When we look ahead to our retirement, we often think that it will be a fairly easy time. By then, we should have paid off the mortgage, the car, and perhaps any loans we have taken out. It’s likely that we also think we’ll have a lot of time on our hands, and we can fill it with whatever we want. The trouble is that life may not turn out this way, and getting older can come with additional and unforeseen expenses.
What kind of expenses am I talking about?
When I talk about people getting older, and the costs associated with it, I am referring to the potential health issues that may arise. Every single senior citizen has some sort of health concern that has come with age, and it’s this that could prove to be costly. If you or your partner become housebound or dependent on each other, you may have to fork out for durable medical equipment. On the other hand, you may also have to pay for one of you to be cared for by someone else, in an entirely different location.
Ok so not every senior citizen will have to deal with ill health in such a dramatic way, but it is best to be aware of this issue. Many people rely on their pensions to help them, they assume that they will be able to get by once they have retired, and indeed some people do. The trouble is that not everyone saves up enough money, and not everyone has the ability to.
Not knowing what the future will hold
The fact of the matter is that we just don’t know what the future will hold, but what we can do is tryto prepare for it. Even if this means setting $20 a month aside to go into your pension, it’s better than nothing.
It’s safe to say that we just don’t know what the future will hold. We may be able to get by, or we may struggle. If we start to prepare ourselves, and if we save money where we can, we may just find that things are ok.
Getting older may come with additional expenses if we need medical equipment, or even if we need to find somewhere else to live. All we can do is prepare ourselves and hope that everything turns out ok. My advice? Start saving where and when you can, so that you have a bit of extra cash when you reach retirement.