How many of these unexpected retirement expenses can you cross off?
17. Loss of capacity requiring someone outside the household to manage your money.
16. Divorce during retirement
15. Significant damage to or loss of home due to fire or natural disaster
14. Loss of home through foreclosure
13. Bankruptcy
12. Victimization by fraud or scam
11. Loss in total value of savings of 10% or more due to poor investment decisions
10. Death of spouse or long-term partner
9. Family emergency that impacted the ability to spend on other things or used 10% or more of savings
8. Going on Medi-Cal/Medicaid
7. Sudden loss of total value of savings of 25% or more due to a drop in the market
6. Running out of assets
5. Illness or disability that limited the retiree’s ability to take care of him/herself
4. Drop in home value of 25% or more
3. Significant out-of-pocket medical or prescription expenses from a chronic health condition or disability that did not limit the retiree’s ability to take care for him/herself.
2. Major dental expenses
1. Major home repair or upgrades
Believe it or not, virtually all of these can be planned for and eliminated or mitigated, which can help lessen the shock. What have you done?
Jim
