Your retirement is the time when you finally get to spend the money you’ve been saving your whole life. But you don’t want to spend it all at once. Retired boomers should avoid wasting money on these 17 items.
Public Transportation
Public transportation in the U.S. is discounted and often free for boomers, depending on their age and the state they live in. If you’re of retirement age, don’t pay the full price for public transportation unless you have to. Make sure you know which transportation deals are available to you.
Travel Insurance
Travel insurance plans when we retire become extremely expensive. But do you really need it? Your trip might be covered already by your life insurance plan. Make sure you understand what you need to buy and what you don’t before committing to expensive travel insurance premiums.
Full-Price National Parks
Are you a boomer who’s paying full price for entry into national parks? Then you’re wasting money. The National Park Service says, “U.S. citizens or permanent residents 62 years or older are eligible for a Senior Pass… The Senior Lifetime Pass is valid for your lifetime and costs $80.”
Full-Price Movie Theaters
Going to a movie theater in the United States is expensive. But as a boomer, you might not need to pay full price for your ticket. There are many discounts for over-60s that will help you save money if you visit the theater on certain days.
Sports Cars
Sports cars are very luxurious, but they’re also impractical for boomers to drive. Buying a sports car might look flashy but it will soon become a burden to you as your mobility decreases as you get older. It’s best to buy a good, reliable, and more practical car.
New Cell Phones
The latest smartphones are very good, but do you really need to buy each new model that comes out? These cell phones are expensive, and trying to keep up with each new model will cost you a lot of money. It could drain your retirement fund.
Brand New Cars
“After five years, some vehicles can lose roughly half their value, although some models retain their value better than others,” says Progressive. Because of this, buying a brand-new car if you plan to sell it soon is not always cost-effective. Boomers should avoid wasting money like this.
Designer Clothes
Boomers shouldn’t waste money on designer clothes, as all you’re paying for is a label. There are many middle-of-the-range clothes that are just as good quality as designer clothes. To avoid burning a hole in your retirement budget and struggling to make ends meet, shop for these clothes.
Bigger Houses
Some boomers think that retirement is the time to move into a bigger house when, in reality, this is the right time to downsize. A bigger house can quickly become too much to handle and maintain as we get older. Boomers should consider the future before moving.
New Computers
Brand-new desktop computers can cost thousands of dollars when they are first released. Trying to keep up with the trends and buying a new computer each year will destroy a boomer’s savings. Boomers should consider waiting a couple of months for the prices to drop before buying a new computer.
Home Décor
Home décor is a great way to make your home more comfortable, but could you be cluttering it unnecessarily? Home décor can quickly become a trip hazard, especially as we get further into our retirement. Boomers should avoid spending too much money on home décor pieces.
Expensive Groceries
Figures from USA Today show that “the average American household spends more than $1,000 per month on groceries.” But you’ll end up spending a lot more than that if you always shop at expensive grocery stores. Boomers should choose their grocery stores wisely and make budget-friendly shopping lists.
Package Vacations
Travel agents might try to convince you to go on a pre-organized package vacation when you retire. But this is not a cost-effective way to go on vacation. To find a better deal and choose the activities you want to participate in, organize your trip via an app.
Expensive Travel Deals
Boomers can travel at times of the year that are off-peak because they’ve retired. So a boomer shouldn’t book to travel at peak times if they want to save money and enjoy a nice, quiet vacation free from the hustle and bustle of thousands of other travelers.
Live Theater
“Regular price tickets generally range from $20 to $145. You can expect to pay higher prices for the best seats to hit shows on weekend nights,” says Broadway.org. Broadway and live theater tickets are very expensive. Boomers should limit how many live shows they go to.
Fine Jewelry
Boomers of retirement age should avoid the trap of spending thousands of dollars on expensive jewelry. Spending money frivolously like this is especially dangerous during retirement when we have limited funds available. A boomer should learn to be content with just a few pieces of nice jewelry.
Full-Price Leisure Memberships
Visiting a leisure center such as a gym or golf course is a nice way to spend your time during retirement. But what many boomers don’t know is that lots of leisure centers have discounted prices on memberships for retirees. Never pay more than you need to.
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