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Some people like surprises but a lot of people don’t. When it comes to retirement, I think most of us want to know that there will be no surprises, especially after a long career of hard work. Unfortunately, many retirees are in for a surprise around retirement. From earning a paycheck to withdrawing funds Financially, retirement involves big financial changes. Tapping savings, Social Security and investments is a lot different than collecting a paycheck. One of the biggest changes is your tax situation. Here are 6 big impacts to consider:

Are you a homeowner needing extra cash for a home renovation or another purpose? If so, how will you finance the project? Two common financing tools tap into home equity (the value of your home less total debt outstanding on your home): a Home Equity Line of Credit (HELOC) and a Home Equity Loan. Do you know the difference between the two? Most homeowners think they are the same thing – but this is not the case.

For those over the age of 60, the U.S. ranked 10th out of 143 nations in happiness. Canada edged out the U.S., grabbing 8th place. In case you are wondering, Denmark topped the list. Will you be receiving Social Security? Does your spouse or partner have any savings? Will you have any other income such as rental income or a pension? Are you able to reduce expenses in retirement? Are you planning on any part time work in retirement?

When I graduated from college, I was fortunate to have had enough savings and part-time work to pay for my four years and make it to graduation day. But after college I spent the first year or so in a bad job, living on a friend’s sofa, and paying off credit card bills. Money was tight and not working or taking a gap year abroad was never an option for me. The pressure to earn money and pay my bills was there for many years.

Scammers may disguise or “spoof” an email address to make it look like it has been sent from someone you may know. You may receive a spoof email that looks like it is coming from a friend or family member who needs money to deal with an emergency.

The two extremes seem to be, take Social Security as early as possible (Usually 62) as you might die or there won’t be any money left in the system for you, or wait until you are 70 (The longest one can wait) so you maximize your benefit,