Factors to Consider When Planning Retirement
Wednesday, 27 March 2024, 08:00
2 Key Expenses to Plan for in Retirement:
If you start planning for these expenses now, you'll be better off during retirement. If you're gearing up for retirement, chances are you've already started crunching the numbers on how much it takes to fund your lifestyle. You've probably thought about the cost of regular bills like housing, healthcare, and utility. Yet there are some sneaky expenses that may slip under the radar.
1. Home repairs and maintenance
- Tip: Consider budgeting 1% to 4% of your home's value for upkeep.
- Insight: Unexpected home expenses can disrupt your financial plan.
2. Car insurance
- Fact: Average American drivers spend $3,017 per year on car insurance.
- Impact: Ensure you can afford car insurance while on a fixed income.
Planning ahead for these often overlooked expenses can lead to a more secure financial future in retirement.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.