Posts Tagged ‘budget’

Expenses You Must Include In Your Retirement Budget

Saturday, August 9th, 2014

Man in home office on telephone using computer smiling

How accurately can we estimate and budget for our retirement future? While individual lifestyle will dictate your expenses, a report published by U.S. News & World Report lists the expenses that are shared by all retirees and must be budgeted for.

  • Health care costs will be one of the biggest expenses you must deal with in retirement. A 65 year-old couple retiring in 2013 will need $220,000 to cover health care costs during retirement, according to calculations by Fidelity. This figure is based on average life expectancy. The cost of long-term care services depends on whether you receive it at home, in adult day care, at an assisted living facility or in a traditional nursing home. The average cost of a private nursing home is about $90,000 per year, assisted living facilities average $3477 per month and hourly home care rates average $46 for a Medicare-certified home health aid, according to MetLife.

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