{"id":1104941,"date":"2019-03-12T16:31:07","date_gmt":"2019-03-12T16:31:07","guid":{"rendered":"https:\/\/dailyreckoning.com\/?p=106906"},"modified":"2019-03-12T16:31:07","modified_gmt":"2019-03-12T16:31:07","slug":"5-things-hurting-your-wallet-more-than-you-thought","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1104941","title":{"rendered":"5 Things Hurting Your Wallet More Than You Thought"},"content":{"rendered":"

This post 5 Things Hurting Your Wallet More Than You Thought<\/a> appeared first on Daily Reckoning<\/a>.<\/p>\n

When planning on how much to save for retirement, you first need to know how much you\u2019ll spend. <\/span><\/p>\n

The general rule is that you\u2019ll need 70% to 80% of your pre-retirement income to maintain your standard of living. <\/span><\/p>\n

However, a recent study found that nearly two in five (39%) retirees are spending more than they had expected. <\/span><\/p>\n

With that in mind, there are at least five things you might spend more on once you retire. <\/span><\/p>\n

#1\u2014Travel<\/b><\/span><\/h2>\n

Many retirees love to travel, especially on the kind of trips they could only dream about while working. <\/span><\/p>\n

Cruises are a favorite. In fact, the majority (38%) of cruisers are baby boomers and 47% of them plan on booking another cruise. Furthermore, the average age of those take cruises lasting 16 days or longer is 58. <\/span><\/p>\n

And they\u2019re big ticket items … <\/span><\/p>\n

Fares advertised for less than $75 per person per day, say to the Caribbean, are enticing. <\/span><\/p>\n

But it can run double or triple that amount depending on the cabin you book, your drinking preferences, the number of spa visits, how many shore excursions you take, and whether you are a big shopper at the gift store. Gambling can shoot your tab to the moon. <\/span><\/p>\n

To keep the price of your cruise under control, realize that the mass-market lines with the lowest prices include buffet meals and entertainment \u2026 not much more. They\u2019re also the ones who are notorious for pushing all the extras. <\/span><\/p>\n

And don\u2019t forget the cost of getting to and from the ship. <\/span><\/p>\n

So before booking your cruise make a plan:<\/span><\/p>\n

\u00b7<\/span>\u00a0 \u00a0 \u00a0 <\/span><\/span>Estimate how much the trip will cost.<\/span><\/p>\n

\u00b7<\/span>\u00a0 \u00a0 \u00a0 <\/span><\/span>Calculate the amount you need to set aside each month so you won\u2019t have to run up credit card debt to finance the trip.<\/span><\/p>\n

\u00b7<\/span>\u00a0 \u00a0 \u00a0 <\/span><\/span>Stick with your cost estimate while on the trip. Don\u2019t succumb to pressure to buy extras that were not in your budget. <\/span><\/p>\n

#2\u2014Healthcare<\/b><\/span><\/h2>\n

As we age, our health changes. <\/span><\/p>\n

According to the Employee Benefit Research Institute, the average annual out-of-pocket health care cost for households ages 85 and above represents 19% of total household expenses. Between ages 65-74 it accounted for 11%. Preretirement it was 8%.<\/span><\/p>\n

Some costs are predictable, others are not. <\/span><\/p>\n