As you near retirement age, it’s important to consider hidden costs that may impact your ability to live the life you aspire to. Here’s an excerpt of our list of “9 Hidden Retirement Costs,” hosted by SeniorAdvisor.com:
While retirement planning should begin long before your last day of regular employment, many hopeful retirees forget to budget for hidden retirement costs. Ensure you don’t get blindsided by these common – and all too often unexpected – expenses as you plan for the golden years.
1. Expensive hobbies
In the first few years of retirement, it can be tempting to run out into the world and do all the things you always said you’d do when you retired – and do them all at once. The trouble is that your budget is generally based on a fixed yearly income. Using most of it now means you’ll have less later. Plan out a budget for your hobbies and activities that gives you some breathing room between big spending splurges.
What are the other eight hidden costs? Find out when you read the full article at SeniorAdvisor.com.