Moving into retirement is an exciting new chapter in your life. You’ve worked hard to get to this point where you can relax and leave the workforce. But while you should absolutely revel in this life accomplishment, it’s also important that you plan ahead for additional expenses that you may incur as you get older.
One of the main things that you need to plan for when it comes to planning for retirement is your housing. Depending on how your health develops over the course of your later years, you may find yourself needing to live at a residence. If this is your situation, it will be important for you to set aside funds so that you can afford living in a home that you really enjoy.
It may be worth it to research different residencies in your area and think about a few options that feel particularly positive to you. Then you can figure out how much money to set aside for potential housing costs.
It’s important to particularly set aside funds for potential health concerns. Meet with your doctor to talk about any conditions that you may have a family history of and figure out if you should make plans for potential health challenges like heart attacks, strokes, or Alzheimer’s.
As The Moments points out, if you develop Alzheimer’s later in life, you may require 24-hour care. This type of care can be incredibly expensive especially if you wish to continue living at your home in your later years.
In addition to thinking about your housing and healthcare needs, it’s also important to consider potential added cost for transportation. Because it is possible that you won’t be able to continue autonomously driving for the duration of your retired years, it’s important that you at least think about and plan for alternate methods of transportation.
Think about different bus options that you’d be comfortable with or private transportation services that you can register for. Even if you are able to continue driving your own car for a while after you retire, plan on an increased cost of car insurance as well as potentially added repairs costs.
Planning for retirement is a thrilling process. But while there are so many exciting things to look forward to, it’s also important that you look forwards towards additional expenses. Thinking about the expenses in this article can get you started on your financial preparation for retirement.