Retirement can be great - especially if you never get sick!
Retirement expert Troy Sharpe of Oak Harvest Financial Group says to save for retirement as early as you can. "With rising medical costs and rising health insurance costs if you retire before you're 65...depending solely on social security to cover your expenses is probably not a good idea." So why is healthcare so expensive here? "It's probably a combination of government intervention, greed on the part of pharmaceutical companies, health insurance companies, and our inability of us as a nation to come together to solve these challenges as one --- as opposed to partisan political arguments."
2022 Update for Social Security
Sharpe continues: "The rising costs of healthcare expenses in America are a tremendous problem for people who are totally reliant on Social Security for their retirement" Sharpe says what Medicare doesn't cover can cost you a lot of your social security income...and the number of doctors accepting Medicare is dropping. "Many doctors are not accepting Medicare anymore because the reimbursements take a long time, you have a lot of red tape and BEUROCRACY. So, it's a lot easier for some doctors to not accept Medicare patients.
Hear Troy Sharpe and the Retirement Income Show on Sundays at noon here on KTRH.
photo: GettyImages
Medicare doesn't cover all medical expenses. Social Security doesn't cover all day-to-day life expenses.Photo: Getty Images