If there's one financial retirement myth that has the potential to be harmful, it's the idea of living costs magically dropping once people wrap up their careers. It's natural to assume that you're going to spend less as a retiree -- but that may not hold true across the board. Here are some surprise costs you might face that are actually quite common among people in retirement.

A lot of people aim to have their homes paid off by the time they retire. As such, it's easy to adopt the mindset that housing won't be a very large expense.

But if you're planning to live in a home that had a 30-year mortgage (that you've paid off), you're not exactly looking at a new property. That could mean facing a host of repairs later in life -- repairs that eat up an uncomfortably large chunk of your retirement income.

Continue reading

Source Fool.com