3 Things About Retirement That Might Surprise You

If you're getting close to retirement, you may be counting down the minutes until you're able to make your resignation official. But it's important to make sure you're truly prepared for that next stage of life. And part of that means talking to people who are already retired and asking what their experience is like.

If you go through that exercise, you might learn a few interesting things about the challenges retirees face. And that could help make your journey a lot smoother.

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Here are three things that may surprise you in particular about retirement once you get there.

1. You might spend more money, not less -- at least at first

A lot of people expect their spending to drop once they retire. But depending on your needs and lifestyle, you may find that your expenses actually rise during retirement, at least at first.

It's true that if you're not working, you won't have to pay to commute. But you might spend more money on other things -- travel, hobbies, and extra entertainment around the house. All of that added spending could eat into your retirement savings if you aren't careful.

It's a good idea to set a budget for retirement so you don't go overboard on spending early on. That budget should account for your various income streams, like Social Security, as well as your recurring and one-off expenses, like an auto insurance policy you might renew and pay for once a year.

2. Healthcare might be your largest expense

A lot of people find during their working years that housing is their single largest ongoing expense. Come retirement, things may shift, and healthcare may take the place of housing, especially if your home is fully paid off.

The bad news about healthcare is that it's an unavoidable expense. The good news is that there are steps you can take to make it more manageable.

For one thing, if you're able to invest money in a health saving account ahead of retirement, you'll have a dedicated source of funds for medical bills. Also, choosing your Medicare coverage carefully and signing up on time could leave you spending less on premiums and other out-of-pocket expenses.

Finally, make sure to take good care of your health. Stay on top of screening appointments and follow up with your providers as needed. And do your best to maintain good habits, like getting regular exercise.

3. You might struggle to spend your money -- even if you have a lot of it

You might think that the hardest part of saving for retirement is finding the money for your IRA or 401(k). In reality, the hardest part might be spending your savings once retirement actually arrives.

Many retirees err on the side of spending conservatively because they're worried about running out of money. If you do that, you might end up denying yourself certain experiences or a certain lifestyle you deserve.

Rather than let fear dictate how you manage your IRA or 401(k) plan, work with a financial advisor to come up with a strategic withdrawal strategy. And also, come up with an investment mix that allows your savings to grow so you get more leeway to tap your nest egg as you see fit. With the right approach, you can get access to the money you need without the persistent worry.

There are a lot of things about retirement that may surprise you. The more you talk to current retirees about their experience, the more prepared you might be once it's your turn to exit the workforce and embark on that next exciting chapter of life.

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