Page 47 - Book10E

CHAPTER 6
Unexpected
Expenses
While everything that’s been discussed in this volume regarding estate planning, wills and trusts, financial planning for retirement, and investments is important, chances are you’re going to live a very long time. For this reason, all the work you put into your wills and trusts will pay off for your loved ones in due time, but until then, you need to continue being financially wise to cover your needs through what could be a lengthy retirement.
In her article “Dealing with Unexpected Retirement Expenses”, Carole Moore, writing for Bankrate.com (www.bankrate.com), quotes aging expert Arthur Koff who says the average life expectancy for a 65-year- old woman is 86, but one-half will live longer and 20 percent will live past 95. Without question, life happens fast, and you never know what it’s going to throw at you. And that means unexpected expenses can hit anyone at any time, whether you’re working at a steady job or on a fixed retirement income. This is all the more reason to plan for those unexpected expenses.
Carole Moore cites a number of false assumptions people make that can make retirement living difficult, and which underscore the impor- tance of being better prepared to face the unexpected in the future:
• Landing another job post-retirement. For those whose plans include supplementing retirement income with another job,
it might not be that easy. The entry-level job market for older workers seems to be shrinking, and the jobs that do exist usually have few, if any, benefits.
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