Common Expenses that Can Crop Up During Your Retirement Years

Monday, January 18, 2016, 6:00 AM | Leave Comment

Planning your finances for retirement can take a considerable amount of thought and adjustment to ensure you live the life you always had in mind for these years.

However, a number of surprise expenses often crop up which can derail all your carefully-made plans.

Here are just a few of the expenses that commonly occur during the retirement years and how you can better plan for them.

Common Expenses that Can Crop Up During Your Retirement Years

  • Health Expenses

    Unfortunately, the retirement years are when many health conditions become more evident.

    Heart disease, diabetes, high blood pressure, and osteoarthritis can become serious medical issues that require ongoing treatment.

    Although Medicare will pay for the bulk of these medical expenses, it does not pay for everything.

    Deductibles, co-payments, and uncovered care expenses can put a dent in your retirement savings.

    In some cases, retirees have to take on part-time work to help pay for these costs.

    If you are unable to take on employment in your retirement years because of illness, it may be worthwhile to discuss your situation with a social security lawyer like Donald Chewning to determine if additional options are available to you.

  • Automobile Expenses

    Many retirees use the time and leisure of their retirement years to do some traveling.

    These road trips can be an enjoyable way to see interesting natural and cultural sights, but can take a toll on the family vehicle.

    In addition, retirees may not want to take on the additional expense of a new car, so automobile repair expenses come up frequently.

    Repair expenses can total in the thousands in some cases, and can make a serious dent in your retirement budget.

  • Home Repairs

    Many retirees try to get home repairs done ahead of their retirement years, but inevitably, a roof leak, air-conditioning breakdown, or plumbing crisis might occur and disrupt the budget.

    Putting some money aside in a special fund for these repairs can help to ensure your home is kept in good repair, without delving into your needs retirement funds.

  • Aging Parents

    Even though your own work years are over, you may be expected to contribute to the care of your parents as they age.

    Non-medical caregiver costs that help keep parents in their own homes are not covered under Medicare, nor are expenses for assisted living facilities.

    The aging parent’s children often share these costs, but it can still add up to a significant dent in your monthly expenses.

    Keeping money on hand for these types of situations will help to avoid a shock to your budget.

If you anticipate some of these additional expenses, put aside a little extra in your savings to handle them, and you will be ready for whatever financial curves life throws at you.

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