{"id":169506,"date":"2025-09-26T03:34:09","date_gmt":"2025-09-26T03:34:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/au\/169506\/"},"modified":"2025-09-26T03:34:09","modified_gmt":"2025-09-26T03:34:09","slug":"6-things-boomers-shouldnt-buy-in-retirement-if-they-live-alone","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/au\/169506\/","title":{"rendered":"6 Things Boomers Shouldn\u2019t Buy in Retirement If They Live Alone"},"content":{"rendered":"

As the baby boomer generation moves out of the workforce and into retirement<\/a>, many are finding themselves living alone. According to a 2024 U.S. Census Bureau report<\/a>, 21% of men and 27% of women aged 65 to 74 live alone. Whether newly widowed, divorced or simply aging independently, many solo retirees will find their spending needs shift.<\/p>\n

Learn More: 10 Bills That Drain Your Retirement Savings \u2014 and How To Cancel Them<\/a><\/p>\n

Read Next: How Much Money Is Needed To Be Considered Middle Class in Your State?<\/a><\/p>\n

Whatever the reason, it\u2019s important for single retirees to review their finances carefully and cut unnecessary expenses. Below are six purchases solo retirees should avoid \u2014 or scale back on \u2014 according to financial experts<\/a>.<\/p>\n

Extra Furnishings<\/p>\n

\u201cOther than tandem bicycles, which seems like a no-brainer, furnishings are one of the easiest places to overspend,\u201d says Peter Dunn<\/a>, financial expert, CEO of financial wellness employee benefit company Your Money Line<\/a> and host of \u201cThe Pete the Planner Show.\u201d<\/p>\n

While it may be tempting to redecorate empty bedrooms once kids move out, downsizing and sticking to the essentials is a good way to save money<\/a> and avoid unnecessary purchases.<\/p>\n

Check Out: What to Do in Retirement: 15 Ideas To Stay Active, Happy and Financially Secure<\/a><\/p>\n

Redundant Insurance Policies<\/p>\n

Insurance needs change when you\u2019re living alone in retirement<\/a>.<\/p>\n

\u201cReevaluating your insurance needs is critical \u2014 especially if you\u2019re widowed,\u201d Dunn said. \u201cFrom long-term care to life insurance, survivor needs change if you don\u2019t have anyone financially dependent on you like you once did.\u201d<\/p>\n

Solo retirees should carefully review old policies to ensure they\u2019re adequately protected without overpaying for coverage they no longer need.<\/p>\n

Expensive or Extra Cars<\/p>\n

Owning multiple vehicles \u2014 or splurging on luxury models<\/a> \u2014 can be a costly habit in retirement.<\/p>\n

\u201cYou want to be careful with non-mandatory luxuries,\u201d said Steven Conners, financial advisor with Conners Wealth Management<\/a>. \u201cDo you really need the fanciest car you can buy, or is basic transportation enough? Many retirees only put 5,000 miles on their car each year.\u201d<\/p>\n

It can be difficult to imagine giving up driving, but it\u2019s a reality many retirees will face. \u201cNot a lot of retirees ask, \u2018What\u2019s my relationship with driving going to be seven years from now?\u2019 But it\u2019s an important question,\u201d Dunn said.<\/p>\n

Cable and Phone Plans<\/p>\n

Traditional cable packages and high cellphone bills are common money drains<\/a>.<\/p>\n

\u201cWhy pay a cable company two to three times the price when wireless providers can deliver the same thing for less?\u201d Conners said.<\/p>\n

Shopping around for retiree-friendly phone plans and replacing cable with a couple of affordable streaming services can trim recurring costs without sacrificing entertainment.<\/p>\n

Subscription Services<\/p>\n

Streaming platforms, magazines and subscription boxes can quietly add up \u2014 especially if you\u2019re paying for ones you rarely use.<\/p>\n

Dunn warned that retirees are especially vulnerable to subscription creep<\/a>, and even scams. \u201cI ran across one person who had 16 subscriptions, all clickbait from Facebook, $12.99 a month each, and they didn\u2019t even know what they were. Reviewing your spending regularly is key,\u201d he said.<\/p>\n

The Latest Tech<\/p>\n

Both experts caution against falling into the trap of always buying the newest phone, tablet or smart-home device. Conners pointed out that many retirees don\u2019t use the extra apps or features that come with pricey new phones.<\/p>\n

\u201cPeople say, \u2018The new iPhone\u2019s coming out, you don\u2019t have to pay for it, just add it on your monthly bill.\u2019 But that\u2019s still $30 a month extra. Do you really need it?\u201d he said.<\/p>\n

Before upgrading, Dunn suggested running purchases by a trusted younger friend or family member who can help spot scams or unnecessary expenses.<\/p>\n

One Area To Splurge: Socializing<\/p>\n

While trimming back in many areas makes sense, Dunn said there\u2019s one place retirees shouldn\u2019t be afraid to spend: connection.<\/p>\n

\u201cEvery senior needs to navigate the balance between self-entertainment at home and spending money to socialize and be part of a community,\u201d he said. \u201cLean into socializing \u2014 it\u2019s a better investment than another subscription.\u201d<\/p>\n

More From GOBankingRates<\/p>\n

This article originally appeared on GOBankingRates.com<\/a>: 6 Things Boomers Shouldn\u2019t Buy in Retirement If They Live Alone<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"As the baby boomer generation moves out of the workforce and into retirement, many are finding themselves living…\n","protected":false},"author":2,"featured_media":169507,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[64,63,103783,99,186,184,185,110856,17822,110857,70720],"class_list":{"0":"post-169506","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-au","9":"tag-australia","10":"tag-baby-boomer-generation","11":"tag-business","12":"tag-finance","13":"tag-personal-finance","14":"tag-personalfinance","15":"tag-peter-dunn","16":"tag-retirement-savings","17":"tag-steven-conners","18":"tag-unnecessary-expenses"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/169506","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=169506"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/169506\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/169507"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=169506"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=169506"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=169506"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}