This medical expense -- which is not covered by Medicare -- often comes as a shock to retirees.
There are so many scary things about retirement: All that free time to suddenly fill. The slew of health care decisions, from Medicare to supplemental health insurance to long-term care insurance. But the scariest thing of all is figuring out how to avoid falling into the dangerous money pits of retirement.Some are obvious, and some are total shockers. But each one can put a serious ding in your retirement savings.
Instead of stopping at the ATM, Essigman suggests using your debit card for most purchases. That way, you avoid interest charges on credit cards and can keep better track of your spending. Retirement Money Pit No. 4: Costly life insurance policies Solution: If you have kids and they’re out of college, consider dropping this insurance. It’s a good idea to review all your insurance when you start retirement. But a re-evaluation of life insurance is especially smart if you’ve got kids and they no longer depend on your income for support. Then, it may be time to consider dropping or cutting back on your life insurance policy, says Essigman.
Retirement Money Pit No. 7: A credit card balance Solution: Pay your credit cards in full every month. Before you retired, the first “bill” you were supposed to pay every month was the money you put into your 401 or IRA. Now, the first bill you pay every month is your credit card bill — which you should try to pay in full with zero balance, says Reed. Retirees, he says, can’t afford the high interest rates of credit cards when every dollar they spend counts.
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