While inflation finally shows signs of slowing, consumers still face higher costs and an uncertain economic future. A recent AARP survey found one in three older adults feeling financially insecure. Sean Voskuhl, Oklahoma State Director for the AARP, talks about the list of concerns from survey respondents.
“The cost of living, social security, and having enough money for emergencies were among the top concerns. In fact, having enough money to cover large, unexpected expenses is a worry for 68 percent of older Americans. The survey also found that respondents are postponing expenses like personal care, groceries, and transportation, as well as cutting out entertainment expenses.”
Voskuhl says there are some big changes coming this year that will help people save money.
“There’s a big one with the cost of prescription drugs. Those of you with Medicare Part D Plans should know your out-of-pocket prescription drug expenses will be capped at $2,000. The donut hole – or the coverage gap in Medicare Part D, will finally close. You can also spread your drug costs out through the calendar year.”
If you’re still working, he says new retirement plan rules took effect this year that can also help you save more.
“Thanks to a law called SECURE 2.0, employers who start new 401K or 403B retirement plans must automatically enroll employees and have between three and ten percent of their pay directed into their retirement accounts. SECURE 2.0 also created a lost retirement plan database. When people leave a job, they may lose track of their retirement accounts. The Retirement Savings Lost and Found Database can help people find and claim their money.”
And it’s tax season. The AARP Foundation Taxaide Program is completely free and available nationwide through April 15. Volunteers are providing in-person tax assistance and preparation with an emphasis on service for older and low-income taxpayers.
Learn more Monday night at 8 pm Eastern Time on RFD TV or online at www.aarp.org/aarplive.