The 5 Surprise Retirement Expenses
Big Picture Retirement®
Devin Carroll
4.7 • 546 Ratings
🗓️ 19 June 2023
⏱️ 30 minutes
🧾️ Download transcript
Summary
Retirement is often seen as a time of financial stability, but for many people, it can come with several surprises. Here are five retirement surprises you should be aware of, along with examples of how they can impact your retirement strategy.
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Transcript
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| 0:00.0 | The Big Picture Retirement Show does not provide tax, legal, or financial advice. |
| 0:04.3 | Listeners are encouraged to seek out their own advisors in these areas. |
| 0:10.7 | Hey, everyone, welcome to the Big Picture Retirement Show. |
| 0:13.8 | I'm your host, Devin, joined by my co-host, John Robles. |
| 0:17.7 | Howdy. |
| 0:29.2 | John. John Robbins. Howdy. John, retirement is a time where you need a lot of financial stability, right? |
| 0:31.2 | You plan for it this entire time. |
| 0:32.3 | That's the thought. |
| 0:34.1 | Probably, well, most people have. |
| 0:35.3 | Some people have not. |
| 0:36.9 | They've just retired and hope everything works out. |
| 0:55.9 | Yeah, we're just going to wing it. Yeah. I like that. But most of the people, at least the people we talk to, because they are planning for their retirement, have put a lot of forethought into this. And it generally starts well before they get to me, because they're saving, they're putting back money. They're, they're taking some of the desires they have to spend money today, |
| 1:00.3 | and they're saying, no, we're going to save that money instead because they won't financial stability in retirement. |
| 1:05.0 | And then they get to retirement, and sometimes there's some surprises. |
| 1:15.6 | And in our practices, we've seen these five retirement surprises pop up over and over and over that can really have a big impact on all the planning that you've done. And it's hard to plan around them, |
| 1:21.2 | although you can do some what-if planning that will take some of this into account. And I would absolutely encourage |
| 1:31.0 | everyone to do this. Some of these risks are bad and some of them could even be interpreted as a good |
| 1:37.1 | thing, like the second risk we'll cover here in a moment, but it's still a very real risk that you |
| 1:42.2 | have to plan for. So let's hit the first one first. |
| 1:45.1 | You and I've seen this quite a bit, and that's health care cost. |
| 1:47.6 | Sure. |
| 1:48.1 | Especially if someone retires before Medicare eligibility, which we're seeing more and more people |
... |
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