What Kind of Expense is Retirement?
What kind of expenses will be expected in retirement? This question can be difficult to answer with confidence. After all, expenses tend to be lumpy, and the amount you spend will depend on the lifestyle you enjoy. While you can enjoy a carefree lifestyle without spending a lot, a jet-setting lifestyle will likely require you to spend more money than a simple life enthusiast. Fortunately, there are ways to make your retirement more affordable.
Perhaps the biggest expense in retirement will be housing. By paying off your mortgage early, you will eliminate one of your largest monthly expenses. After all, you won't need to buy a second car anymore! Not only will you save on the monthly payment on that second vehicle, but you'll also save on insurance and maintenance costs. Downsizing is another way to save on housing costs. Downsizing to a smaller home in a cheaper neighborhood can also cut your heating and cooling bills.
While college costs are not typically an expense in retirement, many people still need life insurance as they age. While life insurance premiums may go down as their children enter the workforce, it can still add up over the years. Another expense in retirement is commuting. This can add up, particularly in the early years of retirement, when you are unable to work for a living. Retirement can be an exciting time to live, but if you're not careful, your financial future can be ruined by one unplanned expense.
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