The cost of living crisis is never far from any of our minds right now. So in terms of retirement planning we thought it would be worth bringing up a few ideas that you may not have considered saving for in your retirement.
1. Dental care. Teeth can be expensive! But we all know that a toothache can make life unbearable. Would you have provision for good dental care as you age? bearing in mind, our teeth, like everything else have aged….
2. Home maintenance. Some people may only budget for their home running costs, but if you own a property it will need care and attention, like all of us, as it gets older. And keeping on top of important jobs will avoid more costly repairs in the future,
3. Loss of a spouse. Losing a spouse can result in unexpected income loss. Or if you have a spouse and they become unable to work before retirement age, you may struggle to make ends meet. It is important therefore that you have enough funds for yourself.
4. Preparing for a down stock market. All investments, including pensions can gain or lose value in accordance with how the stock market is performing and the value of investments can go up….and down. If the stock market i sin downturn when you want to retire, this can affect your available income.
5. And last but no least, saving enough money so you don’t have to work. Not everyone wants to work, even part time, after retirement age. You may become disabled or need extensive healthcare. Or you may need to care for a loved one.
You may dread the thought of giving up work. OR you might be counting down the days. Either way make sure you have considered some of these less obvious issues so you can retire in the way you want to – when you are ready.
