Non-disabled service members are entitled to Tricare — a health plan provided by the Department of Defense — when they reach the age of 65, according to this article on Money. For Medicare recipients, Tricare can serve as the program's Medigap and Part D drug plans, which they can use to cover the costs excluded by Medicare Part A and Part B. While original Medicare has no annual caps on out-of-pocket costs, Tricare for Life limits catastrophic costs to $3,000 per family, and plan holders are likely to reach this limit if they face a hefty bill for services that are covered only by Tricare, or if they have used up their Medicare hospital benefits. –Money
Although childless couples have more free money to save for their golden years, they may have daily expenses that could cost them a considerable amount and affect the way they should build their nest egg, according to this article on USA Today. Since they have no children who will look after them when they retire, they should have a plan ready in case one of them dies, says an expert. "When the first spouse passes away, income usually goes down, more times than not tax liabilities increase, and expenses either stay the same or increase." –USA Today
The sharing economy offers many opportunities for people to earn extra income after they retire, according to this article on U.S. News & World Report. Retirees may offer their time and services to care for other people's pets, run errands or do household chores for very busy folks, and rent out the vacant rooms in their house. They can also earn by offering home-cooked meals in their residence, working as a tour guide, or providing coaching sessions for athletes. –U.S. News & World Report
Data show that many people find themselves in financial limbo as they get too old to find a job but are too young to retire, according to this article on CNBC. Many older workers who have lost their jobs have responded to their situation by downsizing their homes, relocating to less-costly states, offering consulting services or accepting jobs with lower pay, says an financial planner. They also opted to defer their retirement until the age of 68 or 70, she says. "I think people are being smarter now. They're saving more now and starting to assume that this is a good opportunity for saving, not spending." –CNBC
Clients should change their approach to financial and retirement planning as people are expected to live longer, according to this article on MarketWatch. They are less likely to retire in their 60s and should prepare to experience more changes throughout their career as they are more likely to have a longer working life. For some analysts, 85 could be the new retirement age. “It’s not that you’re old for longer; it’s that you’re young for longer,” says an expert. –MarketWatch
