Call 630-398-3329 to speak with an agent.

Call 630-398-3329 to speak with an agent.

4 Ways That Retirement Could Surprise You

Posted by David Cheatham, August 8, 2017

After years of careful planning and saving, you’ve just retired, or you’re about to take the plunge. But no matter how carefully we plan, there are always some things in life that surprise us. Check out these four things that retirees commonly say surprised them, regarding their new lifestyle.

Retirement can be boring. During our working years, most of us imagine that it would be nice to stay home all day, without demands on our time. And it’s true that constantly being over-scheduled is stressful and undesirable. But the opposite can be quite boring and unsatisfying! Before you retire, or shortly afterward, identify different ways that you can stay active and socially connected.

Income taxes can be disappointing. Retirees are often advised to establish several streams of income. However, if you earn above certain thresholds, your Social Security benefits could be taxed. Taxes on retirement plan withdrawals might also surprise you.

Retirement could last longer than you think. Currently, the average life expectancy for a 65-year-old man is about 84, and for a 65-year-old woman it is about 86. However, one in four people will live past age 90, and one in ten will live past 95. For those who retire at age 65, a 20-30 year retirement is entirely possible*.

The cost of healthcare can be shocking. Contrary to common belief, Medicare doesn’t swoop in and pay 100 percent of your medical expenses once you turn 65. You will still pay premiums, co-pays, deductibles, and the cost of medications or equipment not covered by Medicare. In fact the average 65-year-old retiree can expect to spend about $260,000 on their healthcare throughout retirement.** And that figure doesn’t even address the cost of long-term nursing care.

On that note, give us a call if you’re concerned about your out-of-pocket spending on medical bills. We can help you evaluate different Medicare supplemental plans and other options to keep your costs affordable.

 

*Social Security Administration

**Fidelity’s Retiree Health Care Cost Estimate.

Need more information on your insurance options?

Contact us online to learn more

Contact Us

Close Accessibility Tools
Accessibility Controls Reset
Content Adjustments
Font Size

Default

Line Height

Default

Content Scaling

Default

Highlight Titles
Highlight Links
Highlight Forms
Align Left
Align Center
Align Right
Focus Mode
Color Adjustments
Desaturate
Monochrome
Contrast

Default

Saturation

Default

Accessibility Statement

Despite our attempts to make this website accessible for everyone, there may still be some pages or sections that are not completely accessible, are in the process of becoming accessible, or do not have a suitable technological solution to make them accessible. Nevertheless, we are always striving to enhance our accessibility by adding, updating, improving its options and features, and incorporating new technologies.

We want to provide our users with the best experience possible, so we strive to support as many browsers and assistive technologies as possible.

If you wish to contact this website's owner, please use the contact form on the website.

Our User Interface Adjustment Options

Font adjustments - With this tool, users can modify font size, style, letter spacing, and line height for improved alignment and readability.

Color adjustments - Users can customize their color contrast profiles to light, dark, desaturated, and monochrome.

Content highlighting - Users can prioritize key elements such as links, forms, and titles.

Content focus - Users can enable focus mode to highlight the current page information based on their mouse movement.

Close