Retirement Costs You May Not Have Thought Of
May 17, 2022
Retirement planning involves identifying expenses, sources of income, and saving enough money to cover a certain percentage of your living expenses.
However, there are a few expenses that might not be on your radar. Living expenses might be lower in retirement versus working years, while other expenses may stay the same.
However, some costs might be completely different in retirement. Here are the most significant, non-obvious retirement expenses for which you'll want to be prepared:
- Medicare will not cover all of your healthcare expenses during retirement and it won't cover most long-term care needs.
- Aging in place could require home renovations you haven't considered.
- Taxes could take a chunk out of your retirement income.
- It's smart to set aside money for a future car.
- Aging relatives might need your help.
Growing older and having new sources of health insurance and income means facing circumstances you never have in the past. But you don't have to go into this new stage unprepared for the expenses that might come with it. Will you be able to afford all of them? This article will give you some idea of which costs you might confront one day so you won't be caught off guard or make decisions now that you might regret later.