When considering your Retirement Budget, we encourage you to set aside time to make up a budget projecting costs in the areas of where you’re going to live, food and groceries, transportation, leisure activities and other daily or annual goals.


Based on lifestyle decisions before and after retirement it may be easier or harder to determine what your budget will be. Some things may stay the same such as housing, food, and utility costs. But if you’re planning to take more vacations or travel, there may be a bigger impact in how your budget will look. Your healthcare costs might also see a change once you and/or your spouse start Medicare or come off of group plans.


To help with the health care portions, focus on the new monthly premiums you have such as the Part B premium of $148.50 (for most people), any premiums you might have for an Advantage Plan (Part C), or Supplemental Premiums. Download the full article below to read more about how copays, coinsurance and deductibles could affect your budget as well.


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Elaine Floyd, CFP®, is Director of Retirement and Life Planning for Horsesmouth, LLC. Copyright © 2021 by Horsesmouth, LLC. All rights reserved. License #: 5173052 Reprint Licensee: Denise M. Gage