Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below. 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.
Jeff Bezos backs a platform that lets anyone invest in rental homes for as little as $100 — 6 ways to build wealth like a landlord without actually being one JPMorgan still sees gold hitting $5,000/oz by Q4 — and savvy investors are protecting their wealth with a tax-advantaged Gold IRA. Learn more with a free guide from Priority Gold The tax breaks in Trump's 'big beautiful bill' expire after 2028 — and experts say most people won't act in time. What to do before the window closes 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. 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. Read More: Millionaires under 43 hold only 25% of their wealth in stocks.
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