Costs That Could Go Up in Retirement, Part 1

9:40 am Uncategorized

When planning for retirement, many people are quick to scuttle work-related costs from their retirement budget.  But before you finalize any retirement plan, you need to consider what costs might increase once you retire.  Here’s a list from a recent U.S. News Money article:

Travel – if you’re going to be spending more time traveling to see the grandkids or to explore the world, you will need to plan for the additional costs of travel that you may not have spent when you were working and only had those two weeks off for vacation.

Entertainment – being retired usually also means having more time to fill with leisure pursuits.  How you spend your time during retirement will probably depend on what you’ve saved.  Eating out and entertaining more often also needs to be a part of your plan if you want to maintain an active social life in retirement.

Health insurance – Medicare Part B premiums can range from $110 to $350 monthly, depending on your income level and marital status.

Deductibles and co-pays – To keep monthly premiums low, seniors often opt for a higher co-pay rate or deductible.  Be sure you assess your health care needs accurately before you decide or you could wind up paying much more out-of-pocket than you planned for.

Get started by contacting our Orange County asset protection estate planning law firm as soon as possible.

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