In this episode of the Money Mindset Mastery podcast, hosts Jim Lao and Ryan Genoe discuss the hidden costs of retirement for Canadians. They explore various unexpected expenses that retirees may face, including healthcare costs, long-term care, inflation, taxes, home repairs, travel expenses, family support, lifestyle changes, estate planning, and unexpected emergencies. The conversation emphasizes the importance of thorough retirement planning and cash flow management to ensure a fulfilling retirement experience. 

Chapters 

00:00 Introduction to Hidden Costs of Retirement 

02:14 Understanding Cash Flow in Retirement Planning 

04:27 Healthcare Costs: Planning for the Unexpected 

08:19 Long-Term Care: Preparing for Future Needs 

12:47 Inflation: A Key Factor in Retirement Planning 

14:47 Tax Implications on Retirement Income 

16:21 Home Repairs: Budgeting for Maintenance Costs 

19:51 Travel Expenses: Planning for Adventures 

21:31 Family Support and Gifting: Balancing Generosity 

25:32 Lifestyle Changes: Keeping Up with Peers 

28:00 Estate Planning: Legal Fees and Considerations 

33:18 Unexpected Emergencies: Preparing for the Unknown 

35:14 Conclusion: Preparing for a Fulfilling Retirement