71 year old from Houston, TX
There are any number of financial needs that will arise when you reach retirement age. Medical costs tend to increase dramatically in retirement, as most people consume the vast majority of their lifetime medical needs during the later portion of their lives. Other costs can include mortgages or other debt, costs associated with travel or retirement leisure activities, and basic costs of living.
You can find more information about ways to minimize costs in retirement here: https://www.newretirement.com/Services/Reducing_Expenses_to_Insure_Retirement_Security.aspx
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.