Sometimes life comes at you fast, but there are still ways to prepare.
Most people know to plan and save for retirement, but many don't realize just how expensive it can be. You mightyou can get away with spending half the amount you currently spend on living expenses once your career comes to an end, but actually, seniors are generally advised that they'll need 70% to 80% of their former income once they stop working.
Think about the things you spend money on today. Other than the costs associated with commuting or holding down a job, you'll still need to pay for pretty much all of them. And even if you manage to pay off your mortgage prior to retirement, you'll still need to grapple with property repairs and maintenance, which can become more expensive as your home ages, and property taxes, which have a tendency to climb over time.
Furthermore, Medicare won't cover long-term care, so it's an expense that seniors generally have to bear themselves.during your 50s or early 60s. That way, you'll have a policy in place to help pick up some of your costs. And also, talk to family members about the role they might play as future caregivers so you have an idea of what to expect.
It's hard to predict what expenses you'll face at various stages of life, but keeping these three on your radar will help you prepare for a few major ones. And that's a good way to buy yourself some much-needed peace of mind.
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