Alexandria, VA (October 7, 2013) Think you'll have a financially secure retirement? For too many seniors retirement savings are difficult to achieve. According to one national survey, only 52 percent of retirees say they could "definitely" come up with $2,000 if an unexpected need arose within the next month.
The Senior Citizens League (TSCL), one of the nation's largest nonpartisan seniors groups, has put together a free new publication to help seniors age 60 and older learn to get the most out of their Social Security and Medicare benefits and live more comfortably in retirement. Here are 8 things the government won't tell you, but you'll learn, from TSCL's Best Ways To Save:
- Most people don't realize how much money they give up by claiming benefits at age 62. Someone entitled to an average monthly benefit of $1,500 at full retirement can lose as much as $117,663 by retiring too soon. Click here to see why retiring too soon might not maximize your Social Security.
- The tax code is less generous for younger seniors when it comes to medical cost deductions this year, and that can mean you could pay more in taxes next April 15th.
- Failure to enroll in Medicare on time can cost you thousands in premium penalties for the rest of the time you're enrolled.
- You can get a spousal benefit while you delay your own retirement and let it grow. But for this to work, both you and your spouse need to do some careful planning.
- Investors are frequently advised to let money grow in tax-free accounts like traditional IRAs and 401 (k)s as long as possible. But there may be advantages to tapping those accounts earlier if you plan to delay starting Social Security.
- Big bills for hospital and nursing home stays are surprising a growing number of seniors. It's important to find out whether your stay is as an inpatient and not just for "observation."
- An expensive new prescription can take you by surprise if your drug plan doesn't cover it. It pays off big time to compare your drug and health plan options annually during Medicare's Open Enrollment period October 15 – December 7. Click here for six ways to lower your prescription costs.
- Medicare does not cover everything, and routine eye exams are one of them. But if you're diabetic you may qualify for some vision benefits.
Medicare and Social Security are perplexing at best. But you can get clear advice in the all-new "Best Ways To Save" senior consumer guide, available FREE from TSCL. "Seniors aren't living on fixed income any more, they're living on a shrinking one," says TSCL Chairman Ed Cates. "Today's seniors need to make their income last 20 or 30 years," he says. To request your free special issue, send $2 for postage and handling to: The Senior Citizens League, ATTN: BWTS, 1001 N. Fairfax St., #101, Alexandria, VA 22314.
With about 1 million supporters, The Senior Citizens League is one of the nation's largest nonpartisan seniors groups. Located just outside Washington, D.C., its mission is to promote and assist members and supporters, to educate and alert senior citizens about their rights and freedoms as U.S. Citizens, and to protect and defend the benefits senior citizens have earned and paid for. The Senior Citizens League is a proud affiliate of TREA The Enlisted Association. Please visit www.SeniorsLeague.org or call 1-800-333-8725 for more information.