The 4 expenses retirees most underestimate, and how advisors can … – Financial Planning

Marianne Nolte knew that caring for her mother-in-law would be expensive, especially after the 94-year-old moved into an assisted living center. But there was one expense that caught Nolte’s family off guard.
“One of the things that’s just killing us is she’s incontinent,” said Nolte, a certified financial planner and the CEO of Imagine Financial Services in Fallbrook, California. “She changes her diapers five, six, eight times a day. And that’s not covered by insurance, so it’s out of pocket, and it’s a real expense that people don’t even think about.” 
Adult diapers, which can cost up to $47 for a pack of 10, are just one of many healthcare costs that are not typically covered by insurance. And they’re also an example of something else: the many surprise expenses that creep up during retirement.
Some higher costs are expected. It’s common knowledge, for example, that healthcare expenses rise as one ages — the average 65-year-old couple will need $315,000 in savings to cover medical costs in retirement, according to one study by the financial giant Fidelity.
But there are also other, less well-known expenses that tend to jump up later in life that can overwhelm a retiree who isn’t prepared for them. Sound financial advice can make these outlays more manageable. Here are some of the most common costs that sneak up on seniors and how financial advisors can help clients cover them.
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