It’s a stage in life that a lot of us never think will come around. Unfortunately, it’s another one of those life certainties – and it tends to come with a bang. Today’s post is all about retirement and the big costs that you need to be aware of before you take the plunge and quit the day-to-day rigours of work.
Hopefully, you’ve already got your house in order in relation to your pension and all of the other income streams you might need in the latter years of your life. The government has focussed heavily on getting us to take care of these matters, but when it comes to new costs they can tend to catch you quite cold.
Bearing this in mind, let’s take a look at some of the big costs you need to account for as you breach that elusive retirement age.
It’s morbid – but let’s start with funerals
It’s not the most pleasant topic in the world to talk about, but truth be told, we will all have one. Unfortunately, funerals also happen to be very costly and while you won’t be around to foot the bill, your family will be. The fact that the typical funeral can cost thousands says everything you need to know about just how harmful this might be to some families.
On the plus side, there are ways to manage this cost. You can turn to the likes of prepaid plans, which will at least allow you to pay at today’s rate – rather than the inflated price years down the line.
The perils of elderly care
Again, it’s not the nicest topic to delve into, but elderly care is something else which is proving to be a big issue amongst the nation. Families are quickly realising that these are costs that can span into the thousands – and that’s just on a monthly basis.
Sure, there are certain initiatives out there which can help you manage the payments, but it goes without saying that the so-called better elderly care establishments are even more costly and you will need to find a way to fund them.
The cost of having children
There are all sorts of studies showing the real cost of having children, and they don’t make for pleasant reading.
Nowadays, these costs are just spiralling though. It’s not just because of inflation either; more and more parents are acting as a bank for that first house purchase and it means that while you are not expected to put any money down, it’s becoming more “normal” so to speak.
And then… the grandchildren
Again, this might be another one of those “optional” costs, but it needs listing. After paying for the kids, many parents are finding that they have a similar role when it comes to their grandchildren. It might be for a college education, or it might be for that house deposit, but again it’s becoming more common in the modern-day world.
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