The thought of retirement often brings happy feelings to those still in their working years who simply focus on how nice it will be to not have to clock in 5 days a week. Unfortunately, the daily expenses do not magically vanish once you plan to retire so careful planning is required to ensure a long and financially stress free retirement. An article was recently posted by Rachel Sheedy, titled 5 Costly Retirement Surprises, which highlights the most common items that individuals have found to be much different than what they had assumed in their retirement planning phase. For those of us still in our planning phase, let’s be sure to pay special attention to our assumptions behind the following items:
1. Health care costs
2. Higher Spending
3. Social Security taxes
4. Taxes on nest-egg withdrawals
5. Loss of income for a surviving spouse
To read more into any of these items, please refer to the full article linked here. For further peace of mind, please consult with a retirement income specialist who can help ensure that you do not join the list of many who have been caught off guard by insufficient planning.