It’s no secret that retirement can be expensive. It’s why we spend (or should spend) most of our productive life planning and preparing for it so it doesn’t become a financial nightmare. But even with the best-laid plans, some unexpected expenses can pop up and throw a wrench in your budget. That’s when we think, “If only I had known this could happen, I would have saved more to have enough for my dream trip to Italy.”
While unforeseen expenses are only unexpected until you know they can show up, we frequently forget about some of them and neglect to factor them into our plans and our budget. For example, most credit cards will charge a fee once a year, so it’s easy to forget about them until they show up on your statement. Other credit cards spread the annual fee in monthly installments, making these expenses far easier to manage. However, the same cannot be said about most unforseen retirement expenses. These usually end up as a part of our emergency fund in case of a rainy day. That’s why having a list of commonly forgotten expenses you should look out for is vital for retirement planning.
