4. Rising Medicare premiums
While the age at which you can apply for Medicare does not change, the premiums certainly might.
As mentioned earlier, since premiums are deducted from your benefits, as the costs rise, your Social Security dwindles. This could be a major concerning factor for those who will rely heavily on their benefits during their retirement.
Back in 2012 premiums for Medicare Part B cost $99.90. In 2020, however, seniors are expected to pay $144.60. Naturally, higher earners must pay more. If you and your spouse earn more than $174,000 per year then you’ll be charged between $202.40 to $491.60.
It’s best to try and figure out their costs ahead of time so that you may supplement your retirement savings in order to fill these gaps in your Social Security.
‘The early bird catches the worm’? It would seem not in the case of number 5…..
