Throughout your working years, your emergency fund probably saved your bacon more than once. Car repairs, temporary unemployment, insurance deductibles and copays — having a pool of liquid cash certainly helps us paper over the rough spots in life.
Question: Do you think those rough spots magically disappear during retirement?
Maybe your golden years will be charmed, with everything happening as it should. No unexpected illnesses, property tax rate hikes or major plumbing fails, and your Social Security check and retirement savings cover every expense.
Don’t count on it. Having an emergency fund is just as important for retirees as it is for working folks. Maybe more so, since you’ll be living on a fixed income.
The following are a few of the reasons why you should always have cash reserves available during retirement.
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