Our daily roundup of retirement news your clients may be thinking about.
Health costs may gobble up Social Security benefits A recent study shows that the rising costs of health care can drain seniors' Social Security retirement benefits, especially among women, according to this article on CNBC. To reduce these expenses in retirement, seniors are advised to delay their Social Security benefits, get health insurance to complement their Medicare coverage, and hire a health care advocate and billing specialist. Another option is to contribute to a health savings account, which offers tax-deductible contributions, tax-deferred growth on savings, and tax-free withdrawals if the money is used to cover qualified medical expenses.
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