If you are looking forward to a long and relaxing retirement you should factor in these 11 big expenses that could ruin your retirement plan.
Housing
US seniors spend an average of $1,573 per month on housing costs, whether that be rent, mortgage fees, or property taxes. Even seniors who own their homes outright need to pay utility bills, insurance fees, and, of course, the cost of repairs. This is why many seniors downsize as they get older so that housing costs are reduced.
Food
No matter how much money you save on housing costs, eat. With food prices increasing, alongside fuel costs, the cost of keeping yourself nourished is surprisingly high. In the last year, food prices have risen by 10.8%, which means that seniors are having to be more frugal so that they do not eat into their savings.
Transport
Car insurance, gas, repair costs, and car payments all add up over the years meaning that a heft chunk of your pension will be spent on transportation. If you don’t drive, transportation through taxis, buses, and trains may be even more expensive,
Travel
If you want to make the most of your senior years by traveling and attending events, this will eat into your savings. You won’t want to leave this out of your budget as it is important to be entertained when you retire, it is just something that needs to be factored in.
Long-Term Health Care
Long-term health costs are one of the biggest factors that seniors have to plan in their retirement budget. As we age we rely on Medicare much more but it doesn’t cover a lot of long-term ailments. When living independently you need to factor in support in the home, such as home adjustments and nursing care.
Retirement Home Costs
If your care cannot be carried out at home and you need to go into a residential setting this will take a huge chunk out of your savings. Of course, if you require residential care there may be fewer things that you need to spend elsewhere for example you may not vacation as much, but if some of your retirement plans include leaving money to family, this will impact their inheritance. As a precaution, you can look at the local residential homes in your area just to see the rough costs that you would be expected to pay.
Supporting Family
If you feel that you are in good health and you have relatively few outgoings, you may not feel that anything is going to take you by surprise. However, you may have adult children who call upon you for financial support, and helping them out will be your automictic response. You can choose to give your children money, or you may set up a loan for them. Either way, supporting your family is something that will take a chunk out of your savings.
Losing Your Spouse
Losing a spouse is a painful experience and it can also have long-lasting financial impacts, especially if they were still working and contributing to your retirement fund at the time of death, Your taxes may also be impacted by the loss of your spouse and you may have to take time out of work that will affect your pension. It is best to check your insurance policies and pension terms and conditions as soon as possible and adjust your retirement fund accordingly.
Taxes
You will need to consider any pay that you earn after you retire if you want a part-time job to keep you busy, as well as check any tax retirement benefits or social security that you are entitled to. This is vital so that you are not hit with an unexpected tax bill down the line if you don’t pay your taxes accurately. It is advisable to check with a professional financial assistant as to how best to manage your taxes when you retire.
Health Care
We mentioned long-term health care and the potential costs of residential care, but general healthcare is also something you need to consider. Even if you do not get serious diseases or suffer the effects of old age, general medical bills can add up, and this needs to be taken into account. If you notice that you are using your health care more, it is best to adapt your plan to suit your needs so that you are not caught out suddenly if a long-term illness does occur.
Delays in Saving
One of the biggest impacts on your retirement plan is the lack of savings. When you start to spend more of your surplus cash rather than saving, you may not be able to enjoy your retirement to the best of your ability. Starting to save for yourself when you are 25 rather than o can save you 50% less on your monthly outgoings.
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