017, Social Security benefits will be increasing by 0.7 percent, however, we are also going to see a rise in healthcare costs that will more than wipe out the increase given.
As this trend formalizes and becomes more a reality, the need for planning for your future couldn’t be more vital.
In this Elder Law Minute video, Wes Coulson, Illinois Elder Law attorney, discusses what is ahead in 2017 for Social Security Benefits, healthcare costs, and what it may mean for you.
Health Costs May Gobble Up Social Security Benefits
Hi, I’m Wes Coulson and this is your Elder Law Minute. I read a couple of things in the news recently that really drove home to me, and I hope to you, the need for planning for our future as we get older.
The first thing I saw was that Social Security Benefits is scheduled to increase in 2017 by a whole 0.7 percent. Not much, but better than the zero percent in 2016. So, that sounds good. But, then the second thing that I read was that because healthcare costs are going up by so much, the increase in them, whether it’s reflected in Medicare, Medicare Supplement premiums, or both, is going to more than wipe out that increase.
And I think that’s the trend folks (small increases in social security, larger increases in healthcare costs) that really threaten the retirement security of most people if you are relying only on social security as a source of income and support in retirement years. So, yes, listen to the financial planner people when they tell you that you need to do some planning. They’re right, I agree with them. Thanks a bunch.
For more related information, visit these articles:
- Americans Falling Woefully Short on Retirement Savings
- Long Term Care Costs: The Biggest Threat to your Financial Future
- When it comes to Long Term Care – When you run out of money, you run out of options
- What’s the Difference Between Estate Planning and Asset Preservation Planning?
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Dent-Coulson Elder Law is dedicated to providing families in the St. Louis area with their Elder Law needs. Our practice areas include Asset Preservation Planning, Veterans Benefits, Medicaid Eligibility, Alzheimer’s Planning, Special Needs Planning, Estate Planning and more. We understand the financial challenges you may face as you and your loved ones grow older. At Dent-Coulson Elder Law, our clients’ well-being is our number one priority. For immediate help, call (877)995-6876 or Contact Us and we will get in touch as soon as possible.