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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 Some kinds of surprises are more delightful than others \u2014 like finding a little extra in your bank account<\/a> or your favorite barista offering you the last flaky croissant of the day so they don\u2019t have to toss it. Then there are the surprises you don\u2019t want, like realizing that the appointment you had wasn\u2019t tomorrow \u2014 it was today. Like right now. But one of the worst surprises you could get is finding out you don\u2019t have the savings you need for a stable retirement<\/a>.<\/p>\n<\/p>\n Financial advisors<\/a> are in the business of developing financial plans that nip those kinds of surprises in the bud (well, you\u2019re on your own about the appointment). They\u2019ve seen their clients deal with sudden roadblocks to a happy and comfortable life in retirement, and some surprises are more common than others.\u00a0<\/p>\n GOBankingRates chatted with several advisors to learn more about the challenges they see most often and what you can do to avoid them.\u00a0<\/p>\n Expenses Don\u2019t Go Down\u00a0<\/p>\n It\u2019s tempting to imagine that time freezes the moment you retire, including the prices of everything. Well, the famed singer Stevie Nicks might\u2019ve been right when she said, \u201ctime casts a spell on you,\u201d but one thing time does not do is lock prices in place once you leave the workforce. <\/p>\n According to Melissa Cox, CFP, owner of Future-Focused Wealth<\/a>, one of the biggest surprises for retirees is the need to budget for higher prices as time goes on.\u00a0<\/p>\n \u201cExpenses don\u2019t magically go down. People think they\u2019ll spend less because they\u2019re not commuting or buying work clothes, but that\u2019s rarely how it plays out. Let\u2019s not forget the convenience factor of Amazon Prime,\u201d she said.\u00a0<\/p>\n Cox also notes that retirees must monitor their spending habits<\/a> just as closely as they did when they were working \u2014 arguably, even more so. Think healthcare costs<\/a>, home repairs, travel, and support for adult kids or even grandkids.\u00a0<\/p>\n \u201cA lot of retirees end up spending just as much, or even more \u2026 it just shifts to different buckets,\u201d she added.<\/p>\n<\/p>\n Healthcare Costs Increase<\/p>\n Many retirees believe that because they\u2019re active and healthy, they don\u2019t need to worry much about healthcare expenses. Besides, won\u2019t Medicare pay for everything anyway? In reality, healthcare costs are one of the biggest expenses retirees face, and Medicare coverage is far from comprehensive.<\/p>\n Neal Gordon, ChFC, RICP, CRPC, founder and CEO of Gordon Wealth Planning<\/a>, said that one of the biggest surprises retirees confront is just how expensive healthcare can be.<\/p>\n \u201cMost assume that Medicare will cover everything, but it doesn\u2019t. Dental, vision, hearing aids, and long-term care can be a nasty shock,\u201d he said. \u201cEven healthy couples can spend over $300,000 on healthcare in retirement, and that\u2019s not including nursing home or in-home care costs.\u201d<\/p>\n<\/p>\n Infighting Caused by a Lack of an Estate Plan\u00a0<\/p>\n You may imagine all of your loved ones getting along smoothly when making decisions about your assets or your care. Unfortunately, without an estate plan<\/a>, things can get complicated fast.<\/p>\n \u201cCountless times, people encounter financial and legal challenges due to their loved ones not regularly updating their estate plans or failing to leave behind sufficient information to access important documents,\u201d said Howard Enders, COO of The Estate Registry<\/a>. \u201cFailing to create or even regularly update an estate plan is a common mistake individuals make as they reach retirement.\u201d<\/p>\n His advice to avoid this surprise? Create your estate plan now and update it regularly \u2014 at least once a year. Today\u2019s digital estate-planning tools can help you organize and safeguard your assets<\/a> and documents in a central, easy-to-access location, making reviews far less burdensome.<\/p>\n<\/p>\n Bottom Line<\/p>\n Retirement should be a time to enjoy the rewards of your hard work \u2014 not a time for financial shocks. Protect yourself by planning ahead for ongoing expenses, factoring in healthcare costs, and putting an estate plan in place, and you\u2019ll be in a much stronger position to sidestep unwelcome surprises and focus on what really matters: enjoying your retirement.<\/p>\n![\"\"](\"https:\/\/cdn.gobankingrates.com\/wp-content\/uploads\/2023\/11\/icon-20.svg?webp=1&quality=75\"){kind=icon}
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