For people about to retire, I think the most important advise / insight I can give is not to count on Social Security and Medicare. Both are in trouble and will need adjustment to survive. While I am sure both SS and Medicare will be in in the future, I think both will go through changes people need to plan for.
Presently, we are modeling retirement on the past when benefits were rich and well funded. Currently, the demographics have changed on there are a huge group of older, sicker and less financially sound folks entering retirement who are living longer more expensive lives. Basically, the math no longer works.
Currently, the federal budget is under pressure as both SS and Medicare consume more and more of the budget. Lawmakers won’t allow these program to fully consume the budget and will take action probably at midnight before the deadline.
I am expecting and planning that SS and Medicare benefits will be reduced over time. I am expecting they will do it gradually by taxiing a higher % of SS and increasing Medicare payments while reducing what is covered. I am expecting they will implement a wealth tax (vs. income) since so many older people have investments but live on little income. So, if you have wealth over a certain amount, your SS is 100% taxable or your Medicare is 20% higher is what I would expect since they already do both. So both income and expense will be squeezed.
My plan is to work on staying healthy and avoid contact with the medical / drug industry and to have contingency plans when SS is cut in 2032 (25%). The important thing is to be knowledgeable and have a plan.