Expect to spend less money in retirement? Don't count on it

Tax season is only a couple months away for both Americans and Canadians, and for many, this is the time to be thinking about retirement

One of the biggest myths of retirement is that, having stopped working, most people spend less money than they did before. According to many experts, this is false.

As reported on the financial news website DailyFinance.com, many seniors underestimate the amount of money they will need during retirement. Some of the unexpected expenses include travel, healthcare, as well as the cost of senior housing, including assisted living or retirement living.

Even if newly-retired seniors opt to continue living at home, property taxes, utility costs, as well as upkeep and maintenance are costs which are frequently overlooked.

But just because many people have not saved for retirement does not mean it’s too late to start. “Take some time to map out what your expenses may be in retirement, and to make sure you're saving, investing, and accumulating enough to support them,” the article suggests.

For those looking to minimize spending during their retirement years, there are many ways to be entertained without breaking the bank. Spending time with family, volunteering, or taking up a hobby are all great ways not just to save money, but to stay healthy, as well.