What's the scariest thing about retirement? The things we don't know. There are bound to be some surprises in retirement. But here are seven retirement unknowns that you can prepare for in advance:
1. Unexpected expenses. We carefully plan our monthly budget. We need so much to pay for the house, utilities, car and groceries. But then suddenly you need a new roof that costs $6,000, or you need a surgery with a $5,000 co-pay. What are you going to do? You need to be prepared. And if you follow a monthly budget, you may not be. In addition to your monthly budget you also need a supplemental annual budget, figuring in a realistic lump sum to cover uncertain but inevitable emergency expenditures.