According to a biannual report by the Society of Actuaries regarding retirement expenses, commonalties exist between both age range and income level. For example, Chronic Illness and Dental Expenses are common unexpected expenses for those making less than $75,000, but also for those near-retirees between ages 45-59. For others, those unexpected expenses are much less common. Likewise, Large Drops in Home Values impacted those over 70 and those making more than $35,000 a year to a greater extent than other groups.
For information on how unexpected expenses impact retirement savings, see our new article Thursday.