RETIREMENT EXPENSES EVERY SENIOR SHOULD PLAN FOR David S. Chang
The average senior spends about $46,000 a year during their retirement With the average retirement length at 18 years ,the typical retiree would need at least $828,000 to pay any bills they have once they leave the workforce.
The challenge with planning for your retirement is determining exactly what expenses you will have. Here are some of the most common retirement expenses that every senior citizen should plan for.
Housing The single largest monthly expense during your years in the workforce and in retirement.
Steps you can take to keep your housing costs low. 1. Pay off your mortgage before retiring, which would eliminate that monthly cost.
Housing The single largest monthly expense during your years in the workforce and in retirement.
Steps you can take to keep your housing costs low. 2. Downsize to a smaller home that would be easier to maintain. A 1,500 square-foot home would cost less in upkeep than a 3,000 square feet home.
Housing The single largest monthly expense during your years in the workforce and in retirement.
Steps you can take to keep your housing costs low. 3. Rent an apartment rather than owning a home. You can eliminate expenses associated with homeownership such as property taxes, maintenance, and repairs.
Healthcare
MEDICARE Healthcare is expensive and part of the reason is because Medicare is not free and fails to cover many of the services seniors need.
Healthcare
MEDICARE Most people enrolled with Medicare do not pay a premium for Medicare Part A which covers hospital stays, Parts B and D do charge a monthly premium to cover diagnostics and prescriptions
Healthcare
MEDICARE You also need to consider the services that Medicare does not pay for such dental, vision, and hearing aids.
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