Retirees Need Emergency Funds Too

You may think of an emergency fund as the cash stash to keep when you are working, with employees typically advised to save six months' worth of living expenses in the event of a job loss or other income shortfall. But retirees may need emergency funds, too, even if savings cover basic living expenses.

Unanticipated costs can upend your careful financial planning: a broken furnace, a leaky roof