The Changing Expenses in Retirement (Part 1)

When you get into retirement, you might be surprised to find that your expenses change. Not only do they change as soon as you retire, but they can change later on as well. In today’s show, we talk about the different areas where your cash flow and expenses may change and how to plan accordingly. 

 

For example, whether you are paying off your mortgage or buying that lake house you’ve been dreaming of, housing expenses may impact your cash flow. If you aren’t working, some of your usual work-related expenses are no longer a factor. Healthcare expenses also change, especially as you get older. Is your advisor asking about these things and accounting for them in your financial plan?

 

Here’s what we talk about in part one of this series on retirement expenses: 

 

• Housing expenses may change as you enter retirement. (2:14)
• Work-related expenses go away. (5:07)
• Healthcare expenses can be a challenge to plan for. (8:17)

 

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