Many people look forward to retirement. They hope to have a more leisurely daily schedule, more time with children and grandchildren, and opportunities for traveling, socializing, and learning. However, retirement can also bring unexpected expenses. Proper retirement planning can ensure that you have the resources to meet these unforeseen costs.

What Are the Unexpected Costs of Retiring?

1. Medical Bills

Once you turn 65, you’re eligible for Medicare. However, Medicare only pays 80% of your healthcare costs, leaving you to cover the remaining 20%. That might not sound like a lot, but considering the cost of most healthcare procedures, 20% can equal a lot of money.

Also, Medicare doesn't cover dental or eye care expenses. Smart retirement planning can provide you with the funds to meet these unanticipated bills.

2. Home Renovations

In the future, you may need home renovations to accommodate the mobility issues that accompany age or illness. Additions like stairlifts, handrails, widened doorways, lowered countertops, and walk-in tubs may be necessary. Having a nest egg to draw from will allow you to continue with these upgrades to support your health and well-being throughout your life.

3. Nursing Homes

Although many people prefer to age in place, nursing homes are helpful options in many situations. However, no one can foresee the health issues they may face in the future. Some of those issues can be life-limiting and require skilled nursing care.

Medicare doesn’t cover extended stays in nursing homes. As part of your retirement planning, consider purchasing long-term care insurance. It can cover a significant portion of nursing care costs.

Prepare for these expenses and more with proper retirement planning. Nicole Gumm Groseclose Insurance Solutions has more than 17 years of experience serving the Covington, Clifton Forge, Bath, Fincastle, Roanoke, Lexington, and Waynesboro, VA, areas. Nicole offers term- and whole-life insurance policies, as well as retirement and financial planning support. Call (540) 968-1569 or visit her office's website to schedule a consultation.