Mostly, it’s the financial decisions you make that determine if you’ll enjoy or endure your retirement. So, if you are about to kiss goodbye to your working days or have already begun this new phase of your life, you are reading the right stuff.
Here, we’ll show you the top ten expenses that can stop you from a pleasurable retirement and how you can protect yourself.

Retirement is a time to be prudent and financially savvy. If there’s any time you should watch your spending, that’s the period.
Therefore, it’s wise to take some time to reassess your finances, be honest about how much you need to adjust your spending habits and outline strategies to surmount those hurdles. But first, you must identify those expenses likely to bore a hole in your pockets. Let’s dig in.

Housing costs take up a large chunk of retiree expenses. Data reveals that an average retiree spends over $17,000 on yearly housing costs. Retirement could meet you still paying off your mortgage or if you have, you may be battling with home maintenance costs.
To free yourself from this burden, consider moving to a less expensive home or relocating to an area with a lower cost of living.

Although you might not be moving around as before, statistics reveal that transportation costs account for 12% of retiree expenses. That’s a whole lot.
You can bring down this cost by switching to more economical transport means.
Alternatively, you could schedule those trips for off-peak periods. Plus, there are a number of public transportation discounts for seniors you could take advantage of

Healthcare ranks third on the list of retiree expenses. Retiree households cough out over $6,000 every year on medical services, health insurance, medical supplies, and drugs.
To reduce healthcare spending, first, make sure you are getting the best deals from your health insurance. Speak to a health insurance expert to better understand your coverage options and know if there are any benefits you aren’t taking advantage of.

We tend to get more selfless as we grow older. The same can be said of retirees. After all, doing good is good for the souls. Regardless, you don’t want to give to your detriment, so it’s wise to moderate your giving too.
You might want to take a break from charitable spending for a while after retirement so you can resume when you’ve found solid ground in your finances.

There is a general notion that taxes decline sharply after retirement. As refreshing as that may sound, it’s sadly not always the case. Many retirees still find their finances gasping for breath under the weight of several taxes.
The key is to plan for taxes, preferably before retirement. Consequently, it is advisable to keep your retirement funds in IRAs, Roth IRAs, and brokerages. These facilities will boost the efficiency of your tax payments.

Of course, emergencies are a fact of life. There will be pressing home repairs, appliance repairs, and distressing and pressing situations. But if not properly handled or prepared for, they could leave a dent in our retirement savings.To survive through emergencies, it’s advisable to set aside an emergency fund if possible, in a high-yield account. This way, life won’t be able to barge into your retirement plans without notice.

Many retirees have had a horrible retirement because they overspent on food. While feeding is a basic requirement for life, there are ways to have quality meals on our dinner tables without harming our finances.
First, reduce the frequency of dining out as much as possible. Also, consider money-saving tips such as sticking to your grocery list, buying at senior citizen’s discount stores, and utilizing coupons.

If your utility bills are off the roof, they will leave a dent in your retirement savings. There are ways to put those phone, gas, electricity, water, and internet bills in check.
For example, you can opt for more energy-efficient LED lights and install a programmable thermostat. Other strategies include turning down your water heater from the preset 140 degrees and overcoming the urge to purchase the highest available internet speeds.

If you’ve spent a significant part of your life working hard, just as many retirees have done, you deserve all the rest in the world. This includes entertainment such as live music, swimming classes, and signing up with golf clubs.
But it’s wise to be on the lookout for entertaining activities that won’t threaten your savings. Consider gardening clubs, book clubs, and art classes.

There’s no scale to measure the love of a grandparent for their grandkids. Accordingly, you would naturally want to respond to their needs whether it’s sponsoring their summer trips or contributing to their college savings plan.
But don’t over-stretch your funds. If you can, have a separate savings account for your grandkids. Also, remember that you don’t have to splash the cash to show that you care. Less expensive but thoughtful gifts will do the job.