Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below.
After decades of building a career and accumulating wealth, it’s finally time to let go. Retirement is a new chapter of your life, hopefully full of leisure time and passion projects. But it’s also a time to let go of some spending habits that no longer fit your new lifestyle or age.
After all, you’re no longer earning a salary, which means you are relying on funds, including your savings, Social Security and investments. 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.
Top Picks
Here are the top five things you should consider abandoning from your shopping cart at this age.
New or multiple cars
When you’re commuting to work or dropping kids off at school, cars are probably a necessity. And it likely makes sense to get one vehicle for each partner. 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 in 2026, there are two good reasons to abandon one of your cars and buy a used car to share.
First, cars have become more expensive. As of January, 2026, the average new car costs $49,191 (2), while a typical used car sold for $26,043 in December, 2025 (3), according to Kelley Blue Book. Cars also come with maintenance and repair costs (4), not to mention insurance (5).
Second, your new retired lifestyle probably allows you to more easily share one car with your partner. Simply put, you can save tens of thousands of dollars by buying one used car next time you’re in the market for a vehicle.
Storage units
It costs roughly $35 to $100 per month to rent a storage unit, according to Extra Space (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 all your possessions and cut down on clutter. Instead of renting a unit to store all your extra stuff, consider reselling 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.
Read More: Robert Kiyosaki warned of a ‘Greater Depression’ — with millions of Americans going poor. Was he right?
The wrong insurance
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.
Consider a plan from Ethos which 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.
Coverage ranges 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.
Get-rich-quick schemes
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.
With that in mind, consider relatively reliable assets like gold. Priority Gold can allow you to add this precious metal into your IRA, combining the benefits of gold with the tax advantages of this type of account.
To learn more, you can get a free information guide that includes details on how to get up to $10,000 in free silver on qualifying purchases.
Anything at full price
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, plenty of merchants offer modest discounts to Americans above 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.
Sign up with AARP today and get 25% off your first year.
You May Also Like
Join 250,000+ readers and get Moneywise’s best stories and exclusive interviews first — clear insights curated and delivered weekly. Subscribe now.
Article Sources
We rely only on vetted sources and credible third-party reporting. For details, see our ethics and guidelines.
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.
