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7 Expenses That Will Drain Your Retirement Savings the Fastest

Healthcare

A 65-year-old couple in good health who decide to retire in 2021 will probably have to pay between $156,208 and $1 million for medical expenses.

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Homeownership

The average annual cost of housing-related expenses for Americans 65 and over was $16,880, according to the Bureau of Labor Statistics.

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Inflation

Your future savings may be significantly impacted by inflation since you will have to take out more money to cover the increased cost of living.

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Adult Children (and Their Children)

Many retirees find themselves helping out financially, whether it's with college loans or cell phone bills, for their adult children or even their grandchildren.

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Taxes 

You are usually required to pay taxes on the distributions you make from your retirement funds after you begin withdrawing money from them.

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Market Downturns

You need to invest a portion of your funds in higher-risk market assets if you want to meet your retirement savings targets.

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Longevity

For better or worse, because to advancements in healthcare and technology, individuals are living longer than they did a few decades ago.

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