25% of Workers Expect to Retire Before 65. Here's Why That Could Be a Problem
There's no such thing as the perfect age to retire. The decision should hinge on a number of factors -- your savings, your health, and your goals. A recent Transamerica survey, however, reveals that 25% of workers today think they'll end up retiring before the age of 65. That could be problematic for two reasons.
Medicare eligibility begins at age 65, so anyone who retires prior to that point will need to secure another type of health coverage.That could prove prohibitively expensive. While Medicare itself is not free -- there are premiums to pay for Part B and other components, not to mention deductibles and copays -- buying private insurance on the healthcare exchange could be astronomical. While some people who retire prior to 65 may have the option to retain their former employer coverage through COBRA, that, too, can cost a lot without a company subsidy.
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Source Fool.com
