Cut these unnecessary retirement expenses IMMEDIATELY to save more money!
Whether you’ve already entered retirement or are close to it, you’ve hopefully got a lot of years of enjoyment and relaxation ahead of you. And you’ve earned it! But the truth is that there’s nothing relaxing about a house that’s full of things you’re no longer using.
This makes your golden years the perfect time to go through your possessions and see what it’s time to get rid of. So no matter if you need the extra space or the extra money, here are 10 unnecessary retirement expenses it’s fine to let go of RIGHT NOW!
Unnecessary retirement expense: Old computers
Getting rid of old electronics can be a bit disheartening, but seriously… that giant Windows ’95 computer in your basement hasn’t been functional for many years! So it’s an unnecessary retirement expense.
It may seem like our gadgets become obsolete faster and faster with each passing year. That’s probably why so many of us have an abundance of outdated items taking up precious space in our homes.
So even though it might hurt a bit to let go of the first computer you’ve ever had, deep down inside, you understand that that broken mouse isn’t ever going to fix itself. So embrace the chance to free up some space and let go of that ancient PC once and for all!
Who knows? You might find a collector online to sell it to and make a few extra bucks!
Unnecessary retirement expense: Paying full price
Once you’ve turned 50 years old, you might qualify for senior discounts in many places. Some begin at other ages, like 65. So be sure to ask before making a purchase to see what’s available to you. You could get discounts on travel, car rentals, hotels, and entertainment.
You could also be eligible for deals at supermarkets and retail stores. So make sure you always have your ID on you in case proof of age is required, and check for additional ways to cut down on costs. Apps can also help you save on groceries.
All you have to do is download your preferred grocery store’s app to discover other in-store deals that you clip through your phone for instant savings when you check out.
Unnecessary retirement expense: Mortgage
Paying off your mortgage gets rid of one of your most significant monthly bills. You no longer have to make interest payments to a lender or worry about having late fees.
While you’ll still have to pay for property taxes, insurance, and home maintenance, these costs will likely be a fraction of what you were paying for your mortgage.
Besides that, retirement is a perfect opportunity to reexamine how much house you ACTUALLY need. You might want to downsize and sell your place, which could also get you some extra cash and free up funds!
Unnecessary retirement expense: Commuting
You might have had to drive or take a train to an office daily for the past few decades. But now that you’ve entered retirement, you can expect to pay less for transportation. Any expenses related to car insurance and maintenance could drop as well.
Raising your deductible can lower your monthly premiums, and bundling services can also offer some redemptions,” says a consumer finance and budgeting expert.
Shopping around and switching providers is another excellent way to find a better deal and save without having to sacrifice. And while we’re on this subject, you might have multiple cars if you’re married since both spouses were working.
But you may realize you can manage with fewer vehicles for your golden years. So why not sell one or more vehicles which you don’t really need? If there’s public transportation available, you could make use of it to lower your spending even further.
Unnecessary retirement expense: Home decor
Retiring is a significant change in life, and it might be tricky. But one thing you can do to help that shift is sprucing up the place you call home!
If you’ve noticed that you’re not getting compliments on your decor from your kids or grandkids anymore, it could be time for something a bit more stylish.
Get rid of that wreath and those old throw pillows you’ve been loyal to for so many years, and trade up for something a little more “WOW.”
You can refresh your space with some new furniture, bold colors, and a few other touches here and there. It’ll help make retirement feel no less than extraordinary!
Unnecessary retirement expense: Sentimental stuff
Going through our mementos and keepsakes can be an overwhelming task. But trust us! It’s definitely worth it in the end. Sure, those stick figure artworks may not be masterpieces, but they remind us of the joyful memories of our family!
Besides preserving cherished memories, sorting through sentimental items can also bring a surprising feeling of calmness. So say goodbye to cluttered storage bins and those overwhelming drawers that won’t even open anymore!
You never know what beautiful treasures you’ll unearth by taking some time to reminisce.
So make yourself a cup of tea and get sorting. And don’t worry if you’re having trouble parting with your grandkid’s kindergarten artwork. You can always make room for one or two in the scrapbook!
Unnecessary retirement expense: Kitchen equipment
Retirement is the perfect opportunity to downsize and simply “lighten the load.” But that doesn’t mean you must give up on your dreams of becoming a top-notch chef. In fact, Now’s the perfect time since you have all that extra time!
And if we’re being honest, we all need a break from our kitchen appliances every once in a while. But why should you when it’s so satisfying and fun?
Here’s what we suggest: Get rid of those oversized mixers, bulky ice cream makers, and huge microwaves that may be taking up precious counter space in your kitchen. Keep the good stuff like spices, pots, pans, and, obviously, silverware!
After all, there’s nothing better than being able to confidently say, “I baked that myself!”… Especially during the holidays when the grandkids come over for some milk and cookies!
Unnecessary retirement expense: Excessive spending
Take the time to really examine your investment portfolio and evaluate your asset costs. Make a note of the expense ratio of each item and check if lower prices are available.
Take some time to ask or learn about the regulations regarding penalty-free retirement account withdrawals. To save even more, cut down or eliminate on splurges during your golden years.
Any new purchases should be considered carefully in order to analyze the consequences, says the founder of Argosy Wealth Management in New York. If you choose to refrain from certain purchases, your savings could last longer.
Unnecessary retirement expense: Storage units
If your home is bursting at the seams with random stuff, it’s time to take a hard look at your lifestyle, and decluttering is the way to go. And forget about those hefty monthly storage payments!
Even if you can’t bear to part with everything, there are still options… You could move some of your stuff into a smaller, more affordable unit and do as Marie Kondo.
You’ll be amazed at how much clutter you can eliminate in just a couple of hours! And let’s not forget about the payoff. You’ll have tons of extra space… and money to do whatever makes you happy!
Unnecessary retirement expense: Professional clothing
Throughout your entire career, you probably had a budget for uniforms or other styling services. Formal wear and dry cleaning could have been a regular expense, as well.
Well, now that you’re finally spending more time at home, you can take advantage of casual clothing. To save even more on apparel costs, scan through thrift stores to find used items that are in good condition but also comfortable.
So what do YOU think? Did we miss any unnecessary retirement expenses? Please feel free to share your thoughts with us and our readers in the comments section below.
And if you found this article helpful, we highly recommend you also read: 7 Genius Ways to Turn Trash Into Cash
