Retirees Are Grappling With Unplanned Expenses -- but That's an Avoidable Fate
Many folks budget for retirement under the assumption that their living costs will go down once they stop working. And there's some truth there, especially since 70% of seniors manage to enter retirement mortgage-free, thus shedding what was previously their single greatest monthly expense. And let's not forget commuting costs, which also go away in retirement.
Still, for many seniors, retirement is more expensive than expected -- so much so that nearly half of seniors wind up spending more, not less, during their first two years out of the workforce. This point is further driven home in a new Capital Group study, which found that numerous retirees are caught off guard by how much they're actually spending.
IMAGE SOURCE: GETTY IMAGES.
Source: Fool.com
