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5 Most Common Retirement Expenses Often Overlooked

If you are planning to retire soon, you are likely concerned about what expenses you should budget for in retirement. After all, one of the most common fears about hitting retirement age is that you won’t have enough money to last your entire retirement. And there are some things that new retirees may overlook when putting together that retirement budget.

Here are the five most commonly underestimated expenses that hit retirees:

Healthcare costs – trying to estimate your healthcare costs in retirement amid all the political confusion can be especially difficult for retirees. To make sure you’re fully covered, you need to do your homework – understand what Medicare will and will not cover, investigate gap coverage policies to provide supplemental coverage and be realistic about what your healthcare needs may be in retirement.

Taxes and distributions – funds withdrawn from 401(k) plans are subject to tax, and after age 70 ½, you are required to take minimum annual distributions or face a penalty.

Home maintenance – failing to plan properly for routine home maintenance and setting funds aside to pay for the cost of a new roof, furnace or other big ticket items can derail your retirement budget. If you plan to stay in your home, you may also want to budget for any help you may need to maintain it properly – lawn care, house cleaning, etc.

Leisure – being retired means having extra time on your hand to pursue favorite leisure activities and hobbies. However, if they are expensive ones and you have not planned properly, your budget can be adversely impacted.

Family – many young adults are struggling to make ends meet, and are turning to parents for financial help. And if you plan to retire before your children finish college, those expenses can take a large chunk out of your budget. Teaching your children to live within their financial means and taking advantage of other ways to pay for college will help you save your retirement from ruin.

Contact our Fort Myers estate planning law firm for a complimentary consultation on how we can help you with retirement planning.
Categories: Retirement Planning
dorcey law firm
The Dorcey Law Firm, PLC - Fort Myers Attorney
Located at 10181 Six Mile Cypress Pkwy, Suite C, Fort Myers, FL 33966
Phone: (239) 330-6674
Local Phone: (239) 418-0169