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Published on Thursday, Aug 28, 2008
The transition from the working life to the retired one can be jarring, to say the least.
From Consumer Reports Money Advisor, here are some potential retirement surprises:
• Underestimating a budget. This is a pitfall that traps many. With more time to spend, people end up spending more. Estimate a living expenses budget and try to live on that for a year or two before you retire.
• Leaving out the benefits. Being employed comes with benefits. Aside from the obvious ones like medical insurance, there are also the employee gym and the subsidized cafeteria. Employer-paid dental insurance is another one to add to the list. Medicare doesn't pay for dental services except in rare instances.
• Divesting can take time. It was easy to invest your funds in a brokerage account, but taking them out can be another matter. Companies can be incompetent or uncooperative when you want to cash your 401(k).
The transition from the working life to the retired one can be jarring, to say the least.
Get the full article here.
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