Retirement Costs That Could Surprise You
The Annuity Man
This is a great article that simplifies the key items you need to be aware of in retirement that might severely impact your budget. Home repairs, home renovations, transportation, family members, medicare premiums, other health care costs, taxes, and long term care are all covered in depth by author Liz Weston.
With over 10,000 baby boomers retiring every single day, most are wanting to make sure that their monthly expenses are covered through pensions, Social Security payments, or annuity lifetime income guarantees. Too often, people find out that there are hidden costs that weren't planned for that blow a hole through that planned budget.
Inflation is one gorilla that's always in the retirement room, but healthcare and overall medical costs are definite financial storm clouds always on the horizon. In addition, our friends in Washington, DC always seem to subtly target retirees with hidden and blatant tax increases to pay for their socialistic dream ideas. Both parties are guilty of this constant spending of "other people's money."
Then you throw in the unexpected hurricane, tornado, or flood that randomly attacks your life and bank account, which can turn that dream retirement scenario upside down. Add in the typical car problems and the always needy family members for a full cup of financial chaos soup that was never on your retirement menu. So that's the bad news, so how do you plan for this life chaos.
As you know, there are no perfect answers, just bad sales pitches. Always prepare for the worst, just in case the shittola attacks the fan.