Tim Davis
, Certified Financial Fiduciary, Retirement Income Certified Professional
Davis Capital Corp
Stealth Retirement Expenses
Managing Stealth Retirement Expenses
Take a look at some potential financial surprises in retirement - and how you can prepare for them.
In 2020, the Society of Actuaries surveyed retirees, reporting unforeseen expenses that had hit them in retirement.
Nineteen percent of retirees said they experienced four or more financial surprises. Twenty-four percent of retired widows said they had also been through these downfalls. The top unexpected expenses included:
- Major home repairs or upgrades -28%
- Major dental expenses - 24%
- Significant out-of-pocket medical prescription bills - 20%
- Drop-in value of the home of 25% or more - 16%
- Illness or disability - 15%
- Running out of assets - 15%
- Sudden loss in the total value of savings of 25% or more - 14%
- Going on Medicaid - 14%
- Family emergency - 9%
- Sudden loss in the total value of savings of 10% or more - 9%
Tim Davis
Davis Capital Corp
Katy, Texas 77494
tim.davis@retirevillage.com
(281) 665-3133
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