There are many reasons to enlist the help of a financial professional as you plan your eventual retirement. One of these reasons is that a financial professional can help you consider all contingencies—including hidden or surprising retirement costs.

These unplanned for costs can all but derail a retirement plan, but working with a retirement planner gives you an extra brain and an extra set of eyes—in short, a greater chance of identifying these costs and planning accordingly.

But what are some of these hidden costs of retirement? Some of the expenses and deficits that too often go unplanned for include:

Overly conservative investments. Risk-averse investors may shy away from the sorts of investments they need in order to compound interest and ultimately meet their retirement goals. There is nothing necessarily wrong with making more conservative investments, but it can be a problem when your investments simply aren’t sufficient for meeting your retirement targets. As such, some investors are disappointed to reach retirement and find that their nest egg is underfunded—something a retirement planner can help avoid.

Emergency funds. Sooner or later, most of us need to break into our savings account to have emergency repairs done on a vehicle, to get a new refrigerator, to have the air conditioning unit replaced, or to deal with unexpected medical costs. The problem comes when there is no money in the savings account and you have to raid your retirement fund—possibly incurring steep fines.

Healthcare expenses. Speaking of which, many investors fail to account for healthcare costs in their retirement planning—including both out-of-pocket medical costs and also long-term care expenses. Smart retirement planning covers all the bases and plans for as many possible outcomes as possible, including “worst case scenarios” regarding your health and your spouse’s health.

Unexpected home and vehicle costs. Along the same lines, you’ll have vehicle and home maintenance costs that come up during your retirement years—and they probably won’t be encompassed in your standard, set budget.

Investment fees. Finally, investments themselves often come with fees attached—and many investors are unaware of just what their investments are costing them. A good financial planner will be candid in explaining these fees.

Retirement planning isn’t just about your portfolio; it’s also about the little costs and hidden expenses that pop up along the way. Contact a member of the Stonepath Wealth Management team today to go over these expenses with you.