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Commitment to Our Readers<\/p>\n
GOBankingRates’ editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services – our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines<\/a> and our products and services review methodology<\/a>.<\/p>\n 20 Years Trusted by Even those of us who love our jobs look forward to the day we can log off for good and sail safely into retirement. But, as baby boomers are proving, a secure, comfortable retirement is no easy feat.\u00a0<\/p>\n Only 40% of baby boomers aged 61 to 65 are on track to retire, according to a report by Vanguard<\/a>. And many who are already retired are barely making ends meet.\u00a0<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n To survive retirement<\/a>, many boomers are adopting new frugal habits. Financial experts weighed in on those that are most effective.\u00a0<\/p>\n Also see five things frugal retirees are doing wrong that cost them thousands<\/a>.<\/p>\n<\/p>\n Buying Used and Refurbished Items<\/p>\n Buying used or refurbished goods may not be as desirable as buying something brand new, but who cares about desirability when you\u2019re broke (or trying not to be) in retirement? Many boomers are opening their minds to refurbished or used electronics, appliances and furniture.\u00a0<\/p>\n \u201cThis is a new attitude shift as it is being seen less as \u2018making do\u2019 and more as a financially savvy decision,\u201d said Paul Gillooly, financial advisor and director at Dot Dot Loans<\/a>. \u201cOverall this spending behavior is great. There are quality products available that substantively reduce spending<\/a> over many, many purchases. The only caution is that people still ought to consider the warranty and whether they end up saving energy with their new purchase.\u201d<\/p>\n \u00a0<\/p>\n Embracing AI\u00a0<\/p>\n Boomers are honing their tech skills and tapping into artificial intelligence (AI) to perfect frugal living in retirement<\/a>.\u00a0<\/p>\n \u201cNo more sitting down with a notebook and pen to record your expenses,\u201d said Kevin Marshall,\u00a0CPA at Amortization Calculator<\/a>. \u201cBoomers can easily download free apps \u2026 and connect to their bank accounts, upload receipts, and see where their money is going.\u201d<\/p>\n Micro-Optimization of Hidden Expenses<\/p>\n Micro-optimization of hidden expenses sounds complicated, but it\u2019s actually a pretty simple process and an easy financial win. Essentially, it means boomer retirees are scouring their budgets for spending that may not seem like a lot but really adds up, as well as eliminating expenses<\/a> for things they no longer need.\u00a0<\/p>\n![\"\"](\"https:\/\/cdn.gobankingrates.com\/wp-content\/uploads\/2023\/11\/icon-20.svg?webp=1&quality=75\"){kind=icon}
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