A lifetime of spending habits doesn’t stay the same forever. As times change, so do priorities—especially when it comes to managing money in retirement. Many Boomers are rethinking certain expenses, finding smarter ways to stretch their savings without sacrificing comfort. Curious about where these changes are happening? Here are ten expenses Boomers are cutting back on and why.
Cable TV Packages And Expensive News Subscriptions
Cable TV usage has dropped from 88% to 64% in recent years, according to Statista, as rising costs push people toward cheaper alternatives. Streaming services provide similar content for less, making cable less appealing. Many retirees are also turning to free digital news sources, a shift Pew Research calls the “cord-cutting” era.
Brand-Name Medications When Generics Work The Same
With prescription drug prices rising more than twice the rate of inflation, many seniors are turning to generics. According to the Food and Drug Administration, generics offer the same effectiveness but cost 30% to 85% less than brand-name versions. This simple switch can help retirees save thousands over time.
Costly Memberships That No Longer Feel Worth It
Boomers are becoming more mindful of wasted spending, especially on unused memberships. Research from Exercise.com shows that around 67% of gym sign-ups go entirely unused. Whether it’s a gym or an online subscription, more retirees are cutting excess costs and keeping only what they actually use.
Extended Warranties That Rarely Pay Off
Research from Northwestern University’s Kellogg School of Management shows that only about 12% of consumers actually use extended warranties, and repair costs often end up being lower than the warranty price. Plus, most modern appliances and electronics already include manufacturer guarantees that cover major issues.
Overpriced Restaurant Meals That No Longer Feel Special
Since 2020, dining out costs have surged nearly 25%, with menu prices still rising, according to the Bureau of Labor Statistics. Instead of paying a premium, many retirees opt for home-cooked meals, not just to save money but also to enjoy the social aspect of cooking with family and friends.
High-Interest Credit Card Debt That Eats Up Retirement Savings
Credit card interest rates have surpassed beyond necessary and put a strain on those who live on fixed incomes. Many boomers prioritize paying off debt or ditch credit cards altogether in favor of debit or cash. This strategy helps safeguard their retirement savings for more essential and strategic expenses.
New Cars That Depreciate Too Fast
On average, new cars depreciate 60% in five years, per Kelley Blue Book, which makes it a questionable investment for those on a fixed budget. Boomers keep their vehicles longer and opt for certified pre-owned models, which retain value better and offer warranties.
Traditional Landline Phones That Are Outdated
According to the National Center for Health Statistics, over 72.6% of U.S. households have ditched landlines. Instead, they rely on mobile phones for unlimited talk and text. With major telecom providers phasing out landline infrastructure, many older adults find it less practical—especially when it comes with extra fees.
Trendy Clothing That Goes Out Of Style Quickly
Fast fashion retailers see a declining sales trend among older consumers. Boomers prefer investing in durable, timeless clothes. Unlike younger generations, they focus on quality and longevity rather than briefly lived trends. Clothes that last save money in the long run and are sustainable for the environment.
Newspaper Delivery That No Longer Feels Necessary
Many retirees who once relied on daily deliveries now find online sources faster and cheaper. The Pew Research Center reports that U.S. weekday print newspaper circulation has dropped by over 50% since 2000. Retirees today favor digital news for instant, often free, access, which makes the newspaper a relic.
