Many people anticipate their future living expenses as they approach retirement, aiming to pad their nest eggs so they’ll be able to live comfortably on a fixed income.
It’s the unexpected expenses that can trip them up.
Top among those expenses that can put a wrench in retiree budgets: Unexpected home repairs and upgrades, such as the installation of a new roof or replacement of a major appliance, according to recent research from the Society of Actuaries, a trade organization. That’s followed by major dental expenses. (Medicare doesn’t cover dental work and dental insurance often covers only routine expenses, said Cindy Levering, a retired pension actuary and a member of the society’s Committee on Post Retirement Needs and Risks.)
Written By: Amy Hoak