But our current situation is unprecedented, and it’s very hard to know how to reassure our loved ones that everything will be fine and life will return to normal. Employment, money, health, food, etc. are all things that we work for and have always expected to be there. But now, they seem in jeopardy, and hopefully, just for a very short term. To add to the anxiety, our movements and entertainment venues are restricted and life is a fraction of what it was just a few weeks ago.
Are you counting on your living expenses taking a nosedive in retirement? If so, you might be surprised to learn that most seniors only spend $1,000 less per month than their younger counterparts, for an average monthly spending of $3,800. The reason behind seniors’ high spending isn’t that they’re living large in retirement. Rather, it’s because while spending decreases in some categories, it goes up in others. And unfortunately, the categories where costs rise are some of the most expensive.