Tag Archives: retirement

Boomers — Beware

The LA Times reports that there may not be enough health care to go around for America’s aging baby boomers. The system is “woefully unprepared” to handle the titanic influx of boomers over the next couple of decades.

Story here (subscription may be required):

http://www.latimes.com/features/health/medicine/la-na-health15apr15,1,1627164.story

COMMENT:
Is there anything “new” about this “news”? America is woefully unprepared for the influx of boomers in many regards, not just healthcare, although the lack of qualified workers in healthcare may be especially poignant, given boomers’ typical love of life.

One thing we urge our clients to consider is their impending retirement. Although contributions are not allowed into a health savings account past age 65, the account can still be tapped on a tax-free basis for medical expenses at any age. No question about it–those who start an HSA with many years to go until retirement and fully fund that account religiously will have more than enough cash to cover expenses that Medicare leaves on the table (which is expected to continue to increase).