15 Retirement Expenses That Could Cost More Than Expected

It's important to plan for retirement in advance and think about what your various expenses might look like once your career comes to an end. But you may inadvertently underestimate the cost of certain expenses. Here are a few sneaky ones that may cost you more than anticipated.

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You might budget for property taxes based on your current bill. But what if home values in your area increase a lot over time? If that happens, your property taxes could rise.

As homes age, they tend to require more upkeep and repair work. Be sure to budget for that if you're planning to stay in your home. Also, some of the maintenance you're used to doing yourself could become less feasible as you age and find yourself more limited physically. That's another expense you'll have to account for.

If you work full-time at an office, you may not spend a lot on utilities during the week. But once you retire, you may be home more often, and that could mean higher heating, cooling, and electricity costs.

ALSO READ: 10 Ways to Slash Your Utility Costs

The cost of food can rise over time due to inflation. But you might also spend more on food by virtue of being home more often. For example, instead of grabbing coffee or a snack from the office break room, you might instead need to head to your own kitchen. And the cost there could add up.

Some auto insurers impose higher premium rates on older drivers, the logic being that they may pose more of a risk. Don't be shocked if your auto insurance rates increase as you get older.

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Medicare premiums can rise from year to year, so they can be difficult to budget for. Plus, higher earners pay more for Medicare coverage, so it pays to see if your anticipated income bracket will result in a premium surcharge. That way, you can plan for the added cost.

ALSO READ: Older Americans Are Sorely Misinformed About Medicare -- and That Could Hurt Them During Retirement

Depending on your Medicare Part D plan and your specific health needs, the cost of medical prescriptions can end up exceeding the amount you budget for. Make sure to leave yourself with wiggle room to cover the cost of co-pays.

Routine dental care is not covered by original Medicare. Thus, once you retire, it may cost more money than you'd think to get your teeth cleaned regularly.

Vision care (think eye exams for glasses) is also not covered by original Medicare. Even if you don't wear glasses now, that might change in retirement. Be sure to plan for that cost.

Many seniors wind up needing some amount of long-term care, and the cost there may be much more than you'd expect. You can mitigate that cost by securing long-term care insurance ahead of retirement, but it's best to do so in your 50s, when you're more likely to snag a more reasonable premium rate based on your age and health.

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Many seniors take advantage of their newfound time off by traveling. But travel costs keep increasing, so you may end up spending more than expected to go out and see the world.

Once you stop working, you'll need something to do with your days. And you may find that keeping busy, even with low-cost activities, is a more expensive endeavor than expected. You may want to line up some part-time work not just for the money, but to give yourself something to do every week that won't cost money.

Some dining establishments are doing away with senior discounts in light of higher operating costs. If you enjoy dining out, don't assume it will be an inexpensive option during retirement.

Retirement can be a great time to own a pet, because you may be more available to an animal when you don't have a job to report to. But if you've never owned a pet before, be sure to read up on the costs before diving in. Between food, medications, veterinary care, and pet insurance, you could end up busting your budget.

ALSO READ: What to Look for in a Pet Insurance Company

Many seniors are shocked when they realize how much money they owe the IRS. Make sure to assess the various income sources of yours that may be taxable, from retirement plan withdrawals to Social Security.

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Many retirees wind up cash-strapped because they underestimate their senior living costs in the course of their planning. If you want to avoid a similar fate, then it pays to budget extra for all of these costs so there are no surprises.

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