4 Spring Expenses Retirees Should Plan for Now
Written by
Nicole Spector
Edited by
Jenna Klaverweiden
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Spring is coming, and while most of us are eager for gentle weather to arrive, we mustn’t get so blissed out that we forget about the financial pressures that come with the season of rebirth.
“Spring has a way of exposing what winter may have covered up, beyond any remaining remnants of snowfall in your yard,” said Trent Von Ahsen, CFP, managing partner at Cedar Point Capital Partners.
Here are four spring expenses retirees should budget and plan for now.
Also see eight tips to save $1,000 before the first day of spring.
New Year, New Premiums — and Taxes
Notice anything different about your insurance premiums? It’s likely they’ve gone up since the new year stormed in.
“This tends to be the time of year where many retirees begin to get familiar with the new year’s insurance premiums,” Von Ahsen said. “Unfortunately for some, the new year can also be their first introduction to IRMAA: Income-Related Monthly Adjustment Amount.”
Von Ahsen noted that surcharges in premiums often catch retirees off guard. “This lag — along with the ‘cliff effect’ of one dollar over the threshold triggering surcharges — can make the increase feel disconnected from any current financial decision,” Von Ahsen said.
To get ahead, Von Ahsen recommended doing financial and health planning at the same time as retirement planning. “Taken together, these spring realities highlight an important truth: tax, charitable, and healthcare planning are not separate conversations in retirement,” Von Ahsen said. “When coordinated thoughtfully, they can preserve both cash flow and confidence.”
It Could Be Time To Replace Your Car’s Tires
Car tires last a while, but once they go, they really go, and you’re stuck having to shell out hundreds of bucks. Now is a good time to start planning.
“You may not need new tires this year, but spring is a good time to evaluate how much life your tires have left,” said Melanie Musson, insurance and finance expert at Clearsurance. “Even if your tires are good for another year, it’s a good idea to plan ahead because of how expensive tires can be.”
Your House May Need Some Maintenance
Was it a harsh winter where you live? Your house may have some battle scars to fix up.
“Seasonal home maintenance such as HVAC servicing before summer, gutter cleaning and roof inspections from winter storms can easily add up to hundreds of dollars,” said Daniel Gleich, board member and shareholder at Madison Trust Company. “Landscaping is another common expense, from lawn care, tree trimming, and preparing outdoor areas for warmer weather.”
Any Weddings or Travel on the Horizon?
Another expense that hits retirees (and all of us, really) this time of year is upcoming spring and summer travel.
“It’s wedding season, so travel and gift budgets tend to spike around this time of year,” said Ilir Salihi, founder and senior editor at Gold IRA Secrets. “To save money, consider inquiring early with service providers to see if scheduled weeks ahead of time can land you a discount, especially if they’re scheduled for shoulder weeks at the start of the season when their workloads are usually thinner.”
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