Cost of Senior Living [View all]

[Yonnie3]

I am getting a 0.3% cost of living increase on my Social Security. I have read that this increase will be completely absorbed by an increase in the Medicare B premium. My part D prescription insurance has announced what amounts to a 15% increase when I consider the premium increase and the increased deductible. My supplemental insurance increased 6.5% mid-year 2016 and I expect it to increase again in 2017.

When I figure increases* for me just on medical insurance by multiplying the percentage of pension (fixed) and Social Security income I spend on medical insurance by the percentage increase, I get 1.1% which is a heck of a lot more that 0.3%.

I've also seen rather large increases in my vehicle and dental insurance.

I am concerned that in the longer term my standard of living will be significantly eroded as my premiums continue to increase. This could be incredibly worse under a new administration.

I've been on Social Security for under two years and semi-retired (under employed) for nearly a decade. I find my part-time work to be too physically demanding at times. I would like to quit, but worry about money.

Do any of you seniors have thoughts about the longer term financial issues in retirement?

*It would not be correct to call that 1.1% increase inflation as medical expenses, on average, increase as you age.