Retirement Is Actually Another Job

I love my job as president of Debt.com, but I also look forward to retiring someday. What I’m not looking forward to: Working at my retirement.

Retirement today is a totally different concept than it was a century ago. In 1926, the average retiree received a weekly pension check that covered many of their living expenses. Then again, average life expectancy was only 58, retirement lasted a handful of years, and medical care lacked basics like antibiotics.

Today, we live longer – 79 is now the average – and so retirement lasts an average of 20 years. That complicates the process. Pension checks are now rare, replaced by 401(k)s and 403(b)s, Roth IRAs and traditional IRAs, Medicare and Medicare Part B.

Navigating all that is time-consuming, especially when common wisdom says you need to retire with at least $1 million. But there is good news, and it can be found within some bad news.

Unknown aid

Here’s an example: The National Council on Aging (NCOA) issued a report this month that concluded, “Eligible older adults are missing out on $58 billion that could help make life more affordable.”

Those benefits include…

• The Supplemental Nutrition Assistance Program – better known as SNAP, which provides monthly support for food
• Supplemental Security Income – aka SSI, which is monthly cash aid
• Medicare Savings Programs – MSPs help with Medicare premiums, deductibles, and co-insurance

These older folks aren’t turning up their noses at free help, the NCOA says: “Many older adults are simply unaware these programs exist, and others incorrectly believe they are ineligible.”

It’s not just NCOA. CVS Health released a report this month on a similar topic: There’s a “a significant gap between older Americans' current ability to navigate digital health tools and their interest and openness to learning more.”

In other words, older Americans want to learn about the latest healthcare apps and online tools that can save them money. They just don’t know where to find them or how to use them. 

Easy opportunity

So retirees are leaving money on the table. That’s the bad news. Here’s the good news: Fixing that is easier than you might think.

For starters, NCOA offers a website that can match you up to benefits you might not know about. All you do is go to BenefitsCheckup.org. As for healthcare apps and online tools that can save you time and money, start with your primary doctor. Many of those are part of healthcare networks that offer their own online tools that can help you manage your costs.

Finally, there’s Debt.com.

According to the AARP, Americans over 65 carry an average credit card balance of $6,000 to $8,000. If those credit cards have a 20% interest rate – which is also an average – then you’re handing hundreds of dollars per month to your issuer rather than spending it on food, healthcare, or just enjoying life.

Debt.com helps retirees every day. Our experts offer an in-depth, customized debt analysis right over the phone. Best of all, it’s free. Even better, it’s simple. Retiring might be complicated, but getting out of debt doesn’t have to be.