Are you at that point in life where you need to start planning for your retirement?  You may be wondering just what types of expenses that you are going to have as you move through your golden years. Of course, knowing this information will help you get a better idea of how much you are going to need to get the job done. Most experts say that to maintain a current standard of living, seniors need 75-80% of their pre-retirement income. But where does all that money go?

A Place to Live

Of course you are going to need a place to live. Even if you have a home that is fully paid off, there are still expenses like utilities, maintenance and property taxes. As you get older you may be unable to take care of things as well as you did when you were young. This might mean increased costs as professionals do the work for you.

Another aspect of housing to consider is assisted living. You, your spouse or your loved one may eventually need to spend time in an elder care facility. Costs associated with skilled care are rising quickly and should be taken into account.

Food

Another basic expense is food. It is another necessity that seems like it is always increasing in price. Having enough to eat is very important for staying healthy, particularly the older you get. Take time to consider how much you spend on eating out as well as weekly groceries when planning your retirement budget.

Healthcare

One of the largest expenses many seniors have is health care. While Medicare covers a large percentage of the costs, most seniors are left to deal with 20% or more of the costs for basic healthcare. This doesn’t even include things like prescription drugs, dental or specialists.

If you are on any regular medicine then you should make sure to look into the benefits that Medicare Part D will provide for you. Many seniors will fall into what is referred to as the “donut hole” which can be a large out-of-pocket expense for medication.

Another expense is Supplemental Insurance. This is a form of health insurance that will cover the 20% gap between Medicare benefits and your out-of-pocket expenses. It can save you quite a bit of money in the long run and be quite worth it.

Remember that Medicare is run at a state and local level. Benefits can vary, as well as aid programs. Look into what your state and local governments have available to assist you with staying healthy. You may find excellent sources of supplemental programs and discounts that can help to reduce the cost of health care.

An Elder Law Attorney Can Help

Do you need help with your retirement planning? Speak to an experienced and professional elder law attorney from Stano Law group. We can help you navigate retirement and ensure that you are making the best possible financial decisions for you and your family. Contact us today.