5 Expenses That Can Eat Into Your Retirement Savings
Retirement usually brings an end to the period of increasing net worth and savings to usher in a new era of fixed-income living. Instead of adding to your savings, you're now slowly draining it. This isn't anything to be alarmed about if you saved diligently and spend within reason, but some expenses can cut deep into your budget and might threaten your financial security down the road. Here are five costs to watch for.
Healthcare is an obvious one and people are right to be concerned about it. It's already costly and inflation will only make things worse with time. Plus, seniors tend to require more medical care as they age. Adults 65 and older spend three times as much on healthcare on average, compared to working-age adults, according to the Centers for Medicare and Medicaid Services. Even if you consider yourself a healthy person, an injury could still land you with a hefty medical bill.
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Source Fool.com