October 19th, 2015 10:20 AM
Rodney Brooks from the Washington Post recently published an article at washingtonpost.com talking about 5 unexpected factors which could seriously damage your retirement.
In order, Rodney listed the 5 reasons including Unexpected Job Loss, Health Insurance, Taxes, Your Children, and Medical Expenses.
We recently posted an article on RonCaskey.com 'Retiring Couples Expected To Pay A Quarter Million In Health Care' which highlighted the major health expenses retiring couples will face. In fact, the article written by Rodney Brooks talked about the same Fidelity Insurance Study we referenced in article. We all know that in our later years our medical and health insurance will be one of the largest expenses that we face. Medicare only covers some medical expenses and procedures, usually not all medical expenses and procedures, therefore seniors will end up paying in their later years.
Taxes is not really a big surprise if you think about it. We pay taxes on our Gasoline, homes, cars, energy, income, inheritances and practically everything else in our lives. It doesn't surprise practically anyone that they won't try to keep digging into our pockets even after we retire.
Children is the one shock that many don't think about. We can't always plan for the unexpected although we would always help our children if we can. Many seniors could face an 'Unexpected Shock' by helping their children with their financial related problems.
Either way it's a great article to open your mind to some of these factors and how they might end up effecting your retirement savings. Here is the article 'Five unexpected shocks that could hurt your retirement' from Rodney Brooks at the Washington Post Online.