Retirement Expenses you Didn’t Think About

Posted on September 19, 2018 by in Retirement Planning

Retirement Expenses you Didn't Think About

When it comes to retirement, we all think about a gray-haired couple, walking down the beach. The ideal retirement – you are still healthy, quite wealthy from a lifetime of retirement planning and saving, enjoying your golden years.

The problem is that, just like any other stage in our lives, retirement comes with some unpredictable retirement expenses. Unpredictable for some, because we are seasoned personal finance aficionados and know better.

So, there you have it

Retirement expenses you probably didn’t think about

Big healthcare costs

This is no brainer, if you ask me. The older you get, the sicker you get. At least in theory.

Age itself makes our bodies function worse than before, if you also didn’t care for your health too much as an adult, chances are you’ll enjoy quite some trips to your doctor’s office.

Keep a good health insurance in mind and be ready to cover any medical expenses that might still arise.

Household expenses

A lot of retirees are considering downsizing or even moving abroad to cut down some of the living costs.

There are still people who pay a mortgage or live in a huge house, not thinking that, once the kids are grownups and left the house, it makes sense to move to a place where live is more affordable.

We have already considered moving into our country house in about 20 years (provided we are still alive, of course), or move to another country where life is very inexpensive and we can life in a nice climate and on the seaside.

Expensive hobbies

Many retirees go from a life of little fun, as they try to save for their nest egg and pay off debt, to an expensive lifestyle as soon as they retire.

Taking up yachting or golf is a fun way to spend your days, but expect to get a high bill as well.

There are many hobbies that don’t have to be as expensive as that or, if you are still into these luxurious pastimes, get ready for them by saving money and properly planning for retirement.

Bailing out your adult children

I hope we’re not talking prison bail here, but, in many cases, our kids, as soon as they are adults, are already swamped in debt. Starting from student debt, a mortgage and maybe a car loan, these only can make your offsprings’ lives miserable.

Many retirees consider it’s their duty as a parent to help their kids financially as much as possible, so it makes sense to consider this, when saving in your pension funds.

We are also planning to give our daughter all our real estate, when she’s an adult and, if she needs any financial help, we’ll surely do our best to help her stay out of debt as much as possible.


We’re not getting rid of these, as long as we still live and breathe, so even retirees have to pay some taxes. Have this in your retirement plan, so that you’re not being taken by surprise.

These are just few of the retirement expenses you should have in mind, when you calculate how much money you need to retire. What else would you add?

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