6 Winter Expenses New Retirees Often Forget To Budget For
Written by
Brooke Barley
Edited by
Brendan McGinley
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
As the months get colder, budgets need to adjust. New retirees might be missing some line items that they haven’t had to think about before.
Take a look at the list overlooked expenses to make sure your budget is ready for winter.
Health and Long-Term Care
Retirees might not realize that a lot of health costs come up in the winter, and they can sometimes get overlooked. Ocean Van is the owner and CEO of Home Helpers Home Care. He explained that renewal fees and increased doctor visits are both reasons why seniors’ medical bills go up during the winter.
“Medicare open enrollment happens in October and many retirees see changes in their premiums, deductibles or prescription costs starting in January,” he said. “Long-term care insurance premiums are also often billed annually around this time. Plus, from what we hear from families and staff, there will be more doctor appointments, prescriptions and co-pays as flu and cold season hits.”
Utilities
When it gets cold, the heater bills go up. Seniors can sometimes have cold spells that cause them to use the heater even more than they would have in the past. Van said the use and the maintenance of a heating system can make winters more expensive for retirees.
“From our experience,” he said, it helps to budget ahead for furnace tune-ups, gutter or roof maintenance and sealing drafts to keep energy costs down.”
Food and Groceries
For some retirees, it might be more difficult to get to the store during the winter. Van explained that’s why it’s good to add a little bit more to the grocery and food budget during cold months.
“Grocery spending can go up when storms or cold weather make it harder to shop in person, and delivery services often cost more,” he said. “At the same time, food bills may rise simply because retirees stock up their pantry or cook heartier meals to get through the season.”
Transportation
Long-run car maintenance is often more expensive in the winter due to how the cold weather affects vehicles.
“Transportation in cold weather often means car maintenance like new tires, battery checks or antifreeze,” Van said. “For those who prefer not to drive in icy or rainy conditions, there may be additional costs for rideshare, taxis or community transportation.”
That’s right, even if you don’t drive, then costs for public transit and rideshare can also add up during the winter, when it becomes less feasible to walk or bike: something already more challenging for many retirees to do.
Melting Salts
Melting products — sold as de-icers, driveway salt, sidewalk salt, snow melt or ice melt — are salts designed to safely clear paved surfaces of snow and ice. Sodium chloride rock salt is the basis for snow and higher temperatures, while ice and lower-degree freezes are treated with chloride salts made from other metals. Reducing ice around your home is something that retirees might not think about, but that’s good to have on hand.
“Since snow melt can protect seniors from slipping and falling, it’s definitely something they should plan to buy,” said Melanie Musson, finance expert with Quote.com. It can also protect you from having to do so much shoveling, which has been linked with greater risk of heart attack and stroke.
Pet Food
For seniors with pets, winter is a time where more pet food might be needed.
“In cold weather, pets have a lower level of activity outdoors and need extra nutrition and joint support to maintain their health while spending more time inside,” said Veronika Karubian, the founder and CEO of BioPup.
With inclement weather sometimes making errands riskier, and slowing down mail-order pet food subscriptions, it helps to stock up, if you can find a good deal on pet food.
More From GOBankingRates
