5. Home Costs

When you retire, if you decide to stay in the house where you raised your children, you may need to make unexpected repairs during the following years as the house ages. You may also need to make adjustments for aging in place, such as adding a downstairs bedroom or walk-in shower.

In some regions of the country, you could also be spending more money on your property taxes than you need to. Financial advisors recommend looking into property taxes that may freeze or go down for retirees in your area that you may be able to qualify for.

Ask at a community senior center or check online to learn what tax breaks are available for seniors to avoid hidden costs.