Retirement Expenses For Which You Forgot To Plan
Tony MauroEpisode Description
Are you preparing for retirement but feeling confident that you have covered all the expenses? Well, think again... It turns out that many retirees overlook some crucial expenses that can leave them financially vulnerable. In this episode, we explore the retirement expenses that most people tend to forget, including skyrocketing medical bills, unexpected travel costs, taxes, and much more. We'll discuss practical tips and strategies to help you plan for these expenses and ensure a secure and comfortable retirement.
Important Links
Website: http://www.yourplanningpros.com
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Transcript Of Today's Show:
Speaker 1: Time for another edition of Plan With The Tax Man with Tony Mauro, from Tax Doctor Inc. I started to say Tony Mauro Tax Doctor, like that's your whole name or something, and myself to talk investing, finance, retirement, and retirement expenses, which we might forget to plan for. So we're just going to have a good conversation about some things to keep on the radar. Some of these seem like duh moments, but there's little ways we might think about this or forget about them, so that's going to be the topic of conversation. And Tony, how you doing, my friend? You doing all right?
Tony Mauro: I am well, yeah. Everything is going good.
Speaker 1: Well, good. So you do planning all the time. It's easy to forget stuff, right?
Tony Mauro: It is.
Speaker 1: I mean, you're a human being as well. You plan to take your own trips, you plan to go skiing or golfing or something, and you forget to take something. "Oh, man, I can't believe I forgot my glove," right? My golf glove or whatever it is. So it happens. But from a retirement standpoint, forgetting to do stuff can certainly wind up being a big pain in the you know what, especially depending on how it's affecting you. And it could be a little thing, it's not a big deal, but then there could be some big things. So on this episode, let's explore some of those expenses people tend to forget, and just kind of see if there's some tips or strategies we can talk through to see if that helps. Okay?
Tony Mauro: That sounds good.
Speaker 1: Medical expenses. Obviously, you can say, "Well, I'm not forgetting medical expenses, but how do I know they're going to show up? How do I plan for something that hasn't happened yet?" Well, that's true, and it is kind of hard to do, but that's when you've got to start thinking about where you're going to pull money from for these things. Because Tony, I think Fidelity's most recent number says like $315,000 out of pocket for people for ... that's not what the insurance is covering. That's out of pocket. That's hefty, man.
Tony Mauro: Yeah. And people were living a long time, and I think the biggest takeaway probably from this podcast on the tips area is as we talk about some of these things, is one, you need to develop a budget, and you need to work with your advisor on your own to get a budget, and budgets change, but at least you've got an idea, so you can start setting money site or plan to take it out of one of your pots. But the other thing too is you have to write stuff down too. As we age, I mean, if it's not on my calendar ... I don't try to commit everything to memory, so don't try to remember everything, write it down or get it in a plan of some kind, so it's a lot less burden on you. But yes, medical expenses, as we age, I mean, it's easy ... I mean, they go up. We could sit and talk about that all night long. There's other expenses too with medical. The little things, I think that's what pushes that out-of-pocket up so much. Everything from dental, to over-the-counter stuff, to stuff just for chronic ailments, things like that.
Speaker 1: Dental's is a good one, because that catches people off guard a lot.
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