We are fortunate that we had good jobs in our lifetimes and could save for retirement expenses. Because as you get older these expenses increase – and not just because of inflation.
We did a lot of travel when we first retired and those expenses have gone down somewhat as we enter our “go slow” phase. It’s just as well since other expenses have replaced our travel budget. Some examples:
- Eyeglasses. We both need ’em and our prescriptions change every couple of years. We also pay for tomography exams on our eyes. These are essential for checking on glaucoma and macular degeneration. Not covered by our basic Medicare.
- Hearing Aids. So far I am the only one who needs them – but I’d be hopelessly lost without a pair. These things are extremely costly. I don’t know how the average low-income senior could afford them.
- Dental Expenses. My dental insurance was covered by my employer’s health coverage up to age 65. Since then we’ve had to pay for cleaning and other services. It’s not exorbitant but it’s there.
- Stuff Not Covered by Medicaid. Most of our prescription needs are covered by our OHIP plan but there is a deductible that we must pay. Our cataract surgeries were basically covered but because we wanted to get a better analysis of what we needed to have done, we paid out of pocket. Also, we got slightly better quality lenses than the government would pay for. When I needed an emergency MRI last year I had to go out of province and pay for it if I didn’t want to wait for several months.
- Household Maintenance. I can still mow the lawn, but snow plowing and shoveling are difficult chores if we get a big storm coming through. So I have a snow removal service now. Also, we need hedge trimming every couple of years. We have also been around here long enough that the roof has needed replacing, and we replaced the HVAC system this past spring.
- Transportation. We have a couple of aging automobiles and one of them may probably have to be replaced in the next few years. We don’t drive all that much so we’ll keep them going as long as possible. With any luck, we’ll be able to get by with one car eventually.
- Retirement Residence and Long-Term Care. As we get to the point where we cannot stay in our home any longer, we have to face the possibility and expense of a retirement residence. We sincerely hope that won’t be the case anytime soon – but we have to plan for it.
I don’t want this post to be a complete downer, nor do I want to be a whiner. It’s just that many folks planning retirement think that once they get the kids on their own, the mortgage paid off, and no more pension contributions to pay – well then, everything is much lower in costs. It ain’t necessarily so.
Well put Ray