The Social Security Administration’s 2.8% cost-of-living adjustment for 2026 may sound like good news for retirees, but rising costs could quickly diminish that gain. Medicare trustees project a 12% increase in standard Part B premiums to $206.50 next year, with deductibles expected to climb at a similar rate. Seniors with supplemental insurance could see even higher bills. Layer in inflation and tariffs driving up everyday expenses, and many older Americans may find it harder to keep up, even with a COLA boost.
These trends highlight why retirement planning shouldn’t wait until the final stretch of a career. Whether someone is a business owner, employee, or self-employed, building a strong financial foundation early provides more flexibility and security later. Retirement isn’t just about leaving work behind — it’s about having the resources to shape the next chapter on your own terms.
By starting early, individuals can create a strategy that supports their personal goals, whether that means traveling, mentoring, launching a second career, or simply enjoying more time with loved ones. Just as successful projects require a clear scope and plan, so does retirement. The sooner that planning begins, the more likely it is to withstand the rising costs of health care, inflation, and other financial pressures — ensuring retirement is a time of choice, not compromise.
Retirement isn’t about walking away — it’s about stepping into a future you’ve built with intention. By planning early, you give yourself the financial strength to weather rising costs and the freedom to live life on your terms. Your best years should be defined by what you’ve prepared for — not by what you can afford. When you plan with purpose, your financial strategy becomes more than a spreadsheet; it becomes a pathway to something meaningful. Contact your Stephano Slack tax manager or partner at 610-687-1600 or TaxInfo@StephanoSlack.com to discuss your situation.
Author Jessica Parson Gartensleben, Esq., LLM, specializes in helping high-net-worth individuals and families preserve their wealth by reducing their tax burdens. With her expertise in estate and trust planning, generational wealth transfers, and family business succession, she can guide you through every step of securing your financial legacy. Contact Jessica today at 610.235.4400 or jparson@stephanoslack.com for personalized support tailored to your unique needs.
Disclaimer: This content is for informational purposes only and doesn’t constitute professional advice.
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