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Many retirees in America have planned their expenses meticulously, mapping out health care costs, housing and travel with precision. But what if trimming just a few everyday expenses could stretch your retirement dollars further, boost monthly cash flow or even add extra years of financial freedom?
In retirement, every little bit helps. With that in mind, here are the top seven things U.S. retirees should stop buying or spending money on to improve their financial freedom.
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1. Cars
It’s easy to justify a new car every decade or so when you’re commuting to work or dropping the kids off at school, but your retirement probably involves a lot less traveling than your working days.
Your golden years are the perfect opportunity to cut back on one of the biggest financial drains for most Americans: vehicles. That’s not to say you need to abandon your car entirely and switch to public transport, but getting rid of your second vehicle — or switching to a cheaper insurance plan — could be justified in retirement.
OfficialCarInsurance.com lets you shop around and compare auto insurance rates from reputable lenders near you for free.
Once you enter some basic information about yourself, OfficialCarInsurance.com sorts through its database to display the cheapest possible rates for you from providers such as GEICO, Allstate and Progressive in under two minutes. Keep in mind that you typically don’t have to wait until your current contract expires in order to switch insurers.
The best part? This process won’t impact your credit score, because credit inquiries don’t require a hard credit pull. Get started today and find rates as low as $29/month.
Every dollar saved on parking, maintenance, taxes and insurance could be used to fund your lifestyle instead.
Read more: Car insurance in America now costs a stunning $2,329/year on average — but here’s how 2 minutes can save you more than $600 in 2025
2. High-maintenance items
Retirement is the perfect opportunity to downsize your lifestyle and structure your spending to focus on what matters most to you. This could mean downsizing and moving into a smaller unit to save on maintenance costs or property taxes. You could also decide to let go of that ATV, or the boat in your driveway that might be chewing a hole into your monthly budget.
But retirement is also about enjoying your life. Rather than locking your money into big-ticket items that lose value over time, consider investing in high-quality assets that are resistant to inflation.
Luxury assets like gold can hold their value over time and help you preserve wealth while diversifying your portfolio. With a gold IRA, you can combine the tax advantages of an IRA along with the inflation-resistant properties of the precious metal.
You can open a gold IRA with the help of Priority Gold in just three simple steps. Priority Gold offers free account setup and storage as well as free insured shipping on their Platinum package.
The best part? Priority Gold provides guaranteed buyback assurance, meaning you can liquidate your precious metals without incurring any fees.
You can also receive up to $20,000 worth of free silver when you make a qualifying purchase, as well as a complimentary 2025 precious metals guide on sign-up.
3. Vacation homes or timeshares
The sudden spike in mortgage interest rates is making vacation homes and cottages less affordable. Demand for vacation homes dropped to a six-year low in 2024, with the average second home now costing $495,000, according to Redfin.
Rather than tying up your money in a secondary property, those with capital on hand can gain direct exposure to hundreds of owner-occupied properties across top cities with the Homeshares U.S. Equity Fund.
Homeshares signs home equity contracts with vetted properties across the country, allowing accredited investors to tap into the $34.9 trillion U.S. home equity market without the hassles of buying, owning or managing properties.
The fund’s risk-adjusted target returns range from 14% to 17%, and it has built-in 45% downside protection, safeguarding your investment in the event of defaults.
If you’re not an accredited investor, or simply wish to start with smaller investments, crowdfunding platforms like Arrived allow you to enter the real estate market for as little as $100.
Backed by world-class investors like Jeff Bezos and Marc Benioff, Arrived offers you access to SEC-qualified investments in vacation properties and rental homes.
You can earn returns in two ways by investing in Arrived. Any rental income generated by properties is distributed as monthly dividend payments. Plus, at the end of the investment hold period, any property appreciation is distributed as capital gains to shareholders.
Their flexible investment amounts and simplified process allow accredited and non-accredited investors to take advantage of this inflation-hedging asset class without any extra work on their part.
4. Helping your children financially
A recent report from Savings.com found that roughly half of Americans with adult children continue to provide them with regular financial support. On average, these young adults receive $1,474 per month, with Gen Z expected to get $1,813 and millennials about $863 per month in 2025.
What’s more, parent income and savings contributed to 37% of average college spending in 2023-2024, according to a survey conducted by Sallie Mae.
Plus, with recent changes in federal student loans highlighted in President Donald Trump’s “big beautiful bill,” it could be a good idea to start looking at private loan rates to better understand your options.
College Avenue offers student loans ranging from $1,000 to 100% of the school-certified cost of attendance — helping you find the loan you need at a rate that works for you.
All you need to do is fill out a quick online application, and College Avenue will display student loans starting from a 2.99% APR.
You can get prequalified for student loans in just under three minutes for free without any credit check. Plus, those who set up auto pay can qualify for additional discounts.
5. Luxury travel and experiences
Your retirement is the perfect time to indulge in travel and luxury experiences, but overdoing it could stretch your budget when you get back home to your regular life.
Consider traveling only during the off-season or look for special deals to lower the cost of that annual vacation. You can also use cashback apps like Upside and claim offers on everyday expenses like dining, gas or groceries at locations near you to give yourself an extra boost.
Here’s how it works: Find a cashback offer in-app, accept the offer, and then purchase and pay with a linked credit or debit card. You can then cash out your earnings directly to your bank account, a gift card or PayPal.
Upside offers an average 8% cash back on grocery and dining, and you can get an extra 25 cents off per gallon with code MONEYWISE25 on your first transaction when you sign up.
6. Being over-insured
Retirement is a good time to re-evaluate your insurance policies to see if you can save some money. As a senior, monthly premiums for insurance policies are likely to be higher given your age.
Having comprehensive insurance policies in place can save the headache of paying for long-term care out of pocket throughout retirement. An average 65-year-old couple could spend upwards of $100,000 per year for a private room in a nursing home, according to a report from RBC Wealth Management.
To better understand your long-term care prospects, it’s important to start looking at your options now.
One option is GoldenCare, which offers comprehensive long-term care insurance policies. They included hybrid life or annuity with long-term care benefits, short-term care, extended care, home health care, assisted living, and traditional long-term care insurance.
After all, the quality of care you need at 70 versus 80 could be very different.
You can also get one-on-one customer service from Goldencare Long-Term Care Specialists to help identify the best coverage options for you and your budget.
7. Unnecessary subscriptions
It’s easy to ignore a lifetime of subscription accumulation. As a retiree, it’s a good time to review all your monthly subscriptions to see if you really need those streaming services, weekly magazines or meal kit delivery services.
There’s a good chance there’s at least one subscription that can be cancelled to put a little money back in your pocket.
According to a 2022 survey conducted by C+R Research, roughly 42% of people reported having forgotten that they’re still paying for a subscription they no longer use. On average, participants thought that they paid $86 per month in subscriptions, while the actual spend was a whopping $219.
If you’re struggling to keep your subscriptions straight, tracking where your money is going can help you identify areas where you’re overspending.
With Monarch Money, you can help you track all your accounts in one place. You can also get custom reminders regarding upcoming bills and subscriptions, ensuring you never miss a payment or forget to cancel an unwanted subscription before renewal.
Monarch automatically detects recurring subscription payments — ensuring you never lose track of what you’re paying for.
Sign up now for a seven-day free trial and 50% off your subscription for the first year with code MONARCHVIP.
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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
