Homeowners on a fixed income can be hit especially hard by sudden repairs. A failed water heater, a broken furnace in winter or a leaking roof isn't something you can put off, and paying for it can throw an otherwise careful budget off track.

Setting aside a small amount each month in a separate repair fund can soften the blow. Some retirees also consider a home warranty, which can help cover repairs to certain appliances and home systems in exchange for a yearly fee and a service charge for each visit. Coverage limits and exclusions vary a lot, so read the contract closely and compare it with what you'd likely pay out of pocket.

Routine maintenance is still one of the best ways to prevent breakdowns. Changing furnace filters, having the heating and cooling system serviced and checking for small leaks can extend the life of your equipment. If physical tasks are difficult, ask family, a trusted neighbor or a local senior services organization about help with simple upkeep.