For years you’ve focused on your career and saving for retirement. In doing so, you may have lost sight of the big picture of what your ideal retirement would look like and how you might make it happen. Some of the little things you need to think about to get the retirement you want are easy to overlook.
Even if you already think you’ve got this retirement thing ‘in the bag,’ take a look at these most commonly missed post-employment expenses you need to look out for.
Emergencies. Do you have enough to front a sudden bill like a car or home repair? Or potentially even costlier, an illness or medical emergency? Without that cushion, events like a fender-bender, damage to your home from extreme weather, or sudden illness (much more likely as you age) can completely derail your plans.
Daily life. On the other end of the spectrum, you might think, “sure, I can handle my day-to-day expenses!” but did you factor in inflation? You’ve seen firsthand that prices are rising higher and higher. Now over 9.1% year-over-year! Take the time to come up with realistic projections for your expenses several years down the line (not just now), or you’ll find yourself coming up short when you might need money the most.
Taxes. Consider the impact of taxes from your investments, property, and income – this is a potentially significant retirement expense, and one that can head higher with just a simple stroke of a pen from our government.
Health and long-term care. There’s a possibility that this will be your biggest expense in retirement, so you should include this in your plan. The right type of insurance strategy can help offset your payments, but you must prepare for out-of-pocket costs, too. We aren’t all the bionic man! We may think we can be healthy forever, but our bodies sometimes have other plans.
Last but not least – the fun stuff! I doubt you worked your entire life just to sit on your front porch in your rocking chair watching the world go by. Our clients are sending us pictures all of the time of them being active and making memories. Figure out what your ideal retirement looks like, what those Perfect Days are filled with (travel, hobbies, charitable giving, spoiling the heck out of your loved ones), and add that to your plan.
So how’d you do?
If you’ve got some gaps in your plan and want to chat about how we can help fill ‘em in, it’s easy to get in touch with our team. You can always call us or just click any of the links below!
All the Best,
Nick, Jerry and the Group 10 Team
P.S. Don’t forget to check out all of the great content we are putting out each week on the Group 10 YouTube channel. Just click here to subscribe now, https://YouTube.com/Group10Financial
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