Here at NORA, we promote fair Social Security cost-of-living adjustments (COLAs) because every senior deserves a rewarding retirement.

These benefits are crucial for all retirees because not everything changes in retirement. While we may get more time to ourselves, we still have expenses to manage.

In some cases, these costs can even increase in our later years. Today we’ll discuss the top expenses for retirees and seniors. It’s crucial to raise Social Security fairly each year, so older Americans can keep up on these costs and the others they face.

These Costs Can Add Up in Retirement

One of the most common costs in retirement is the cost of healthcare. It’s common for seniors to spend more on care than other individuals, as they face health issues of greater severity and at a greater frequency.

Of course, it’s not all about managing troubles and keeping ailments in check. One of the most joyful aspects of retirement is the chance to travel. Seniors tend to spend a sizable portion of their money on these costs, which can include plane tickets, gas, hotel costs, and other fees associated with entertainment and leisure.

Home costs are also a big expense, mainly because there’s so much to cover. Between remaining mortgage payments and the constant expense of property taxes, it’s a lot to manage. Also consider that many seniors may move to a new home or renovate their existing one in retirement, which comes with its own costs.

When you think about the costs that retirement brings, both for the necessities we require and the luxuries we’ve earned, seniors should be able to more than make ends meet.

It’s why we work so hard to make fair yearly COLAs a tradition, by fighting for retirees on the legislative floor. Do your costs mirror these? Would higher Social Security payments help you? Share your thoughts in the comments. For more content like this, follow us on Facebook and Twitter.