Planning for retirement really does require a look at your finances.<\/p>\n
\u201cPeople think they are going to spend less in retirement, and it doesn\u2019t work that way,\u201d said Pete Eckerline, managing director-financial advisor at RBC Wealth Management.<\/p>\n
He says there are some real money pits you may not realize, starting with health care costs.<\/p>\n
\u201cYour health care costs go up quite a bit,\u201d Eckerline noted.<\/p>\n
You won\u2019t be working, so your employer won\u2019t be pitching in, so you may choose Medicare, which comes with costs.<\/p>\n
Then there are things like trips, social outings, and spending money on your children and grandchildren.<\/p>\n
\u201cIt\u2019s important to get your hands around it and make sure you have the assets to support it,\u201d said Eckerline.<\/p>\n
He says it\u2019s important to seek advice now, instead of when it\u2019s time to retire.<\/p>\n
\u201cTalking to a professional is the best thing; they can help you drill down what your goals are and how we can achieve them.\u201d<\/p>\n
A professional can help you in planning what funds you\u2019ll pull from and at what age \u2014 often the longer you wait to tap into certain funds, like social security, the bigger the benefit.<\/p>\n
\t\t\t\t\t\t\t\tFor Related Stories:\u00a0Money<\/a>\u00a0\u00a0Money Minute<\/a>\u00a0\u00a0Paul Folger<\/a>\u00a0\u00a0Retirement<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Planning for retirement really does require a look at your finances. \u201cPeople think they are going to spend…\n","protected":false},"author":2,"featured_media":451567,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[28,2066,20068,20069,147,530,1666],"class_list":["post-451566","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-business","tag-money","tag-money-minute","tag-paul-folger","tag-personal-finance","tag-personalfinance","tag-retirement"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/451566","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=451566"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/451566\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/451567"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=451566"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=451566"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=451566"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}