How to Cope with 3 Common Retirement Emergencies
Most people pay for retirement using a combination of their Social Security income and withdrawals from personal savings. Retirees learn to live on this typically modest fixed income. But a significant home repair or large health care cost can disrupt your spending plan, perhaps even causing you to deplete your savings too quickly.
“The reasons for having an emergency reserve in retirement are really not much different than having one as a key component of anyone’s financial plan, except there is more on the line,” says Todd Smith, a certified financial planner and CEO of Level 5 Financial in Colorado Springs, Colorado. “No longer having a paycheck creates more risk.”
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