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Whenever we first start talking to someone about what they’re going to need for retirement, we usually hear some of the same answers. They’ll name some of the basics like mortgage and utilities, and then run through the fun stuff like travel and hobbies. But too often, there are five expenses that people typically miss when planning for their retirement, and that’s what we’re going to talk about today.
The goal for this episode is to make you aware of some of the expenses that aren’t obvious but could likely impact your retirement. By making sure you factor these expenses in ahead of time, you’ll be able to keep them from cutting into the fun things you had planned for retirement.
Here’s more of what you’ll learn on this episode:
- Healthcare expenses in retirement could top $350,000 [2:25]
- Using the analogy of a housing project to show how estimates can be incomplete. [5:54]
- The first expense people typically overlook is medical expenses. [12:10]
- The types of unexpected travel expenses you need to plan for. [17:08]
- We think about parents needing assistance, but your children might as well. [18:53]
- Your home will need maintenance, repair and replacement. [21:55]
- One of the most crucial items people miss when determining how much they need. [23:52]
Thanks for checking out this episode of the podcast. If you’d like to learn more about financial and retirement planning, check out our YouTube channel here.