Much emphasis is placed on saving for retirement. Equally important is saving during the years after retirement. There is no way to predict longevity.

Many retirees live on a fixed income. After expenses are met for a reasonably comfortable lifestyle, there might be little left to save. It is easy to view the concept of continuing to save with the flippant attitude, "You can't take it with you." Current savings might be seen as discretionary income, available to be used for travel,or an opportunity for generous gift-giving to family members.

You may avoid thinking about the events that might potentially accompany getting older and require need for extra money.

Side effects of retirement that could require additional monies:

* Health Issues

Health concerns increase as you age. There will likely be more trips to the doctor, more medications to purchase, need for safety adaptations to your home, and myriad other expenses related to physical well-being.

Medicare does not cover all medical expenses 100%, and even with supplementary insurance there is a monthly premium to be paid.

Routine dental care and treatment might not be covered by Medicare or supplementary insurance.

The best way to ensure that you will not have to sacrifice good medical treatment is to continue to put away some money in savings.

* Lifestyle issues

As you get older, so does your home. Major repairs like a new furnace or a new roof could put you into a financial bind if you do not have money set aside for such large outlays of cash.

If mobility becomes an issue you might have to incur the expense of revamping your home to accommodate a wheelchair, or moving expenses to find a more suitable residence.

You could potentially outlive your spouse and social security income would decrease, at the same time that your living expenses are increasing due to shifts in dependency and lifestyle.

Some senior citizens are not fortunate enough to live in close proximity to family members, and if you fall into that category, you could incur expenses for others to assist you with home maintenance, transportation and other necessities to ensure your comfort and well-being.

It was not fun in your younger years, before you were financially established, to experience living, "from pay-check to pay-check." It will be even less fun, when you are older and already uneasy about the possibility of losing your independence, to suddenly find yourself, once again, living hand to mouth.

To ward off the possibility of becoming impoverished due to unforeseen events occurring after retirement, fall back on the platitude preached by parents and teachers, when you were young; " Save for a rainy day."

In the event "rains" do come, you will be safe and secure under your umbrella of savings.

Learn more about this author, Carol Gioia.
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