True cost of retirement

Retirement can be fun or difficult, but you can find ways to stretch your money and be financially secure in retirement. Yes, many have pensions or savings or investments, but it does not necessarily mean it will last should an unforeseen event happen. Then there is the risk of needing long-term care and increased medication costs which will impact your finances.

Most retirees do not have a financial planner or investments or pension, but the same rules apply. No matter your wealth, at the end of the month, most people still watch their declining checking balance.  

The total cost of health care needs to be looked at on a yearly basis. Your monthly premium for health insurance, life insurance, copays for doctors, emergency care, specialists, hospitalization, medication deductible, prescription copays and supplements all are part of your yearly total cost for health care. 

The total cost of living needs to be looked at monthly. Live streaming and cable fees, auto and home insurance, utilities, cell phones and internet, gardening and landscaping, auto fuel and repair, food, entertaining and restaurants, vacations, charitable giving, brokage fees, and supporting your children or other dependents all play a factor in the cost of living. 

Yes, retirement can be fun or difficult, but you are in control. It just takes a little time and effort to really think about what you want, what you need and how to stretch every dollar. AARP offers many discounts and there are many free or low-cost things to do in the Twin Cities. Even on a modest income, retirement can be the best time of your life.