40 Of the Biggest Mistakes You Can Make During Retirement

Always look for property tax discounts for seniors. Credit: Shutterstock

39. Not Taking Advantage of Property Tax Discounts

In certain jurisdictions, if house is owned by someone who is of full retirement age, they will make an exception to lower the property tax amount. Or, you could potentially get a tax freeze to guarantee that your property tax will never get any higher than it currently is. This is vital for people in retirement, because you don’t want your taxes to suddenly become so high that you can no longer afford to pay for it with your Social Security. Make sure you talk to your state and local municipality and have an assessor come in to lower your property tax where applicable. For example, in New York, senior citizens are eligible to save 50% on their property taxes after the age of 65. This can mean saving thousands of dollars over the course of the year.