![]() college expenses for a child, a home or car purchase, etc) should first be entered on the Cash Flow Forecast sheet. Any expected future income or expenses (e.g. The value of your investment will fluctuate over time, and you may gain or lose money.The Retirement Planner solution works well in combination with the Cash Flow Forecast sheet. ![]() Keep in mind that investing involves risk. This information is intended to be educational and is not tailored to the investment needs of any specific investor. Consult an attorney or tax professional regarding your specific situation. Fidelity makes no warranties with regard to such information or results obtained by its use, and disclaims any liability arising out of your use of, or any tax position taken in reliance on, such information. ![]() Fidelity cannot guarantee that the information herein is accurate, complete, or timely. Tax laws and regulations are complex and subject to change, which can materially impact investment results. The information herein is general and educational in nature and should not be considered legal or tax advice. The estimate does not include other health-related expenses, such as over-the-counter medications, most dental services and long-term care.įidelity does not provide legal or tax advice. It also considers Medicare Part D (prescription drug coverage) premiums and out-of-pocket costs, as well as certain services excluded by original Medicare. The calculation takes into account Medicare Part B base premiums and cost-sharing provisions (such as deductibles and coinsurance) associated with Medicare Part A and Part B (inpatient and outpatient medical insurance). The Fidelity Retiree Health Care Cost Estimate assumes individuals do not have employer-provided retiree health care coverage, but do qualify for the federal government’s insurance program, original Medicare. Actual assets needed may be more or less depending on actual health status, area of residence, and longevity. Now that you're retired, it might be a great time to do some fun things like taking cooking lessons or entertaining for friends and family.Įstimate based on individuals retiring in 2023, 65-years-old, with life expectancies that align with Society of Actuaries' RP-2014 Healthy Annuitant rates projected with Mortality Improvements Scale MP-2020 as of 2022. If you are considering buying a new or used car, add that expense too.įood: Although you may not be eating out at lunch with colleagues, overall expenditures on food will likely remain constant. Most people don't retire to sit around the house, so remember to include the cost of gas or public transportation for trips to activities, as well as vehicle maintenance expenses. Transportation: No longer having commuting costs is a big bonus of retiring, but your transportation costs won't drop to zero. ![]() So, if your home is worth $400,000, then budget approximately $4,000 per year for standard repairs, general upkeep, or accessibility upgrades. A good rule is to budget at least 1% of your home's value for annual maintenance. Housing: If your home is paid for, good for you! But don't forget to add utilities, maintenance, and possibly larger home repairs. Health care: You may be covered by Medicare and an insurance plan from your former employer, but even so, your supplemental premiums and out-of-pocket costs may continue to rise, over time.įind out about health coverage, both before you’re Medicare-eligible and after. ![]()
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