Do you think that in retirement, your expenses will go down?
Guess again. While it’s possible that some of your costs might drop – you don’t have to pay for so much petrol to drive to the office — you’ll also have new expenses.
You might not be able to perform the same physical tasks that you could when you were young. You might need to support your children or grandchildren.
Here are some myths about your retirement expenses.
#1. I Can Continue to Take Care of the Yard and House Yardwork and housework are doable in your 40s, your 50s, and maybe even your 60s. However, as you age, you aren’t going to be able to climb up on the roof to clean out gutters, tow loads of laundry up the stairs, or even get the motivation to get up and mow the yard. You will need to spend extra money to pay someone to do yardwork, and housework as you and your spouse age.
#2. My Children Won’t Need Money When They are Grown Young adults face tough economic prospects. Even those who go to college often find themselves fighting for low paying jobs in a difficult economy. Many grown children well into their 20s or even early 30s need to live with their parents for a time. Some will also ask to borrow money to help them cover expenses, like compensating for a low-paying internship in London, or perhaps making the first down payment on a house.
#3. My Parents Will Take Care of Themselves Many retirees have parents in their 80s or 90s. They are unable to take care of themselves for the most part, and may have long ago exhausted their own retirement savings. Don’t be surprised if your own mum or dad ask to move in at home with you. If they require additional medical care at a long-term care facility, you will have to find the extra money to pay for it.
#4. My Home Will Not Need Any Major Work You’ve paid off your mortgage, but you may find that a house that suited you when all your children lived at home isn’t the best choice for empty nesters. Or you may discover that you or your spouse becomes ill and needs to use a walker or wheelchair which makes navigating stairs impossible. Retrofitting a house to account for the needs of senior citizens can get expensive, especially if you need to install a chairlift or elevator.
#5. I Won’t Fall Victim to Scammers Unfortunately, many scammers prey on senior citizens, so this is something you need to consider. Scammers come in all different shapes and sizes, but they can make off with thousands of dollars of your retirement money. While there are ways for you to get your money back, it takes time and it is doubtful you will get full compensation. It is always a good idea to save a little bit extra in the event of something like this happening.
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