11 Major Costs That Will Most Likely Plunge When You Retire

November 23, 2020 · Retirement Life

A content senior man looking at a mountain view, symbolizing the reduced need for life insurance. — An older man gazes at snowy mountains, enjoying the financial freedom of reduced life insurance premiums.

Pets and pet supplies

Having a pet can bring many health benefits, even more so if you’re retired. A furry friend can provide companionship for lonely retirees and encourage them to go outside for a daily dose of exercise. Even better, the health benefits provided by pets don’t come with massive costs. According to the Bureau of Labor Statistics, retirees spend an average of $477 on their pets and pet supplies, compared to working households who shell out an average of $553 per year for the same things.

A multi-generational family gathering in a backyard, representing the end of tuition and dependent costs. — A happy family shares an outdoor meal as the high costs of education and dependents finally decrease.

Education

The average retired household spends around $350 a year for personal education, from pre-K through college. This translates into an almost 79% drop compared to a working household that spends $1,639 on education every year. For retirees who are considering going back to school in retirement, things look pretty good in terms of costs. That’s because people aged 65 and more can join a lot of free of charge classes provided by many colleges and universities.

Make sure you also check out these 8 Ways to Successfully Save for Retirement During the Coronavirus Crisis.