Surprising Ways Retirees Waste Their Money

Every person works hard throughout his life, so that he can spend his retirement life in a very comfortable way.

Retirement is a time to live on a fixed income, so it's important to be mindful of where every dollar is going and not spend money recklessly.

Retirement is a time when people have a limited amount of money to spend during their golden years.

Some people make costly mistakes during retirement that can prematurely destroy their nest egg.

Tracking your spending habits is an obvious solution, but learning from other people's mistakes can save you from going through those difficulties on your own.

From giving cash indiscriminately to refusing to adopt lifestyle changes, here are some surprising ways retirees waste their hard earned money.

Many stores offer discounts ranging from 5% to 20%. But finding places that offer senior discounts for you can take a little research.

Ignoring Senior Discount

Buying insurance is very important, but if you no longer have children or a spouse in the house whom you are supporting financially, then it is a waste of money.

Buying Unnecessary Insurance

Every parent wants to help their kids but especially those with meager savings, can't really afford to spend.

Supporting Adult Children

According to the survey "scams, fraud and identity theft are 35 times more targeted at retirees than other age groups."

Falling Victim To Scams

"Your house is your castle, but as you age, you need to make that castle smaller, or it will start to deplete your retirement fund"

Refuse To Downsize

Donating to charity is great, but you don't have to contribute to everyone who reaches out to you.

Donating To Every Charity That Calls

There's nothing wrong with wanting to take the time to see the world during their golden years, but many retirees make the mistake of overspending on their travel plans.

Overspending On Travel

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