7 Expenses That Will Drain Retirement Savings the Fastest

Healthcare

The Money Couple and Kovar Wealth Management, says out-of-pocket healthcare costs can be high even with Medicare. Pharmacy, surgery, and long-term care costs are included.

Homeownership

Another important retirement fund drain is home ownership. Kovar added as homes age, major maintenance like roof replacements or plumbing issues become more frequent .

Inflation

If your portfolio is made up of fixed income techniques that can't stay up with inflation by increasing income, this can be problematic.

Adult Children (and Their Children)

Retirees often help their adult children and grandchildren with student debts and cell phone costs.

Taxes

You may also pay taxes on Social Security benefits. As retirees often have fixed incomes, Busch said that excessive taxes can significantly reduce their take-home pay.

Market Downturns

This yields higher returns, but short-term market downturns can hurt your retirement savings, especially if they happen before or during retirement.

Longevity

Advances in healthcare and technology have extended lifespans, for better or ill.