CQ
Feb 18, 20222 min
Updated: Dec 15, 2023
No matter how much you've thought about retirement, it can be easy to overlook some details that will make your post-employment years run smoothly. You probably have the basics covered, but be sure your retirement plans and projections factor in everything you need for a streamlined, enjoyable transition that considers essential retirement costs.
Housing, food, and utility bills are regular expenses you can expect to continue paying during retirement. Ensure your retirement planning includes accurate projections for each of these essential items while considering the impact of inflation.
Taxes will continue to be a significant expense in retirement. When crafting your retirement plan, factor in income taxes, property taxes, and any taxes related to your investments.
Health care is one of the most significant expenses to expect in retirement. Include Medicare premiums and out-of-pocket payments as important budget line items in your retirement planning.
Long-term care might become necessary as we age. Consider purchasing long-term care insurance to help with the costs, but also prepare for out-of-pocket care expenses.
Prepare for surprise expenses by setting up an emergency fund. Having a safety net will help you manage unexpected events, such as major home repairs, without jeopardizing your investments or long-term financial goals.
Your retirement years are about enjoying what makes you the happiest - travel, hobbies, family, and friends. Allocate funds for vacations, favorite activities, and spoiling your loved ones. This is the fun part of retirement budgeting!
Retirement planning involves thoughtful consideration of various retirement costs, including 3 often overlooked retirement expenses, to ensure a smooth and enjoyable transition into your post-employment years. If you have questions or need assistance with your retirement plan, contact us today. We are here to help you maximize your retirement journey and provide expert guidance on managing these often-overlooked retirement expenses!
If you are an entrepreneur, check out our podcast about Tax-free retirement for entrepreneurs.