In this episode of the Money Mindset Mastery podcast, hosts Jim Lao and Ryan Genoe discuss the hidden costs of retirement for Canadians. They explore various unexpected expenses that retirees may face, including healthcare costs, long-term care, inflation, taxes, home repairs, travel expenses, family support, lifestyle changes, estate planning, and unexpected emergencies. The conversation emphasizes the importance of thorough retirement planning and cash flow management to ensure a fulfilling retirement experience.
Chapters
00:00 Introduction to Hidden Costs of Retirement
02:14 Understanding Cash Flow in Retirement Planning
04:27 Healthcare Costs: Planning for the Unexpected
08:19 Long-Term Care: Preparing for Future Needs
12:47 Inflation: A Key Factor in Retirement Planning
14:47 Tax Implications on Retirement Income
16:21 Home Repairs: Budgeting for Maintenance Costs
19:51 Travel Expenses: Planning for Adventures
21:31 Family Support and Gifting: Balancing Generosity
25:32 Lifestyle Changes: Keeping Up with Peers
28:00 Estate Planning: Legal Fees and Considerations
33:18 Unexpected Emergencies: Preparing for the Unknown
35:14 Conclusion: Preparing for a Fulfilling Retirement
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