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Outside the Box: Don’t keep delaying retirement for ‘one more year’ out of fear of these unexpected expenses

Last November was a bad month for us. My wife went in for major dental work. We broke an expensive iPhone. My Forester needed two new engine seals. Altogether, the bills amounted to thousands of dollars. So much for our frugal retirement budget that month!

Even though we have substantial resources and try to live below our means in retirement, there is something about a large, unplanned expense that pushes my buttons. It’s partly the shock, partly the pain of having to part with a large sum of money and partly the worry that if this one surprised me, what other expensive surprises might lurk down the road?

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