• Navigating the Hidden Costs of Retirement

  • Jan 28 2025
  • Length: 40 mins
  • Podcast

Navigating the Hidden Costs of Retirement

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  • Summary

  • In this episode of the Money Mindset Mastery podcast, hosts Jim Lao and Ryan Genoe discuss the hidden costs of retirement for Canadians. They explore various unexpected expenses that retirees may face, including healthcare costs, long-term care, inflation, taxes, home repairs, travel expenses, family support, lifestyle changes, estate planning, and unexpected emergencies. The conversation emphasizes the importance of thorough retirement planning and cash flow management to ensure a fulfilling retirement experience.

    Chapters

    00:00 Introduction to Hidden Costs of Retirement

    02:14 Understanding Cash Flow in Retirement Planning

    04:27 Healthcare Costs: Planning for the Unexpected

    08:19 Long-Term Care: Preparing for Future Needs

    12:47 Inflation: A Key Factor in Retirement Planning

    14:47 Tax Implications on Retirement Income

    16:21 Home Repairs: Budgeting for Maintenance Costs

    19:51 Travel Expenses: Planning for Adventures

    21:31 Family Support and Gifting: Balancing Generosity

    25:32 Lifestyle Changes: Keeping Up with Peers

    28:00 Estate Planning: Legal Fees and Considerations

    33:18 Unexpected Emergencies: Preparing for the Unknown

    35:14 Conclusion: Preparing for a Fulfilling Retirement

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