4 Services You’ll Pay for in Retirement That You Never Knew About
Written by
Karen Doyle
Edited by
Zuri Anderson
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Conventional wisdom says that your expenses go down in retirement. And for some things, that’s true. You no longer need a work wardrobe, and you don’t have the expenses of commuting and buying lunch.
But there are some expenses that you will have in retirement that you may not have thought of. Here are four services you’ll pay for in retirement that you never knew about.
Healthcare Services Medicare Doesn’t Cover
Medicare covers most routine and major medical expenses, but it doesn’t cover everything. New retirees may be surprised to learn that it doesn’t cover vision services, including eyeglasses, dental work, hearing aids and long-term care. And you will still have copays and deductibles. A Medicare supplement or Medicare Advantage plan may help, but you will still have out-of-pocket costs.
Home Maintenance and Upkeep
Retirement can be a bit of a perfect storm for home maintenance. You’re home more, so you notice things that need to be repaired, replaced or upgraded. You may need to make changes to your home so you can age in place safely and comfortably.
And you may have been in your home for 20 or 30 years, so things are starting to wear out. Plus, you may be less able to do repairs yourself now that you’re older. All these things combine to become a surprising expense in retirement.
Transportation
In early retirement, your household may go from two cars to one, which can save you money. But as you age, you may find you are less likely to want to drive under some circumstances, like in the rain or at night.
You may need transportation to medical appointments. And you may choose to fly or take a train rather than driving to visit your children or go on vacation. All of these can add up to an increase in your transportation expenses.
Professional and Convenience Services
In retirement, you may become less willing or less able to do certain things for yourself. You may want to pay someone to prepare your income taxes, mow your lawn, clean your house, or even trim your toenails.
Paying for these kinds of services can improve your quality of life in retirement, so it’s not necessarily a bad thing. But being prepared can help keep your retirement budget in line.
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