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Financial experts explain some of the most common unrealistic plans retirees make andhow to get around them.
This translates to vastly underestimating future expenses and how expenses will evolve during this period of life.
Eventually, as you age, expenses tend to rise as healthcare costs dominate larger shares of your budget.
Not Planning For Health Costs
One plan is really a lack of a plan, Stroup said.
Many retirees falsely assume that Medicare will pay for all of their healthcare costs in retirement.
I help [clients] maximize Social Security, balance it with other income streams and suggest delaying benefits.
For foreign retirement, I connect clients with experts on tax, legal and healthcare matters, he said.
For example, he shared about a couple who wanted to retire in Costa Rica.
Theyre now retiring abroad confident their income will sustain them, Rawal said.
Themore savings strategiesyou have, the better.
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