Overlooked Retirement Expenses (And How to Plan for Them)

Shallon Weis |
Categories
Retirement
Finance
Health
Tax Planning
Family
Real Estate

Planning for Your Retirement Journey

A comfortable retirement doesn’t come with a fixed price tag. Expenses shift over time, and some of the most important ones are easy to overlook. That’s one reason why nearly half of retirees risk running out of money in retirement.

The good news? That outcome isn’t inevitable. With the right guidance, you can anticipate common blind spots, build flexibility into your plan, and prepare for both the expected and the unexpected. At Bradford Financial Center, we believe retirement planning is more than numbers—it’s about your life, your goals, and your peace of mind. Let’s visit to talk about and plan your retirement journey.

Five Common Blind Spots to Prepare For

1. Overspending Day to Day
Small spending shifts can snowball quickly in retirement. Many retirees spend more than they can afford and face surprise expenses that strain their budgets.
Planning tip: Track spending carefully, revisit your budget often, and leave room for surprises. A flexible plan can help you enjoy retirement without sacrificing long-term security.

2. Underestimating Healthcare Costs
Healthcare often becomes one of the largest retirement expenses, even with Medicare. Out-of-pocket costs, prescriptions, and long-term care can add up quickly.
Planning tip: Model realistic healthcare scenarios into your plan. Consider supplemental coverage, long-term care strategies, and a medical expense cushion.

3. Overlooking Housing Expenses
Even with a mortgage paid off, housing costs like taxes, insurance, maintenance, and repairs remain. They can easily eat into a fixed retirement budget.
Planning tip: Anticipate predictable costs and prepare for larger surprises. Planning gives you flexibility to live where—and how—you want.

4. Supporting Adult Children
Good intentions can quietly drain retirement savings. Nearly half of parents routinely provide financial support to adult children.
Planning tip: Set clear boundaries for support. Protect your independence while still offering help in ways that fit your plan.

5. Ignoring Hidden Tax Triggers
Taxes don’t retire when you do. RMDs, Social Security timing, and Medicare income surcharges can create costly surprises without the right strategy.
Planning tip: Build a proactive tax plan before retirement. Coordinating withdrawals and benefits can help you keep more of what you’ve earned.

The Bigger Picture

Retirement isn’t about eliminating every risk...it’s about being ready for life’s changes. Inflation, healthcare, housing, even family needs can reshape your retirement. A flexible plan helps you stay resilient without derailing your goals.

At Bradford Financial Center, we’re here to walk beside you. Let’s visit to talk about your vision for retirement, explore potential blind spots, and design a plan that gives you both security and freedom for the years ahead.

Sources:

  1. Morningstar, 2025 [URL: https://www.morningstar.com/news/marketwatch/20250816201/most-boomers-and-gen-x-ers-are-terrified-about-running-out-of-money-in-retirement-even-if-theyre-already-retired]
  2. EBRI, 2024 [URL: https://www.ebri.org/content/2024-spending-in-retirement-study-uncovers-concerning-trends-on-dampened-spending-expectations-due-to-lack-of-sufficient-savings--inflationary-pressures-and-rising-credit-card-debt]
  3. Fidelity, 2025 [URL: https://newsroom.fidelity.com/pressreleases/fidelity-investments--releases-2025-retiree-health-care-cost-estimate--a-timely-reminder-for-all-gen/s/3c62e988-12e2-4dc8-afb4-f44b06c6d52e]
  4. Kiplinger, 2025 [URL: https://www.kiplinger.com/retirement/average-cost-of-health-care-by-age]
  5. Genworth, 2025 [URL: https://assets.carescout.com/55da049c1f/282102.pdf]
  6. Joint Center for Housing Studies of Harvard University, 2023 [URL: https://www.jchs.harvard.edu/sites/default/files/reports/files/Harvard_JCHS_Housing_Americas_Older_Adults_2023.pdf]
  7. Savings.com, 2025 [URL: https://www.savings.com/insights/financial-support-for-adult-children-study]
  8. IRS, 2025 [URL: https://www.irs.gov/retirement-plans/retirement-plan-and-ira-required-minimum-distributions-faqs]
  9. Social Security Administration (SSA), 2025 [URL: https://www.ssa.gov/pubs/EN-05-10024.pdf]
  10. SSA, 2024 [URL: https://secure.ssa.gov/poms.nsf/lnx/0601101020]

Disclosure: This content is developed from sources believed to be providing accurate information. The information provided is not written or intended as tax or legal advice and may not be relied on for purposes of avoiding any Federal tax penalties. Individuals are encouraged to seek advice from their own tax or legal counsel. Individuals involved in the estate planning process should work with an estate planning team, including their own personal legal or tax counsel. Neither the information presented nor any opinion expressed constitutes a representation by us of a specific investment or the purchase or sale of any securities. Asset allocation and diversification do not ensure a profit or protect against loss in declining markets. This material was developed and produced by Advisor Websites to provide information on a topic that may be of interest. Copyright 2025 Advisor Websites.