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GOBankingRates’ editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services – our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines<\/a> and our products and services review methodology<\/a>.<\/p>\n 20 Years Trusted by Just as they dream of home ownership, quality education, good healthcare and no debt, Americans long for a stress-free retirement. And let\u2019s be real: that means having wealth.\u00a0<\/p>\n Yet even wealthy retirees can find themselves up against tough financial times, particularly when they\u2019re newly retired<\/a> and not completely educated on the expenses that will inevitably arise (or continue) in their post-working years.\u00a0<\/p>\n Here\u2019s what wealthy retirees spend the most on during year one<\/a> \u2014 and how to get ahead of these costs, according to retirement planning experts.\u00a0<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n Uncovered Healthcare Costs\u00a0<\/p>\n Healthcare bills<\/a> come for us all, even those on Medicare and they can derail you in retirement no matter how wealthy you are.\u00a0<\/p>\n \u201cRecent research shows that 76% of Americans don\u2019t know or underestimate healthcare costs<\/a> in retirement and at the same time many Medicare beneficiaries overlook benefits that could help offset those expenses,\u201d said Whitney Stidom, vice president of consumer enablement at eHealth<\/a>. \u201cWith health insurance premiums and out-of-pocket medical expenses rising<\/a>, many Americans are surprised to learn they may already have benefits that function like a built-in \u2018payout\u2019 \u2014 they\u2019re just not using them.\u201d\u00a0<\/p>\n Get ahead of these costs by being proactive with your health and taking full advantage of available benefits you may not know about.\u00a0\u00a0<\/p>\n \u201cThings like preventive screenings covered at no cost, dental or vision benefits through Medicare<\/a> Advantage or quarterly over-the-counter allowances can add up to hundreds of dollars in value each year,\u201d Stidom said.<\/p>\n \u00a0<\/p>\n Home Maintenance or Moving\u00a0<\/p>\n Even with a paid-off mortgage, housing expenses remain. And if you\u2019re planning to move, that\u2019s a whole \u2018nother can of financial worms to be prepared for.<\/p>\n \u201cYou typically still have property taxes<\/a>, insurance and maintenance to upkeep during retirement,\u201d said Daniel Gleich, board member and shareholder at Madison Trust Company<\/a>. \u201cMany retirees also consider moving early in retirement, which can add additional costs such as moving expenses, closing costs and more.\u201d\u00a0<\/p>\n To get ahead of these expenses, consider a self-directed IRA, a retirement account<\/a> that allows you to invest in alternative assets such as real estate<\/a> or private loans.\u00a0<\/p>\n \u201cThese alternative assets can potentially generate consistent cash flow that can help cover costs and living expenses during retirement,\u201d Gleich said. \u201cProactively planning for first year spending and leveraging tools like Self-Directed IRAs to enhance income strategies, can potentially help better position retirees to maintain financial security throughout retirement.\u201d\u00a0<\/p>\n Travel and \u2018Bucket List\u2019 Expenses\u00a0<\/p>\n Wealthy retirees may have big and exciting plans to kick off their retirement. Maybe it\u2019s a \u201cbucket list\u201d adventure or major home renovation they didn\u2019t have time or money to do when younger. Jeff Judge, certified financial planner (CFP), accredited estate planner (AEP), chartered financial consultant (ChFC), chartered life underwriter (CLU), managing partner and CFP practitioner at Chesapeake Financial Planners<\/a> recommended that retirees set solid boundaries around these to enjoy them without taking on debt.\u00a0<\/p>\n \u201cThe best ways to save without feeling like you\u2019re cutting the fun short are to put simple guardrails around travel and home projects so they don\u2019t become the new normal and to keep a clear line between essential spending and discretionary spending so you have flexibility if life or markets change,\u201d Judge said.\u00a0\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"iStock \/ iStock.com Commitment to Our Readers GOBankingRates’ editorial team is committed to bringing you unbiased reviews and…\n","protected":false},"author":2,"featured_media":115917,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[72,176,6271,61,60,174,175,6272,1611],"class_list":["post-445795","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-business","tag-finance","tag-gobankingrates","tag-ie","tag-ireland","tag-personal-finance","tag-personalfinance","tag-planning","tag-retirement"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/445795","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=445795"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/445795\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/115917"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=445795"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=445795"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=445795"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"\"](\"https:\/\/cdn.gobankingrates.com\/wp-content\/uploads\/2023\/11\/icon-20.svg?webp=1&quality=75\"){kind=icon}
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