Even the best retirement plans can be derailed by unexpected expenses. What are some of the most common?
While 28% of retirees say they have not been impacted by any major unexpected expenses, according to a biannual report by the Society of Actuaries regarding retirement expenses. Among the remaining 72%, the three most common unexpected expenses to impact retirement accounts:
1) Major Home Repairs or Upgrades, which impact 30% of retirees
2) Major Dental Expenses, which impact 25% of retirees
3) Chronic Illness Expenses, which impact about 22% of retirees
For information on how unexpected expenses impact retirement savings, see our new article tomorrow.