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6 Surprises You Might Encounter in Retirement

6 Surprises You Might Encounter in Retirement

August 16, 2022

We always emphasize the importance of retirement planning. But as we all know, some things can’t be completely planned or expected. Life will always throw us little surprises. But if you anticipate some of the possibilities, you can at least accommodate the possibility within your plans. 

Take note of these six common situations that often surprise retirees. 

Housing might still dominate your budget. Throughout your working life, housing has probably been your biggest monthly expense. But even if you pay off your home before you retire, you will still face the cost of taxes, insurance, repairs, and maintenance. Make sure your retirement plan accounts for those because they will still be significant. 

Health problems can be unpredictable. After about age 60, health problems become more common for many of us. And while we can work to reduce our odds of serious disease by eating a healthy diet, exercising regularly, and avoiding negative lifestyle factors, we can’t predict everything that can happen. 

The transition can be rough. You might not wake up on your first day of retirement feeling elated at your freedom, as you once expected. Many retirees say that they feel disoriented. Most settle into a routine within a few months but be ready to adjust your plans as needed. 

You might feel lonely. We often picture ourselves enjoying a number of hobbies, travel, and social gatherings in retirement. It might surprise you to learn that many retirees report feeling lonely. While you’re planning for your retirement income, remember to plan for a fun lifestyle too.

You could feel younger.  At least this surprise is a happy one! Once the weight of a career and other daily responsibilities is lifted, many retirees say that they feel more energetic and carefree. 

You might work in retirement. Whether you need extra income or just prefer to stay active, you might be surprised to find yourself working at least part time after you retire. If you enjoy it, this is great news. But if you don’t want to be forced to work in retirement due to budget issues, we should talk about your retirement income plan.