Medicare Isn’t Free...Pass It On

News flash for adjustable-rate mortgage holders
Money
Retire with Money
Elizabeth O'Brien
Fidelity
Let’s play a grown-up version of that childhood game where you’re asked to repeat something shocking. I’ll go first: Psst, Medicare isn’t free--pass it on! Many people approach retirement thinking their health care costs will drop when they enroll in Medicare at age 65, but that’s far from the truth. In fact, Medicare beneficiaries shoulder a greater share of their health insurance premiums than workers with employer-sponsored coverage. Fidelity (a long-time sponsor of this newsletter) released its annual retirement health care cost estimator last week, and the total is sobering: a 65-year-old couple today will spend a combined $300,000 on health care costs in retirement. Learn more about that number, and what you can do to prepare for it, in today’s edition.

Best wishes,
Elizabeth

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TIMELY RETIREMENT NEWS, INSIGHTS, AND ADVICE
 
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RETIRE WITH MONEY COMMUNITY NEWS
Last week’s Reader of the Week mentioned a 3% yield that our featured reader, Steve Woodall, got from a credit union account. Some readers wondered where he was getting such a juicy yield these days, and Steve kindly followed up to let me know it’s a credit union associated with his former employer, Southwest Airlines. So unfortunately for the rest of us, it's only available to company employees, retirees, and family members. If you’re looking for yield, check out Money’s picks for best savings account here.
6 DAYS LEFT TO CONTRIBUTE TO AN IRA
Fidelity
The clock is ticking, but you still have time to open an IRA and contribute to it for tax-year 2020. Whether you are looking to help reduce your taxable income or grow your potential earnings tax-free, Fidelity has both traditional IRAs and Roth IRAs, and we can guide you through which is the right choice for you, or possibly even both. There are no account fees and no minimums to open a Fidelity retail IRA, which gives you access to our easy-to-use tools and research.
Investing involves risk, including risk of loss.
Fidelity Brokerage Services LLC, Member NYSE, SIPC. © 2021 FMR LLC. All rights reserved. 964071.1.0
RETIREMENT NEWS FROM AROUND THE WEB
The Pandemic Drove These Americans Into Early Retirement
Here’s what to consider before you follow suit. CNBC
10 Factors to Disregard as an Investor
Forget about timing the market perfectly, and other advice from a portfolio manager. A WEALTH OF COMMON SENSE
The Troubling News on Credit Scores and Credit Reports
In a recent survey, about a third of retires said their debt level was a problem. NEXT AVENUE
6 Questions for the Boss Who Wants You Back in Your Cubicle
Ask about the airflow, vaccination policy and contingency plans. THE ATLANTIC
Elizabeth O'Brien is deputy editor at Money. She has covered retirement and health care for nearly a decade. A Brooklyn resident and mom of two boys, she navigates the alphabet soup of Medicare and the New York City subway system with equal ease. You can email her at elizabeth.obrien@money.com and follow her on Twitter at @elizobrien.

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