There are many things to consider when planning to retire and unexpected costs associated with retirement. The biggest expenses are health insurance, long term care, home renovations, social security taxes, needy adult children, inflation, and a long life. Many times the costs increase based on our age and living longer. It is so important to save for retirement. For many it is difficult to continue to work if one has physical limitations. Ask yourself, should I sell my home and move into a condo or an apartment to alleviate these expenses? The best remedy is to SAVE to build a cash reserve for unexpected expenses. Of course, we cannot ward against every uncertainty, but we can cut expenses and spend on necessities. You may need to talk to a certified financial planner or an accountant to get the best advice for your particular situation.
Rev. Dr. Donna Taylor is the Pastor of Andrew Chapel, United Methodist Church on the Northern Neck in Montross, VA. Rev. Dr. Taylor promotes best practices for financial literacy and financial empowerment in the church and leads workshops throughout Northern Virginia. Currently, she serves as the Chair of the District Finance Committee. In May 2015, Rev. Dr. Taylor received her Doctor of Ministry from Virginia University of Lynchburg in Lynchburg, VA. Rev. Dr. Donna Taylor is married to Dr. David Taylor, who is also the Director of our church-based free clinic. They have two adult children and three grandchildren. In her leisure time, Rev. Dr. Taylor enjoys traveling, jogging, weightlifting, swimming, yoga, and interior decorating. In May 2015, Rev. Dr. Taylor received her Doctor of Ministry from Virginia University of Lynchburg in Lynchburg, Virginia. Rev. Dr. Taylor was born and raised in New York City and recently discovered her ancestral roots in Guinea-Bissau, West Africa. Rev. Dr. Donna Taylor is married to David Taylor and they have a son and a daughter. Their daughter is a educator and son is an Active-Duty Senior Seaman in the Navy married with three children. In her leisure time, she enjoys traveling, reading, swimming, writing poetry, crocheting and spending time with her family.