Although each retired person or household will have different expenses in retirement, some expense items that commonly end or are reduced in retirement include the following:
* Child-rearing expenses (By the time people retire, their children are often self-sufficient.)
* Child support payments
* College tuition and other education-related expenses
* Disability insurance premiums
* Income taxes (federal and state)
* Life insurance premiums
* Mortgage payments (Many retirees try to pay off their mortgage before they retire.)
* Savings and retirement plan (e.g., 401(k) and 403(b) and IRA) contributions
* Social Security withholding tax
* Transportation and commuting costs
* Work-related expenses (e.g., travel, clothing, and union dues)
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