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Even after youve left the workforce, certain expenses can continue to drain yoursavingsfor the rest of your life.
No matter what combination of Medicare and private health insurance, expect a lifelong bill, Tropper said.
Planning for this expense is 100% essential, Cummings said.
That might mean long-term care insurance, hybrid life policies or setting aside funds.
Even with a paid-off mortgage, the tax bill arrives every year and can increase significantly over time.
Ive seen clients caught off guard when property values go up and tax rates follow.
Depending on where you live, this can become one of your largest fixed expenses, he said.
Remember to review whether these are necessary, especially if youre living on a fixed income.
And while travel may be a discretionary expense, many retirees want to travel more, not less.
That comes with costs like travel insurance, rising airfare and unexpected expenses while abroad.
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