Retirement is a great time of life. You finally have the money to buy the things you want and the time to use them. But which things should boomers stop buying when they retire? You’ll find 17 things in this article.
The Latest Cellphones
Statistics from the Washington Post show that “two-thirds of boomers own a smartphone, and about 6 in 10 are on social media.” Because of the boomer generation’s addiction to smartphones, they might feel compelled to spend money on the latest models. But keeping up with the latest smartphones as they are released is an expensive challenge.
Designer Clothes
Too many boomers are wasting their money on expensive designer clothes. Money Crashers says that “the average prices for designer [shoes] ranged from around $215 to nearly $1,400—between twice as much and 14 times as much as ordinary shoes.” Yes, the price of exclusively wearing designer clothes and shoes is high.
A New Car
Another common purchase by boomers is a brand-new car. Although getting a new car is a nice luxury, it will soon lose its value. According to MoneyHelper, the “drop in value varies between makes and models but typically is between 15–35% in the first year and up to 50% or more over three years.”
A Bigger House
Retirement might not be the best time to buy a bigger house. Many older people quickly find themselves needing help to look after their homes because they do not have the energy to keep on top of the maintenance. A bigger house might put an unnecessary burden on a boomer.
New Desktop Computers
Boomers like desktop computers. The Pew Research Center says that 65% of younger boomers and 64% of older boomers own desktop computers. Boomers might feel like retirement is a good time to purchase a new desktop computer, although these can set you back hundreds or even thousands of dollars.
Home Décor
Many boomers like to spend their retirement browsing home stores. These stores are tempting for many, and they like to purchase things for their homes. But filling up the home with things is not a good idea at this stage of life. Lots of home décor items can easily become trip hazards for older people.
High-End Groceries
“The average American spends $270 on groceries each week,” shows census data from USA Today. But many boomers find themselves spending a lot more than that because they are shopping at high-end grocery stores. Instead, they should shop at middle-of-the-range stores where they will get good quality items for their money.
Full Price National Park Entry Fees
Boomers should never pay full price on their entrance to national parks in the U.S. Most national parks provide special discounts for senior citizens so they can enjoy the parks at a cheaper rate. These discounted rates will help boomers spend more of their retirement at these beautiful parks.
Package Vacations
Package vacations from a travel agent usually work out to be a lot more expensive than if you were to organize your own trip. Boomers should avoid wasting money on package deals if they can find a better deal by shopping around or organizing their trip through an app.
Pricey Medical Insurance
According to Medigap.com, many government programs for seniors over 65 years of age in the United States include Medicare medical coverage. Senior citizens in the U.S. should investigate which medical coverage the government can help them with to avoid overpaying for their premiums.
Expensive Travel Deals
Some travel companies take advantage of boomers and try to get them to travel at expensive times of the year. But boomers who have retired should take advantage of their free time and travel at inexpensive times of the year that are off-peak when most families are working and children are at school.
Jewelry
Retirement can be an expensive period of life. Health care is pricey, and there can be a lot of unexpected expenses. The freedom of retirement might, however, spur boomers into purchasing expensive jewelry. But discretionary spending on fine jewelry at this time is not wise.
Full-Price Leisure Memberships
Most senior citizens will be able to benefit from a senior discount at leisure facilities in their area. Instead of paying full price for a gym or swimming club membership, they should see what deals are available for over 60s. Finding the best deals will help them get the most out of their retirement fund.
Theater Tickets
Every boomer wants to spend their retirement money on things they enjoy doing. But some pastimes are very expensive and should be considered treats rather than regular ways to entertain yourself. These include live theater performances. These are very luxurious, and a boomer does well to limit how many showings they go to.
Expensive Cinema Tickets
Some cinemas, such as Cinemark, have senior citizen days where they provide discounts for seniors over a certain age who want to visit the cinema. Boomers should avoid visiting the cinema on days when they would have to pay for full-price tickets. Why pay more when you don’t have to?
Expensive Items From Pharmaceuticals
Many pharmaceutical businesses provide discounts on medicines for senior citizens. To benefit, you often have to be a member of a certain club or visit the pharmacy on a specific day, but this makes for great savings. Boomers should take advantage of these discounts so they can save money on healthcare.
Phone Lines With High Tariffs
It takes a little shopping around to find the best deals, but many senior citizens can save money on their phone lines because they are over 60. Instead of wasting retirement money on expensive deals, boomers should look for phone lines with low tariffs and good discounts.