The Olympian states some senior citizens lack a sense of urgency about putting money away for a retirement fund. The paper references research in the Journal of Financial Service Professionals which found evidence that financial strain in retirees can cause depression, while being financially secure can lead to improved health.
Many people underestimate the costs of living in retirement, especially when travel and recreation are factored in, according to the article.
Also, life expectancies have increased, which means a person's retirement may last 25 years or more.
The news provider also suggests seniors visit the Social Security website to determine what their monthly income may be. The highest payment one can receive is $2,323.
Some seniors also assume Medicare will cover all their medical bills, states the Olympian. While President Barack Obama has promised a health care reform plan that aims to change the industry, the current government system has monthly premiums, deductibles that can reach $1,000 and a limited number of days of benefits per treatment.
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