The second retirement trap occurs when the kids are grown and finished with school and before retirement when you put off saving for later so you can start treating yourself now. Striking a balance in your 50s between enjoying your relative youth with increasing savings for the not so distant future is the key.
Retirement Myth 3 – Medicare!
This retirement myth is that starting Medicare will cut my health care costs dramatically. While Medicare is a wonderful program, it is not the be all and end all of personal health care coverage. You will need a Medicare supplement policy to help round out your protection and even with a good supplement you will still have out of pocket expenses.
Related Article: 5 Ways You Could Be Sabotaging Your Retirement
I'm sure there is some direct mathematical corollary between our age in years and the number of prescription drugs we take. Even if there is no such thing as a fixed relationship, the amount and frequency of medications and their associated cost (deductibles and co-pays) does increase with age.
The Solution is to stay active and get plenty of exercise and eat and sleep well. We could all get away with staying out late and neglecting our bodies when we are in our twenties but we don't retire in our twenties. The best way to control increased health care cost is to need less healthcare in the first place. That means taking better care of yourself now and as you get older.
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