But retiring early can have major consequences, and most people underestimate how much they'll actually need to live comfortably. You don't have a clear monthly financial plan You can't know how much money you'll need during retirement if you haven't created a monthly budget. It's not necessary to consider every single cost -- after all, it's impossible to know exactly how much you'll be spending during retirement -- but estimating how much you'll need on a yearly and monthly basis is the first step in determining how much you need to save before you can retire in comfort. Your backup plan is to continue working for years If you retire and then find out you don't have enough money saved to last through your golden years, you can just rejoin the workforce, right? If you claim Social Security retirement benefits and then start working again before you reach that age, you may not receive your full benefits. If you start working again the year you reach your full retirement age, in the months leading up to your birthday, your benefits will be reduced by $1 for every $3 you earn above $44,880. You don't regularly check up on your savings Not everyone likes to deal with money, and it's understandable if you dread checking their bank account for fear of what you'll find. Assuming that inflation averages 3% per year and that you can live comfortably on 70% of your pre-retirement income, this is how much you'll need to maintain the same standard of living at different ages: Age Income Required to Maintain Lifestyle 45 (current age) $42,000 65 $75,857 85 $137,006 In other words, even if you have half a million dollars saved, your income could fall short of your needs once you're deep into retirement. The best way to avoid the stress is to keep track of your finances early and often, and resist the urge to retire early if you're not truly ready for it. This Stock Could Be Like Buying Amazon in 1997 Imagine if you had bought Amazon in 1997… a $5,000 investment then would be worth almost $1 million today.
When Jackie Thennes decided to switch doctors earlier this year, the hospital system in her Chicago, Il. suburb seemed like the natural choice. She’d been to the immediate care facility multiple times before for screenings, and the doctor was in-network.
But Thennes, who is 50 and looking for work, got a nasty surprise when the bill arrived in the mail: along with an anticipated charge for the doctor’s visit, she was also charged a “facility fee.” At $235, the fee was slightly more than the doctor’s visit itself.
Thennes tried to contest the charge with the hospital system, but to no avail. And while she said she won’t go to the facility again, she worries about getting hit with the same fee somewhere else.
This is “going to deter me from getting the medical attention I need,” she said. “I’m going to get sick just worrying about it.”
These kinds of facility fees are common at hospitals, where they help pay the hospital system’s overhead costs. But as doctors’ offices increasingly are being bought up by big hospital systems, patients are being charged facility fees of up to hundreds of dollars out-of-pocket without warning and without the ability to contest them.
Hospitals, in return, say these charges are key to their business model, since they must be available for “24/7 access to care for all types of patients, to serve as a safety net provider for vulnerable populations, and to have the resources needed to respond to disasters,” said industry group the American Hospital Association.
There’s also the argument that being part of a big hospital system gets patients better access to care — it might be easier to be admitted into the hospital if necessary, to get a second opinion or consult and share the patient’s health record, said Jack Hoadley, a research professor at Georgetown University.
But, “the question is, does that really materialize for you and your situation?” he said, especially if the doctor’s office is located several miles away from the hospital, or the patient has no need for those additional services.
A policy implemented this year, over industry opposition, may signal somewhat of a sea change. The Centers for Medicare and Medicaid Services will no longer pay facilities located off a hospital’s grounds the same as those based at a hospital, if the facility in question started billing Medicare after November 2015.