The number one retirement expense is Health Care. The typical 65-year-old American couple’s healthcare bills after retirement would be enormous: The Boston-based wealth management behemoth Fidelity Investments estimates the retired couple would need $315,000 to cover unpaid medical expenses throughout their lifetimes. These are expenses that Medicare will not cover.
However , you can potential lower these expenses if you do this:
To improve Americans’ participation in retirement plans, lawmakers are looking to other countries for inspiration. Foreign governments use various carrots and stick to ensure employers offer retirement-saving plans to their workers and encourage them to participate, according to a report published by the U.S. Government Accountability Office.
One of the things they are looking at is automatic enrollment. Your employer has to enroll you in a retirement plan at the percentage rate required by the Government. If you are struggling to pay your bills, wait until next year. Your participation rate will increase yearly.
Is this an abuse of government power?