Retire Early
Lifestyle
Retirement; like your parents, but way cooler

In 1991 Billy and Akaisha Kaderli retired at the age
of 38. Now, into their 4th decade of this
financially independent lifestyle, they invite you
to take advantage of their wisdom and experience. |
|
Unexpected
Costs that Can Derail Your Early Retirement
Skot Bergenmeir

Photo courtesy of
Pixabay
The thought of
early retirement is a comforting one. You get to leave your job behind,
finally take that cross-country road trip, or relax at home. However, getting
there isn’t always easy. We’re all busy running numbers on our investments and
calculating our monthly expenses, but some unexpected bills can completely ruin
the party. Let’s discuss a few of these issues and how to deal with them.
Healthcare Bills
Health insurance is meant to back us up, but it doesn’t cover everything. If
things go awry and a family member is not given the proper care they are due,
you may find yourself wondering, “can
you sue a nursing home for neglect?”
If
your loved one was injured because of crummy care at a nursing home, you may
have some legal recourse. Suing for negligence allows you to attempt to recover
money for medical expenses, funeral expenses, and things like that. It also
holds the facility accountable for failing to protect your loved one. However,
make sure you consult with a legal professional to determine whether or not
suing is the best choice for you.
The
reality is that
healthcare can catch you off guard in retirement. If you’re opting for
low-cost insurance policies, it’s important to remember they have astronomically
high deductibles you have to pay out of pocket before you get any compensation,
and those copays for specialists and medication can add up.
There’s also vision and dental, which may or may not be covered. If you need
state-of-the-art treatments, they may not be covered, leaving you with the
entire tab. Shop around for different insurance plans, look into vision and
dental plans, stash away an emergency fund, and chat with family about long-term
care.
Home Repairs and Other
Property Expenses
Be it the one you’ve been
living in forever or just bought a new one, your home will always have
ongoing maintenance needs. It’s not only about making it look pretty but
also about making it safe and operational. If you don’t pay attention to
this, it can cause even greater and more expensive problems down the road.
Things such as air
conditioners, water heaters, and roofs don’t hold out for a good time to
crap out. When they go, you’re looking at thousands in unexpected bills. The
same goes for yard maintenance, pest control, and periodic system checks,
which can pile up over the years. Your local government can also choose to
raise property taxes, and that will take a chunk out of your monthly budget.
Be sure to create a
home maintenance budget, get your systems checked on a regular basis,
and have an emergency home repair fund. Always save a little extra than you
expect you’ll need. This will provide room for surprises, and if nothing
ever breaks, you’ll have some money for upgrades.
Endnote
Being aware of these possible
pitfalls puts you at a definite advantage. By planning in advance, you’ll be
building a retirement that’s all your own. Take the reins, and make your
early retirement a financially secure reality.
For more on
Retirement Topics,
click here and
here and don't forget to signup for
our free Newsletter.


About the Authors



Retire
Early Lifestyle appeals to a different
kind of person – the person who prizes their
independence, values their time, and who doesn’t
want to mindlessly follow the crowd.
HOME
Book Store
Retire Early Lifestyle Blog
About Billy & Akaisha
Kaderli
Press
Contact
20 Questions
Preferred
Links
Retirement
Country Info
Retiree
Interviews
Commentary
REL
Videos
|