Ever have the feeling that you're being overtaken by something and there's nothing that you can do about it? Well, here it comes again.
Forty years ago, this was how most people felt about inflation. Prices were going up faster than we could increase our income or accumulate the capital to meet the challenge of ever increasing prices. It seemed useless at times, the price increases were staggering.
Well her comes healthcare costs, rounding the quarter mile poll!
According to a recent study by HealthView a research organization for health care issues, in just 10 years, 98% of an average couple's Social Security Benefits will be needed just to cover healthcare costs, and in 20 years the cost of health care can be expected to exceed benefits in collected by most Social Security recipients in total.
And, I'll be that your social security benefits getting "lapped" by health care is more a certainty than California Chrome's chances of winning/not winning the triple crown.
Even if only in our minds eye we had anticipated that Social Security benefits would have covered a fair portion of post retirement expenditures, what will happen now that those dollars will have to be committed to offsetting only health care costs? What stresses does that put on how your money is invested for your golden years? We can assume the impact will be significant. Seems that in addition to "health care reform" we might have benefited just as much from "health care costs" reform. Odd that I noted today as I was listening to the morning news at 4:00 AM that the U.S. ranks at the bottom of developed nations in the quality of health care.
As an aside, does anyone find it a bit concerning that we're probably at the top of the list in cost and the bottom in quality?
Hmmmmm.......seems that the future continues to dispense a plethora of questions that all seem to have a commonality to them. The commonality would be that the quality of your life in retirement hangs in the balance.
Call me crazy but I don't think that this one you want to figure out on your own.