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Estimating health care costs for seniors

For people who are nearing retirement in Mississippi, one of the first thoughts they consider is what they need to do to begin collecting social security benefits. Supplementary Security Income or SSI is a substantial part of income for many retired individuals in the United States. Without it, many would find themselves in a difficult circumstance of not having enough income to support their lifestyle. 

One of the largest expenses for many retired people is their health care costs. A recent study completed by Milliman, a consulting firm, revealed that on average, a healthy couple of 65-years or older would spend nearly $369,000 on health care in the year 2019. This alarming statistic can be disconcerting to many people nearing retirement as they acknowledge that health care is a critical part of their well-being. 

Recommendations for people to begin contributing to an IRA or 401K are being encouraged by experts who say having other sources of income outside of social security benefits may make a significant difference in the financial security that elderly individuals feel when they are retired. The sooner that people begin saving for their retirement and the health care costs they will need to manage based on their medical history and current needs, is imperative to their financial comfort and security for their future. 

When people are looking to begin inquiring about social security benefits, an attorney may be able to provide valuable assistance. With adequate legal direction, people may find that the process of applying for assistance is more efficient and effective. 

Source: Yahoo! Finance, "How Much Will Healthcare Cost You in Retirement? Try $369,000.," Maurie Backman, Jul. 8, 2019

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