Many retirees enter their 60s eager to enjoy the fruits of their labor—traveling, buying a vacation home, or spending more freely than they did during their working years. Overspending early can significantly impact your retirement funds, as desires for that lifestyle may lead to rapid depletion of savings. It's crucial to establish a sustainable withdrawal rate to ensure your funds last throughout your retirement.
While Medicare provides some coverage, it doesn't cover everything, and out-of-pocket expenses like premiums, deductibles, and copays can add up quickly. Even with a large portfolio, healthcare can be a major financial burden if you haven't planned for it. A couple retiring at 65 can expect to spend over $315,000 on healthcare during retirement, not including potential long-term care costs.
#retirement-planning #healthcare-costs #financial-management #wealth-management #retirement-mistakes
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