In Less Than a Decade, You Won’t Be Able To Afford These Bills
As the cost of living keeps rising, planning for a healthy financial future becomes vital. It’s no longer feasible to keep making the same amount without preparing for the years to come.
For You: 5 Unnecessary Bills You Should Stop Paying in 2024
Try This: $10K or More in Debt? See If You Could Become Debt-Free (for Less Than You Owe)
According to experts, there are certain bills that will be unaffordable in less than a decade — so now is the time to start planning.
“As an expert in estate planning, I have seen costs rise dramatically for many essential services,” said Marty Burbank, expert in estate planning and owner of OC Elder Law. Below are some of the bills you won’t be able to afford.
Also here are the eleven bills you should never put on autopay.
Wealthy people know the best money secrets. Learn how to copy them.
Healthcare
According to Burbank, healthcare, in particular, has become increasingly unaffordable.
“By 2030, health insurance premiums alone may exceed $20,000 annually for families. For small businesses, providing health benefits will be nearly impossible.”
John F. Pace, CPA at Pace & Associates CPAs, has equally seen this shift in costs.
“As an accountant with over 40 years of experience, I have sadly seen costs rise dramatically while income has not kept up.”
“Healthcare premiums, for example, have skyrocketed 50% in 10 years and are projected to exceed $20,000 per year for families by 2030.”
And similar to Burbank’s claims, he said small businesses will struggle to provide benefits.
Check Out: 6 Things the Middle Class Should Sell To Build Their Savings
Homeowners Insurance
According to Nischay Rawal, certified public accountant and founder of NR Tax & Consulting, homeowners and renters insurance rates are also climbing due to increasing disaster costs from climate change.
“Those in high-risk areas may struggle to find affordable coverage.”
John Crist, founder of Prestizia Insurance, noted the same. “Climate change is exacerbating natural disasters, and rebuilding costs continue to rise.”
He agreed those in disaster-prone areas may struggle to afford coverage or even obtain policies at all.
Higher Education
The cost of higher education has far outpaced inflation, said Crist, with average tuition and fees at private colleges having more than doubled since 2000.
“By 2030, four years at a private school could top $500,000. The student loan crisis will only worsen, saddling generations with crippling debt.”
Burbank similarly agreed. “The cost of higher education has far outpaced inflation.”
He noted that four years at a private college could top $500,000 by 2030.
“Student loan debt will crush generations.”
One Big Reason Comes Down to Technology
“Advances in technology are disrupting industries and eliminating jobs,” said Crist.
He explained that millions of workers will need retraining to find new careers, straining budgets for job retraining programs and workforce development.
“Lifelong learning will be critical to professional success, yet it may be out of reach for many.”
Burbank argued the same. “Retraining workers requires massive investments in job programs and education that may prove unaffordable.”
How to Combat Rising Costs
Taking all of these changes into account, experts advised taking steps to prepare in advance.
“My best advice is to budget wisely now, spend on needs not wants, and invest in skills that will remain in demand,” said Pace.
He recommended seeking advice from a financial professional to maximize deductions and tax benefits.
“And reach out to local organizations to donate your skills; they’ll appreciate the help, and you’ll build connections and new business.”
Other experts also weighed in.
Rawal’s advice: plan ahead, spend strategically, and find ways to generate additional income to combat rising costs.
“Seek professional guidance on major financial decisions. Vote for leaders focused on policy solutions to curb cost inflation in essential areas like healthcare, education, and insurance.”
“Collectively we must work to make these vital services accessible to future generations.”
Burbank said planning and preparing is key. “Review insurance coverage and shop for lower premiums. Start saving for college and retirement early.”
“Upskill and adapt to changes in the workplace. Make your voice heard and call on policymakers to make these critical services accessible. Our future depends on it.”
More From GOBankingRates
This article originally appeared on GOBankingRates.com: In Less Than a Decade, You Won’t Be Able To Afford These Bills