AgeLab Director Joseph Coughlin writes in Forbes about the big and hidden cost of transportation in retirement:
Phil and Marion have it all – they have time, money and good health. But an active retirement needs more. They recently bought a new SUV to keep their retirement on the go.
A retirement reward to themselves? Not really. For most older Americans, including Marion and Phil, driving is not a choice; it is a necessity Transportation is often taken for granted, but it is critical to living well at any age.
Yet most people, including many financial advisors, are surprised to learn that transportation is the second largest cost in retirement.
Read the full story here.