Health care really is expensive
The glow of the golden years can dim if you don't retire voluntarily. File this in the unpleasant surprise category: Sickness or injury can knock people out of the workforce for good.
"Some people who are counting on continued income can be forced to stop work early, and that can have an impact on their financial situation," says David Baxter, a senior vice president at Age Wave, a research and consulting firm.
The No. 1 reason people retire early is due to health issues, he says.
Out-of-pocket health care costs can be another unpleasant surprise. The median per capita out-of-pocket health care cost for people 65 and older was $2,149 in 2010, according to the "Expenditures of the Aged Chartbook, 2010," released by the Social Security Administration in March 2013.
Spending a lot for health care means many trips to the doctor. No matter how much free time someone has, that can't be fun.
"A lot of the older clients -- those in their 70s and 80s -- one of their complaints is that they spend all of their time going from doctor visit to doctor visits," Munn says. "Going along with that, I have clients that express frustration that they can't get as much accomplished as they used to."