Michelle Buria, Certified Financial Planner & Senior Director of Choreo, says that in addition to your usual retirement expenses- there may be some surprise costs.

“When it comes to housing, we all know we have a mortgage, insurance, and property taxes that we have to pay, but there’s also maintenance in upkeep,” Michelle says that even smaller costs come up- and we will need money for these.

Another unexpected expense could be a family crisis. Parents or adult children could need some help- which isn’t something we would normally think of as a cost during retirement.

“The other thing about family is that it’s okay to give a loan,” Michelle suggests having a conversation about the expectation.

Loss of a spouse may be another surprise during retirement. Michelle explains, “Nobody can prepare for the emotional shock of that, but there are something to consider during retirement planning.”

Life insurance may be an aspect. Or adding a surviving spouse to a pension.

“In retirement planning, we look at analyzing when should those social security payments start, keeping in mind that may be a deferred time horizon.”