Some people love surprises and some people hate them, but one thing’s for sure, retirement will be filled with them. You spent the past 35 or more years working full time in an office, getting used to the routine of a 9-to-5. However, a lot will change once you leave your job behind and enter this new stage of life, which is why it’s important to be aware of different challenges or expenses that come from retirement so that you won’t be so surprised by them when the time comes. Preparing for these retirement surprises can help set you on the right track to retirement.
Most people are prepared for the high costs associated with healthcare, but fail to prepare for housing costs in retirement. Even if you have paid off your mortgage by the time you retire, housing will remain one of your largest expenses in retirement. The costs of maintenance, moving and taxes all add up faster than people usually expect. As for the healthcare, although you may be prepared for the costs, you can’t predict when those issues are going to arise. Preparing for health costs is important because when the unexpected does come, the expenses add up quickly. Don’t forget about healthcare when planning for retirement.
Another thing that people assume is that they will be done with work for good, but a surprising number of retirees decide to go back to work. Whether it’s a part time job doing something that they love, consulting in their field of expertise or starting a small business, getting a job gives retirees a way to fill their time and earn some extra income. On the other hand, some retirees choose to fill their time volunteering. Unfortunately, if you don’t volunteer before you retire, you are less likely to do so in retirement, a surprising fact for most people.
Both men and women feel younger in retirement. This could be because they feel free and have less stress, or because they spend more time with the younger generation. One issue that comes with all these new changes and freedom is that sometimes, retirees have a hard time with the adjustment when transitioning into retirement, and they start to feel sadness. However, this gloom is usually always overcome with later satisfaction by focusing on spending time with the people they love and doing things that they enjoy.
Having a solid retirement plan can help you prepare for the surprises that come in retirement. At Epstein & White, we can work with you to help create a complete and comprehensive plan that incorporates your personal goals and financial situation. Click here to schedule your comprehensive, no cost, no obligation review today!
