{"id":111545,"date":"2025-10-09T16:45:10","date_gmt":"2025-10-09T16:45:10","guid":{"rendered":"https:\/\/www.europesays.com\/ie\/111545\/"},"modified":"2025-10-09T16:45:10","modified_gmt":"2025-10-09T16:45:10","slug":"retirement-expenses-that-keep-climbing","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/ie\/111545\/","title":{"rendered":"Retirement Expenses That Keep Climbing"},"content":{"rendered":"

Retirement promises financial freedom and relaxation after decades of working and saving. But you\u2019ve probably noticed that some retirement costs are climbing significantly. Health care expenses, home insurance and moving costs are all ticking up. These and other rising costs could throw a wrench in your well-laid plans<\/a>. \u201cBeyond the glossy brochures promising cruises and golf, retirees face a more sobering financial reality,\u201d says Matt Donaghue, managing member at Mission Financial Planners in San Antonio, Texas. That reality entails higher costs on everything from health care to car ownership to home insurance. Here are five retirement costs that keep rising. Preparing for them now can help you better build<\/a> and protect your nest egg.<\/p>\n

1. Health care expenses<\/p>\n

\u201cHealth care is the most unpredictable expense because Medicare<\/a> doesn\u2019t cover everything,\u201d says Tyler End, a certified financial planner and cofounder of Retirable, a retirement planning firm in New York. \u201cOut-of-pocket costs, deductibles, prescription drugs and the potential need for long-term care<\/a> add up.\u201d<\/p>\n

A 65-year-old retiring in 2025, even a healthy one, can expect to spend $275,000 to $313,000 on health care in retirement, according to research firm Milliman<\/a>. When long-term care enters the picture, costs escalate. Assisted living community costs rose by 10 percent from 2023 to 2024, hitting a national median of $70,800 per year, according to Genworth and CareScout’s annual Cost of Care Survey<\/a>. The national median cost of a private room in a nursing home increased 9 percent over that period, to $127,750.<\/p>\n

Those kinds of hikes can make budgeting from year to year a challenge, says Michael Foguth, founder and president of Brighton, Michigan\u2013based wealth management firm Foguth Financial Group. He recalls a client whose assisted living community raised fees by 8 percent in a single year, adding an extra $600 per month to their community fees.<\/p>\n

How to prepare: <\/b>End suggests creating a dedicated health care savings fund so you don\u2019t have to tap into your retirement accounts when unexpected medical bills<\/a> arise. He recommends using a health savings account<\/a> (HSA), where the money will grow tax-free until you need it.<\/p>\n

2. Home modifications for aging in place<\/p>\n

A 2024 AARP survey<\/a> found that 3 out of 4 adults age 50 and older want to stay in their current home as they age. But retrofitting a home for accessibility or a disability can be costly. According to home remodeling resource Fixr<\/a>, it costs, on average, $5,000 to $20,000 to renovate a home for a disability.<\/p>\n

The scope of the renovations \u2014 and the total spend \u2014 can vary widely based on your needs and your home\u2019s layout. Simple changes, such as installing grab bars, may cost a few hundred dollars, while stair lifts typically run between $2,500 and $8,000, according to the National Council on Aging<\/a>. Large-scale remodeling projects can reach six figures. Donaghue says a client spent about $100,000 widening doors, upgrading bathrooms and adjusting entrances so they could stay at home. \u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"Retirement promises financial freedom and relaxation after decades of working and saving. But you\u2019ve probably noticed that some…\n","protected":false},"author":2,"featured_media":111546,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[177],"tags":[69286,79,69285,18,19,17,234,235,69287,69283,69284],"class_list":{"0":"post-111545","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-average-middle-class-retiree-monthly-expenses","9":"tag-business","10":"tag-cost-of-retirement","11":"tag-eire","12":"tag-ie","13":"tag-ireland","14":"tag-personal-finance","15":"tag-personalfinance","16":"tag-retirement-budget","17":"tag-retirement-costs","18":"tag-retirement-expenses"},"share_on_mastodon":{"url":"","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/111545","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/comments?post=111545"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/111545\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media\/111546"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media?parent=111545"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/categories?post=111545"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/tags?post=111545"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}