You might think your expenses will change dramatically in retirement, freeing up money for leisure and fun. The biggest expenses encountered in retirement actually bear a strong resemblance to what people experience while still working. According to the AARP, certified financial planners generally agree on the top spending categories in retirement, in no particular order:
- Health Care
- Home Maintenance
- Travel
- Transportation
- Utilities
- Fitness & Wellness
- Kids & Grandkids
- Taxes
- Charitable Giving
- Professional Help
To best manage these expenses, people are advised to get the help of a financial planner to anticipate what expenses may require more attention and a better savings approach. A planner can look at variables such as current health status and having a proper estate plan to better map out a retirement strategy that will meet your long-term needs.
Council of Seniors Wants Retirement to Be Simpler
Your expected retirement income can ease a lot of worries. That’s one reason why here at Council of Seniors, we’re working tirelessly to get Congress to pass The SAVE Benefits Act. You need this bill to make up for inadequate annual Social Security cost-of-living adjustments (COLAs) that haven’t kept up with inflation over a series of years. It’s time for the missing $581 to be returned to senior citizens.
Please sign our petition and get others to help us return this money to deserving seniors.
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