Retirement – A scary thought in the US

I just returned from a trip to the US, where I learned from my friends that many are hesitant about retirement. And many of them are getting close to the age when they need to start planning for retirement. For many, retirement is a dream. People look forward to being able to relax, go on trips, and enjoy life without having to worry about work. But for some people, retirement is not a good choice or a feasible option. This is because they can’t get health care after they retire. I wonder if worries about health care will make people work past retirement age.

One of the main reasons people cannot think of retiring is the cost of healthcare. Healthcare costs are rising yearly, and many people cannot afford to pay for them alone. People who retire lose their employer-sponsored health insurance, forcing them to pay for their healthcare out of pocket. Many individuals cannot afford this expense.

Many cannot even consider retiring for various reasons, including the absence of Medicare coverage. Many people falsely believe Medicare will pay all their medical expenses once they reach retirement age. Retirees are liable for paying the remaining balance of their medical bills even if they have Medicare coverage. This may represent a significant additional financial strain for many people, particularly those living on a fixed income.

A couple of my close friends have said that one of the reasons they cannot even consider retiring is their dread of getting sick. It’s possible that retirees won’t be able to purchase vital medical procedures or drugs if they don’t have adequate health insurance coverage. Also, the price may be prohibitive to some. Those with this worry often do not retire because they do not want to risk their health as they age.

The pandemic worsened the situation, and now with AI slowly taking over jobs, retirement issues have become more critical. The cost of healthcare, the lack of Medicare coverage, and the fear of illness are all factors that contribute to this issue. Policymakers must address this problem to ensure everyone can access affordable healthcare after retirement. In the US, expanding Medicare will reduce retirees’ financial burden and ensure they have the necessary healthcare. The social security benefits increment or promoting employer-sponsored retirement can ease the burden of healthcare costs. I feel that the lack of awareness of healthcare’s unavailability makes the matter worse. Many people are not aware of the costs associated with healthcare after retirement. Educating people about this issue could help them with a retirement plan and ensure they are financially prepared for healthcare costs. It has become necessary to take urgent action (and sometimes I wonder if a developed country, such as the US, is facing this issue, then what about the people in the South). Without it, many people will not be able to enjoy the retirement they deserve. We must alleviate this problem and make retirement a feasible option for everyone. Retirement should be a time of relaxation and enjoyment, not financial stress and worry.