5 Retirement Expenses Most People Underestimate
When we think about retirement, many of us are wired to assume that our costs will naturally drop as a result of no longer working. But we may be overestimating the extent to which that might happen. While it's true that some expenses, like commuting, go down in retirement, others are, in fact, likely to climb. Here are five in particular that tend to catch retirees off guard.
Healthcare is probably the one expense with a higher tendency to go up rather than down in retirement. That's partly because Medicare has its limitations, and countless seniors are forced to pay for a wide range of services that may have been covered during their working years. According to recent projections, the average healthy 65-year-old couple today will spend a whopping $400,000 or more on medical costs in retirement. Reading between the lines, if you're not particularly healthy, you can, and should, expect to see that number climb even higher.
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Source: Fool.com
