Retirement isn't just about changing how you spend your time. It's also about changing how you spend your money. Many purchases that made sense during your working years simply aren't as valuable once you're living on savings, Social Security and investment income.
This means, for most, there is much less room for financial error. A combination of spending adjustments can potentially save you thousands of dollars over time and make your retirement life much more comfortable.
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Here are the top five things you should consider leaving on the shelf at this age.
When you're commuting to work or dropping kids off at school, cars are probably a necessity for couples. And it likely makes sense to get one vehicle for each partner if your schedules sometimes pull you in different directions. That's why most households have two cars, according to 2024 data from the Bureau of Transportation Statistics (1).
But if you're retired or approaching retirement, there are two good reasons to abandon one of your cars and buy a used car to share.
First, cars have become more expensive.
According to Kelley Blue Book, the average new vehicle sold for $49,758 in June 2026, while a typical used car sold for $27,027 (3). Cars also come with maintenance and repair costs (4), not to mention insurance (5).
Second, your new retired lifestyle — and perhaps a more flexible schedule — probably allow you to share one car with your partner. For many retired couples, downsizing to one shared vehicle and choosing used over new can save thousands of dollars in purchase, insurance and maintenance costs over time.
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Renting a storage unit can easily cost around $130 a month on average, according to RentCafe (6).
These units are especially popular with older Americans, as 42% of baby boomers relied on them in 2025, according to Storage Cafe (7).
However, retirement is the perfect time to reassess your possessions and reduce clutter. Instead of renting a unit to store all your extra stuff, consider reselling, donating to your local buy nothing neighbourhood group or dumping it to free up space and cash.
This is also a good move if you're considering downsizing to a smaller home in retirement.
Your insurance needs change as you age.
For instance, you probably need to consider long-term care insurance in retirement, as these costs can often surprise seniors. If you're carrying debt or worried about other unexpected costs for loved ones after you pass, you may want to consider term life insurance as well.
If you want to ensure your family isn't hit with unexpected costs after your death, consider signing up for term life insurance from Ethos.
Ethos is rated "Excellent" on Trustpilot and has an A+ rating from the Better Business Bureau (BBB). The platform offers simple and affordable coverage for a set period of time — typically between 10 and 30 years.
As a licensed third-party insurance administrator, Ethos has joined forces with some of the industry's top insurance carriers, such as Banner Life, TruStage Financial and Ameritas Life Insurance.
Ethos gives you the flexibility to select coverage amounts ranging from $2,000 to $100,000. Premiums start at just $9.80 a month and are guaranteed throughout the term.
You can get coverage in just 10 minutes online or by phone, with no medical exams or blood tests required.
There's no good time to fall for get-rich-quick schemes, but retirement is probably the worst time to indulge in this.
You are no longer working and are drawing from your nest egg to live. This isn't the time to bet on meme stocks, penny stocks or emerging cryptocurrencies. Your top priority is stability and wealth preservation.
A gold IRA is one option for building up your retirement fund with an inflation-hedging asset.
Opening a gold IRA with the help of Goldco allows you to invest in gold and other precious metals in physical forms while also providing the significant tax advantages of an IRA.
With a minimum purchase of $10,000, Goldco offers free shipping and access to a library of retirement resources. Plus, the company will match up to 10% of qualified purchases in free silver.
If you're curious whether this is the right investment to diversify your portfolio, you can download your free gold and silver information guide today.
If you're buying stuff at full price in retirement, you're probably missing out on all the senior discounts you qualify for at this age. From gym memberships to prescription drugs, many merchants offer discounts to Americans over a certain age.
Signing up for an AARP membership can help you keep track of these discounts. As one of the most trusted organizations for American seniors, the AARP can help you discover discount codes or special promotions on a wide selection of items. Over time, these small savings can make a big difference to your retirement budget.
AARP members get access to guides that can help you make the most of Social Security, choose the right Medicare plan and uncover other government benefits — potentially saving you thousands.
Sign up with AARP today and get 25% off your first year.
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Bureau of Transportation Statistics (1); Kelley Blue Book (2),(3); Consumer Affairs (4); Progressive (5); Extra Space Storage (6); Storage Cafe (7)
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.