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Five Reasons Saving Money is Important Even After Retirement

Date : January 10,2014
By : Kandace Heller

Saving for retirement is important while you are working and earning an income. Once you’re retired, work-related expenses, like commuting and eating out, disappear. Staying within your budget seems like the main financial consideration. Even after retirement, though, it’s important to save money. Here are five reasons why.

It’s Time for the Long-Awaited Vacation

If you haven’t taken a once-in-a-lifetime cruise or a dreamed-of vacation in the south of France, this is the time that vacation comes due. Have you really planned for it financially? You’ve most likely spend the last 40 years working full time and raising kids. Now is the time to take your long awaited vacation. Finding money for extras during retirement can be difficult when you are living on a fixed income, but by cutting down on your after-retirement expenses, you can make that vacation all you want it to be.

The Kids Come Back Home

It’s not expected. Statistically, though, it’s a real possibility. In today’s economy, you may find your grown children or maybe even your grandchildren returning home for a stay. Chances are, they can contribute to the household income. But it may become an unexpected, added expense. Saving after retirement gives you more of a cushion to help get them back on their feet or at least pay for the extra expense of food, water and energy during their stay.

The Grandchildren Are Born

Your kids may be doing perfectly well on their own. They may be starting their own families. Chances are, they are not living in the same town as you, or even the same state. Visiting the grandchildren is a wonderful retirement opportunity. Setting aside money for it, even after retirement, is a perfectly good idea. You don’t want to miss out on the experience of being able to spend holidays with your grandchildren, so make sure this is something you save for over time.

You Continue Your Education

It’s certainly not unheard of for retired folks to want to go back to school. Whether it’s to get the college degree you never had time for, to brush up on old skills, or to take up a new pursuit, retirement offers you the time. Saving money out of your fixed income will allow you to take advantage of educational opportunities as they arise. Maybe you are done with your education, but hope to help out with your children’s or grandchildren’s education.

A Spouse Requires Long Term Care

It’s hard to anticipate all the medical expenses that may come your way in retirement. As much as you don’t want it to happen, you or your spouse may face a medical situation in which long term care is needed. Home health care, transportation to medical appointments, the expense of eating alone: these and many more issues come up with long term care. Seattle is a forward-looking place for health care. But for long term care in Seattle will still require extra funds. You will be glad you have been setting aside extra money as you can after retirement.

No matter how well you have saved for retirement, extra opportunities and unexpected expenses arise. It’s important to save even after retirement so that you have a little extra for vacations or emergencies that may arise. It can be hard living on a fixed income, but if you have a bit of a nest egg, the unexpected extras won’t knock you down.