Many Retirees Fail to Plan for This Expense

Learning to live off a fixed income during retirement can be a challenge, especially when expenses pop up that retirees didn’t account for. According to an article by NTD News, unexpected housing expenses often take seniors by surprise. This includes property tax increases, insurance hikes, and costly repairs.

Homeowners Association (HOA) fees are another expense many retirees don’t consider. The average monthly HOA fee is $259. It’s easy to see how quickly expenses add up, especially for retirees relying on Social Security benefits.

The Seniors Trust is committed to improving the financial well-being of older Americans through the passage of the Social Security Expansion Act. It will give retirees an immediate benefits increase of about $200 a month, a fair annual cost-of-living adjustment (COLA), increased minimum benefits, and ensure the long-term solvency of the Social Security program.