Then, you can be out enjoying your retirement. If you don't have health insurance, it will wipe you out. Hudock knows what he's talking about. As an employee benefit specialist with Milwaukee Medical Group Insurance Specialists, he deals with the ill-prepared on a daily basis. Part of the turmoil, says Hudock, is that a lot of companies have dropped retiree benefits altogether, which forces would-be retirees to continue their roles in the workforce.
Some retirees buy individual insurance plans, but there's a hitch.
The older you get, the more expensive it gets. Medicare sets a reimbursement level that might be half of what the hospital is charging. It is feasible that health care alone is what causes so many should-be retirees finding themselves among the daily grind of employment. But, says de St. Aubin, if those digits are shocking, they shouldn't be. In Germany, you're supposed to disengage from work as you get older, and in Japan your worth is based on your ability to work.