Retirement expenses vary with each individual and/or household and depend on many factors, such as financial goals, health status, and where people choose to live. However, some expenses may increase during retirement because retirees are older and lack benefits that may have been available when they were previously employed (e.g., dental insurance, medical insurance, and coverage for prescription drugs and vision care). Also, retirees have more available leisure time for hobbies, recreation, and travel. In addition, property taxes are likely to increase if retirees stay in their current home. Long-term care insurance would be a new expense if purchased at or during retirement.
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