If you have a retirement plan, good for you! While you may feel as though you’re all set for retirement, several expenses occur during retirement that may not have been considered. Many Americans think expenses decrease during retirement; however, this is partially true. Misconceptions about the expenses that occur in retirement can derail your plan. Make sure you are considering these expenses when planning for retirement.
While Medicare will cover some medical expenses during retirement, there is still a limit on coverage. Having a plan as to how you will pay for these medical expenses can help avoid paying for out-of-pocket. Several ways to help prepare for healthcare in retirement include long-term care policies as well as supplemental Medicare policies. With health care costs continuing to rise, this is an especially important factor to consider when planning for retirement.
You may find yourself at home more frequently now that are retired. If you find yourself in need of repairs or are renovating your home, the costs can quickly accumulate. Unfortunately, appliances wear out, roofs need to be replaced, and plumbing may deteriorate. Anticipating these expenses can help you avoid cutting into the money you have allocated towards things more fun than replacing carpets.
While planning for your life in retirement, plan yourself some fun! After working for years, now is the time to enjoy yourself. Expenses from dining, traveling, and hobbies quickly add up. Allocating funds to entertainment in retirement can help ensure your Golden Years are golden.
Retirement planning needs to be wholistic. Taking these expenses into account can help you be more prepared and enjoy your retirement. If you would like our advisors to review your retirement plan or would like to get started, call our office at (229) 245-6022 to schedule a meeting with one of our financial advisors.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.