|Keep Your Retirement Garden In Order|
I was reading an article on US News and World Report called 5 Retirement Expenses Many People Forget. It interested me because the author cited some information I don't think I have ever written about before. We really don't want any more surprises than we need after retirement. This is a time when our income is frozen and our ability to earn more is shrinking as the years pass. I thought you would be very interested.
The article was written by a money website owner that likes to keep things simple:
David Ning runs Money Ning, a personal finance site that shares money moves you can make to significantly increase your chances of having a comfortable retirement. He likes to share simple changes that anyone can make, such as picking the best online savings account and figuring out whether a 0 percent balance transfer credit card makes sense. (US News and World Report)
Here were the things Ning shared:
- Some thing don't respond to inflation. Wow, I don't know if I had ever thought about that. I had always seen inflation as all pervasive and BAD! In many states taxes is limited to a certain percentage point each year and we all know that an established loan will not inflate. Why worry about those if you don't need to.
- As we grow older some of our expenses will disappear! While I am very aware that my husband and I are spending less now, I had never thought of us as being typical. If you divest yourself of expenses or pay off a loan, those expense simply go away. How cool is that.
- Your gross income will not all be your. I had a cousin that forgot that he would still owe taxes in retirement. I don't know if that is typical but you need to keep it in mind. You will still pay taxes.
- Surprises will happen! Broken cars, illness, house up keep or a leaky roof can be your undoing if you don't keep something back for that inevitable rainy day.
- You are going to change. I have often said that retirement is a new beginning. We learn to love different things and find that we want to do things we did not even dream of before retirement. Keep that in mind when you think about expenses.
Ning has it right I think. He knows about the flexibility we need in order to live a fulfilling retirement. Just because we quit working does not mean that our life is frozen in time.
I encourage you to go over to his blog. His advice is simple and right on the mark. Money Ning by David Ning is a website for all ages.
Note: I originally saw this information on a website called Rescue Alert of Ca. I thank them for pointing me in the right direction.