Hidden Budget Busters: How Stealth Costs Can Derail Your Retirement (And What to Do About It)
Update: 2025-07-05
Description
According to this recent study from @Kiplinger (include source article), 43% of retirees are more financially stressed than when they were working and surprise expenses are a major reason why. In this video, @peter with @richonplanning and @erinkennedy break down the top 5 expenses, including:
1. Healthcare: Often the biggest, and most unpredictable, retirement expense. Even with Medicare, out-of-pocket costs for chronic care, surgeries, and prescriptions can be substantial.
2. Taxes: Retirees often assume they'll be in a lower tax bracket when the stop working, but that's not often the case.
3. Emergencies: If you don't have a cash cushion, when the unexpected happens, it can derail your finances.
4. Family: A record number of parents, 50% according to a report from Savings.com, are financially supporting their adult children, with the average support around 15 hundred dollars a month! That includes expenses like groceries, cell phone bills, rent, health insurance, and even vacations.
5. Inflation: Your retirement can last as long as our working years. If you don't have a plan to help your money grow, your nest egg won't keep up.
The good news is, you can create a plan now that addresses each one of these expenses, so they don't derail your retirement. If you'd like to talk through these "budget busters" with Peter, please call (919) 300-5886 or visit www.RichonPlanning.com
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