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Unexpected Costs During Retirement
By: Neel   |    April 20, 2012   |   2 Comments (0) (0)

One of the scariest things for most people considering retirement is making sure they have enough money to live out the rest of their lives with. No matter how carefully you plan, there are always extra expenses that pop up out of nowhere. Without a regular income, you have to hope that you have enough financial support to handle anything that may arise. The following article lists just some of the expenses you may not have budgeted for.

Health Bills

One of the most common unexpected costs is health bills. With comprehensive private health insurance you will be able to handle any such expenses, but without it you may end up without access to the help and services you need. To ensure that you will be able to cover all your health-related bills, get yourself some quality health insurance.

Funeral

While we all know it is coming, death still manages to catch people unawares. Having funeral insurance or even a comprehensive life insurance policy can mean that you won’t have to pay a thing for your funeral when you die. Otherwise, an unexpected death can be financially crippling.

Accommodation

Even if you own your home and are planning on living out the rest of your days there, should your need full-time care, you may have to move into a nursing home. Nursing homes most definitely are not cheap, especially if you want something nice, so try and plan for this scenario even if you don’t think it will happen.

Trips

Perhaps you have a pretty tame retirement planned out, but once you actually do retire you may find that you want to go on a long cruise or buy a hot-red sports car. You deserve to be able to, having worked for your entire life, but you will need to have an extra stash of money for it, so that you aren’t eating into your essential expenditure budget, which will cover things like food and healthcare.

Marriage

If your partner passes away before you and you meet someone else after they have gone, you may find yourself wanting to get married once again. If it is important for you, you will need to have the finances to back it up. It would be a shame not to be able to marry your new love, just because you can’t afford it.

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2 Comments on this Article

CoLoR349 commented on April 20, 2012

I personally think one of the best investments you can make is purchasing long term health care. It will not only make things easier for the individual but also for the family as well. If you have to stay in a nursing home this will help tremendously.

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mark commented on April 20, 2012

Overall, I am happy with my health insurance I found through "Penny Health" network. It is not perfect, but in today's world what is? The health insurance plan has worked quite well for me and my family.

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