4 Costs of Yours That Might Increase in Retirement

If you were to ask the typical worker today what they expect their senior spending to look like, they'd probably tell you that they anticipate their living costs dropping on a whole in retirement. And that's not an unreasonable assumption.

But it's not a given that every bill of yours will decrease. These four expenses may increase in retirement, so you need to be prepared.

Image source: Getty Images.

1. Healthcare

You may see your healthcare costs rise in retirement for a few reasons. First, health issues tend to increase with age. Secondly, you may not get the same level of care under Medicare as what your employer's health insurance plan provides.

Not only does Medicare come with a number of out-of-pocket costs, from premiums to deductibles, but it also doesn't pay for dental care, eye exams, or hearing aids. Also, Medicare costs tend to increase from year to year, so they can be tricky to budget for.

2. Home maintenance

While you might manage to enter retirement mortgage-free, as your home continues to age, you may find yourself spending more money on maintenance. Also, you may not have the physical capacity to do all of that work yourself as you age.

If you're forced to outsource home maintenance tasks like lawn care and snow removal, you could end up spending quite a bit more on upkeep. The same holds true if you're no longer equipped to handle repairs.

3. Utilities

Once you retire, you may find yourself spending more time at home. That's not a bad thing per se -- but it could lead to higher utility bills.

When you work full-time, it's common to not run the heat or air conditioning too much during the daytime hours when you're not in the house. Once you're no longer working, you could see those bills rise pretty quickly.

4. Entertainment

Work is a great way to keep busy. Once you stop, you may find that you need to increase your entertainment budget.

That could mean spending more on modest expenses like extra streaming content. Or, it could mean stretching your budget so you're able to travel.

Make sure you're prepared for (some) rising bills

Since it's not a given that all your bills will decrease in retirement, it's important to make sure you have enough income to maintain a comfortable lifestyle.

First, pledge to contribute to a retirement account steadily throughout your working years. If you begin funding an IRA or 401(k) at a young age, you'll be giving your savings extra time to benefit from compounded returns.

Next, read up on Social Security so you can claim your benefits strategically. Delaying your claim beyond full retirement age could boost your monthly checks for life. And it could make sense to wait on those benefits if you end up with less savings than expected.

Finally, consider some type of work in retirement -- and set yourself up to be able to do it. If you keep up with your professional license requirements, for example, you can potentially consult a few hours a week in your former field once you retire. That could be a great way to keep busy, stay mentally sharp, and boost your total retirement income to accommodate those bills of yours that may inevitably increase.

The Motley Fool has a disclosure policy.