A consultation with an elder law attorney is a must for people who are serious about planning for the eventualities of aging.
The first thing to take into consideration will be retirement planning. Given the limited income that will be derived from Social Security you must understand exactly what to expect and take steps to build your own personal financial underpinning over the course of your life.
Understanding the expenses that you may be facing is part of the equation. As we all know senior citizens are more likely to require medical care than people who are younger. While it is true that Medicare will soften the blow in most instances there are out-of-pocket costs that you must take into consideration.
And, these costs rise over the years. There are cost-of-living adjustments to Social Security, but they may not always match the increasing out-of-pocket Medicare costs.
In 2013 there is a 1.7% cost-of-living adjustment over the 2012 Social Security payouts, and this will certainly help seniors who are trying to live in large part on a fixed income.
However, the same individuals will be facing larger Medicare premiums, co-payments, and deductibles. In 2013 Medicare Part B premiums are five dollars more expensive per month than they were in 2012.
The Medicare Part B deductible has gone up from $140 to $147, and the deductible for Medicare Part A is $1184 in 2013; in 2012 it was $1156.
If you have planned ahead intelligently and you are not counting pennies as a senior citizen these increases can seem negligible. On the other hand, if you are living on an extremely tight budget every dollar may have an impact on your quality of life.