Six Retirement Expenses You Probably Haven’t Planned On

Friday, January 15, 2016, 12:00 PM | Leave Comment

If you’re like most, you probably give a great deal of thought to planning for a comfortable retirement and later life. However, many retirees find they failed to factor in a number of expenses that can throw off their calculations significantly.

Here are a few you may not have considered and how to properly plan your finances.

  • Helping Out Children

    Grown children often come to their retired parents for financial help with education costs, medical expenses, or expenses involved in divorce or other family problems.

    If you want to be in a position to help during these crises, put aside some extra funds earmarked for helping your children or grandchildren. 

  • Caring for An Aging Parent

    Although many feel retirement is a time when they can focus on themselves, you may find yourself called upon to help with the care of aging parents.

    Medicare does not cover expenses for non-medical home care, which means you may have to pay these costs yourself to have your parent remain in their own home.

    Medicare also does not cover assisted living costs, so you may have to contribute to this expense, as well. Plan for family you have and want to take care of!

  • Unexpected Travel Costs

    Many retirees are surprised by additional costs for travel to family weddings, christenings, funerals, and special anniversaries. These costs can take a big bite out of your budget, so plan ahead for these extra expenses.

    If you want to take that special cruise and still have enough to visit with grandkids, make sure you plan ahead.

  • Additional Medical Costs

    Those over the age of 65 are often relieved to get on Medicare, which helps to pay for many health expenses.

    However, in either original Medicare, or any of the Medicare Advantage plan, you are often expected to cover a number of costs, such as deductibles, co-payments, hospice care, and special types of medications.

    Unfortunately, people over 65 find they have a greater need for medical care, due to heart problems, diabetes, high blood pressure, and joint problems that often occur with age.

    Luckily places like Cornerstone Hospice and Palliative Care exist solely to help aid in treating regenerative diseases like these, but uncovered medical costs can quickly add up, so plan on having additional funds on hand for these expenses.

  • Home Repairs and Upgrades

    Whether you decide to stay in your family home or downsize into a smaller residence, you can probably expect certain maintenance costs and remodeling expenses to arise. Have a fund for these spends, so you can preserve your investment in your property.

  • Expensive Hobbies

    All that leisure time in retirement may provoke the development of a few new hobbies. Some activities can be very expensive, such as boating, RV excursions around the country, or collecting art or antiques.

    If you think you will be tempted by something similar, plan for a bit more money to help make the most of your leisure time.

You can get better control of your retirement expenses, if you include these additional costs that throw your retirement budgeting into disarray.

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