Don’t Overlook These Expenses When Planning Your Retirement

Don’t Overlook These Expenses When Planning Your Retirement

Don’t Overlook These Expenses When Planning Your Retirement

Whether you are getting closer to retirement or not, most people look forward to the day when they no longer have to clock in and out every day, so to speak. Retirement can be a truly satisfying time, but for many people it turns into a nightmare because they didn’t take the necessary time to prepare for life after work. One of the biggest mistakes people make is simply not being aware of how many, or what kinds of expenses they will have in retirement. So if you haven’t thought about all the possible expenses that you might be responsible for when you retire, now is a good time to consider what could lie ahead. Overlooking or ignoring these expenses could leave you wishing you hadn’t called it quits.

General Living Expenses and Services

From buying new clothes to new household items and even your grooming expenses, all of these items add up. You might not give them a second thought while you’re working but once you retire you might need to consider these expenses a little closer. Plus, if you have a pet, you will need to consider its care as well.

Health Care

One of the greatest expenses retired people face is health care coverage and medical bills. The older you get the more likely your health is going to decline. That means your healthcare expenses are also likely to increase in retirement. So make sure you are ready for this increase or your entire retirement savings could be quickly wiped out.

Giving Adult Children a Helping Hand

One of the most common expenses that retired people face is helping their adult children with their finances. Some of these children are still on the younger side and have never left home, while others end up facing unexpected difficulties in life that lead them to ask for assistance. Whatever the reason, according to some reports more than half of all retired people say they help their adult children with some kind of financial help. So, have you made room in your retirement budget for this expense yet?

Mortgage Bill

One of the largest expenses anyone faces is their mortgage, but for someone that is retired this expense can end up swallowing most of their monthly income. If you still haven’t paid off your mortgage and you’re getting close to retirement, then do all you can now to get it paid off before you call it quits.

Inflation

Good old inflation. No matter how much you plan for life’s expenses you can never control the cost of living when it comes to inflation. Prices of goods and services can fluctuate at any time, so keep inflation in mind when you are planning your retirement budget.

Emergencies

Expect the unexpected. Emergencies and unexpected expenses are simply a part of life. So be prepared for them as much as possible, because they are certain to happen, and usually when you least expect it.

Retirement Savings Taxes

Your retirement savings are great, but you will have to pay taxes on that money when you finally withdraw it, so make sure you are prepared to add that expense to your budget as well.

 

We hope you found this article about “Don’t Overlook These Expenses When Planning Your Retirement” helpful.  If you have questions or need expert tax or family office advice that’s refreshingly objective (we never sell investments), please contact us or visit our Family office page  or our website at www.GROCO.com.  Unfortunately, we no longer give advice to other tax professionals gratis.

To receive our free newsletter, contact us here.

Subscribe to our YouTube Channel for more updates.

Alan Olsen, CPA

Alan Olsen, is the Host of the American Dreams Show and the Managing Partner of GROCO.com.  GROCO is a premier family office and tax advisory firm located in the San Francisco Bay area serving clients all over the world.

Alan L. Olsen, CPA, Wikipedia Bio

 

 

GROCO.com is a proud sponsor of The American Dreams Show.

 

American-Dreams-Show-Accounting-firm-in-ca-cpa-tax-advisors-groco-alan-olsen

The American Dreams show was the brainchild of Alan Olsen, CPA, MBA. It was originally created to fill a specific need; often inexperienced entrepreneurs lacked basic information about raising capital and how to successfully start a business.

Alan sincerely wanted to respond to the many requests from aspiring entrepreneurs asking for the information and introductions they needed. But he had to find a way to help in which his venture capital clients and friends would not mind.

The American Dreams show became the solution, first as a radio show and now with YouTube videos as well. Always respectful of interview guest’s time, he’s able to give access to individuals information and inspiration previously inaccessible to the first-time entrepreneurs who need it most.

They can listen to venture capitalists and successful business people explain first-hand, how they got to where they are, how to start a company, how to overcome challenges, how they see the future evolving, opportunities, work-life balance and so much more..

American Dreams discusses many topics from some of the world’s most successful individuals about their secrets to life’s success. Topics from guest have included:

Creating purpose in life / Building a foundation for their life / Solving problems / Finding fulfillment through philanthropy and service / Becoming self-reliant / Enhancing effective leadership / Balancing family and work…

Untitled_Artwork copy 4

MyPaths.com (Also sponsored by GROCO) provides free access to content and world-class entrepreneurs, influencers and thought leaders’ personal success stories. To help you find your path in life to true, sustainable success & happiness.  It’s mission statement:

In an increasingly complex and difficult world, we hope to help you find your personal path in life and build a strong foundation by learning how others found success and happiness. True and sustainable success and happiness are different for each one of us but possible, often despite significant challenges.

Our mission at MyPaths.com is to provide resources and firsthand accounts of how others found their paths in life, so you can do the same.

Posted in
Leadership, Duty, Honor & Country With Lt. Gen. Mike Barbero

Leadership, Duty, Honor & Country With Lt. Gen. Mike Barbero

Retired US Army Lieutenant General, Michael D. Barbero, discusses leadership, service, duty, honor, and country on Alan Olsen‘s American Dreams Show. Transcript: Alan Olsen Hi, this is Alan Olsen and welcome to American Dreams. My guest today is General Michael Barbero. General, welcome to today’s show.   Mike Barbero Thanks, Alan, how are you? Thanks for having me. It’s…

Regenerative Medicine and Creating Health with Dr. David Haase

Regenerative Medicine and Creating Health with Dr. David Haase

Dr. David Haase, Founder of the MaxWell Clinic discusses regenerative medicine and creating health on Alan Olsen‘s American Dreams Show. Transcript: Alan Olsen Welcome to American Dreams. My guest today is David Haase. David, welcome to the show.   David Haase Thanks, Alan.   Alan Olsen So do you have a remarkable background and career obviously that…

VC Insights From Silicon Valley Veteran Andrew Romans

VC Success With Silicon Valley Veteran Andrew Romans

Andrew Romans, General Partner of 7BC Venture Capital, Author, and University Professor discusses navigating Silicon Valley, venture capital (VC), startup success, and the future of tech investment on Alan Olsen‘s American Dreams Show. Transcript:   Alan Olsen Welcome to American Dreams. My guest today is Andrew Romans. Andrew, welcome to today’s show.   Andrew Romans Thank you so…

How Entrepreneurs Shine by Gino Wickman

How Entrepreneurs Shine With Gino Wickman 

Gino Wickman, Founder of EOS Worldwide and author of “Shine” and “Traction: Get a Grip on Your Business” discusses How to shine as an Entrepreneur on Alan Olsen‘s American Dreams Show. Transcript:   Alan Olsen Hi, this is Alan Olsen and welcome to American Dreams. My guest today is Gino Wickman. To welcome to today’s show.   Gino…