What Changes When You Retire

Are you ready? Consider the non-financial impact of this far-reaching lifestyle change. Ask yourself:

  • Am I ready to leave my place of employment?
  • Will I miss the social interaction, having a purpose, making a contribution?
  • How will the change in my daily routine impact my partner and others in my home?
  • Do I have hobbies I’ve been waiting to pursue?
  • Do I feel passionate about a cause I can become involved in?

Lifestyle changes can be exciting to plan for, but don't forget to realistically evaluate how retirement will impact your cash flow and your budget.

Retirees will typically have fewer expenses for:

  • Contributions to retirement plans
  • Employer sponsored health care plans
  • Disability insurance premiums will cease
  • Mortgage may be paid off
  • Clothing & travel to work expenses
  • College loans paid off
Expenses will increase for: 

  • Medicare & Medicare Supplement premiums
  • Medical & dental out-of-pocket
  • Drugs (second largest expense of seniors)
  • Health-related care
  • More time for travel and recreation
  • Real estate taxes continue to increase 
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