How to Strengthen Your Retirement End Game

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hum.... im 47, got laid off july of last year 2010 from a county job in south east florida, i dont have a 401k nor do i have savings. im on unimployment of 275 a week and my bills are 800 a week. any idea how i can make a goal to retire in todays times? at age 62. Please advise, Kazz kazzz1964@aol

kazz of FL 7:09PM October 18, 2011

What if your Retired and pay into a group health plan provided by your employer,you turn 65 sign up for medicare an dont take part B until your spouse turns 65...will you still have to pay a penalty.?...2nd Question ....My spouse will be 65 before her retirement age of 66.Will she be penalized for not signing up for Medicare, before she receives her SSI check?

Roy of TX 8:23PM August 18, 2011

Signing up for medicare on time is a major, major MUST. Emily is spot on when she says your premiums may increase based on delaying enrollment. You need to also consider the fact that if you miss signing up for something like Plan D (prescription drugs) you will have to pay for every drug you use and that money is right out of your own pocket.
Health Care expenses need to be on the forefront of discussions. I would rather see the Medicare section focused on the entire costs instead of late fees.
Did you know (according to HealthView Services - www.hvsfinancial.com ) that if a person is 55, retires at 65, lives to 90, is healthy, earns less than $85k per year, lives in Ohio (national avg. HC-cost-wise), and wants full coverage that this person can expect to pay roughly $476,500 out-of-pocket throughout retirement.
$476,500 over 25 years is an average of $1,600 per month.
Think taxes are that high? Vacations? Food? Fees?
Focus on the problem because there is actually a solution to fill this whole in the planning process.
Define what you will pay for health care in retirement because you will drain your savings if you don't!
Educate yourself at www.hvsfinancial.com or www.medicare.gov

Mike of MA 11:44AM July 25, 2011