January 17, 2022
3 Surprise Expenses That Could Haunt Your Retirement | Personal Finance | independenttribune.com – Independent Tribune

3 Surprise Expenses That Could Haunt Your Retirement | Personal Finance | independenttribune.com – Independent Tribune

Another option is to look at getting a Medicare Advantage plan instead of sticking to original Medicare. These plans commonly pay for dental, vision, and hearing services, and many offer supplemental benefits that original Medicare doesn’t.

3. Home repairs

Many people make it a financial life goal to get their mortgages paid off before they enter retirement so that they can stop worrying about the expenses of keeping a roof over their heads.

Only problem is, even paid-off roofs can leak.

Like the people who live in them, homes age, and sometimes, they have to be repaired. The prices for those projects can be financially devastating to people on a fixed income. So if you plan to own a home in retirement, make sure to have a healthy emergency fund. That way, you won’t need to whip out a credit card to cover repairs that can’t be put off.

When you’re retired, surprise expenses can be scary. So don’t let yourself get spooked. Instead, gear up for taxes on Social Security, non-covered Medicare expenses, and home repairs. And just as importantly, map out your financial plans in advance so you can reduce your odds of getting hurt by any of them.

Source: https://independenttribune.com/business/investment/personal-finance/3-surprise-expenses-that-could-haunt-your-retirement/article_a2cb2a5b-36ef-506e-a75a-7f31af9ef939.html

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