12 Things To Cut When Living On Retirement
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Updated August 4th 2026
Let's be real: retirement is supposed to mean freedom — but for most people, it quietly becomes a game of stretching every dollar.
Here's the truth: most retirees are paying for things they don't need, don't use, or could get for far less. And the worst part? A lot of it is on autopilot.
I went through the 12 most common expenses that quietly drain retirement income — and what to do about each one.
1. Auto Insurance: Cut Your Payment by $400+/Year*
Sticking with the same auto insurance year after year?
It could be costing you.
The average American family still overspends by $4161 or more per year on car insurance - often without realizing it.
I usually pull up Auto Savings - a free site that compares offers from trusted insurers. It takes just 2 minutes to see what's out there.
Here's how:
- Click below to open Auto Savings
- Answer a few quick questions
- Compare real offers instantly
That's all it takes. You'll likely save yourself a bunch of money.
See how much you can save on car insurance
*Savings vary by zip code and driving record.
2. $1M+ Saved for Retirement? Avoid These 7 Costly Mistakes
The biggest financial risk for investors with over $1 million isn't market volatility. It's making the wrong moves at the wrong time.
The Seven Secrets of High Net Worth Investors is a free retirement guide that walks you through the seven strategies wealthy retirees rely on to protect their portfolios and generate lasting income. It's practical, jargon-free, and built for investors who have real money on the line.
The team behind it has managed over $362 billion in assets for clients since 1979. Millions of investors have already downloaded a copy.
If you're serious about making your money last through retirement, this is worth 10 minutes of your time.
3. Get $300,000 in Life Insurance for $46/Month, 100% Online
Most people think getting life insurance means scheduling a doctor's visit, waiting weeks for bloodwork results, and sitting through an agent sales pitch. With Ethos, none of that is required.
All you need to do is answer a few health questions online and most applicants could get a decision the same day with no doctor visits, medical exams, or blood draws.
Every Ethos policy also includes access to estate planning tools like a will, trust, power of attorney, and more at no additional cost ($449 value per person). For a 55-year-old non-smoking female in good health, $300,000 in coverage could run around just $46/month on a 10-year term.
- No medical exams or blood work (just answer a few health questions online)
- 100% online (no agent required unless you want one)
- Coverage from $100K to $3M with terms from 10-30 years
- A+ BBB rating
- 4.8/5 on Trustpilot
- 30-day money-back guarantee
Whether you're looking to help protect a mortgage, help cover future tuition costs, or simply give your family peace of mind, Ethos lets you customize your coverage and term length to fit your life, and your budget. It won't replace a full estate plan, but it's a real head start for anyone who's been putting it off.
Sample rate: 10-year term policy for 55,60 and 65 y/o healthy, non-smoking females. Products not available in all states. Trustpilot rating as of 06/01/2026.
4. Home Repair Bill? Let Someone Else Foot the Bill
Your AC breaks in the summer. Your fridge dies without warning. Stuff like this happens more often than you think - and it's almost never cheap.
That's where a home warranty helps. It's like backup coverage for appliances, plumbing, electrical, and more - things your homeowners insurance typically doesn't cover.
American Home Shield has been protecting homeowners since 1971, with a 24/7 claims line and a nationwide network of service technicians ready to handle issues quickly.
Want to see if your home qualifies?
- Enter your zip code
- Answer a few quick questions
- Become a member and save $150
It could save you thousands the next time something breaks down.
5. Protect Your Vehicle From Expensive Repairs
That dreaded check engine light? Never good - especially if your warranty's expired.
Endurance helps drivers avoid costly repairs with extended coverage plans that can include engines, transmissions, brakes, air conditioners, and more.
They've protected millions of vehicles over nearly 20 years and earned strong reviews online.
Just enter your vehicle details and get matched with a plan that fits your car and your budget. Coverage is affordable, flexible, and built to save you money.
Don't let repairs drain your savings.
6. Have $1M Saved? Here's How to Turn It Into Retirement Income That Lasts
If you've worked hard to build a $1 million portfolio, turning it into income that lasts requires a completely different approach than the one that got you here.
This free guide called The Definitive Guide to Retirement Income breaks down exactly how experienced retirees structure withdrawals and income streams to make their money last. It covers the strategies most investors with $1M+ never hear from their advisors.
With over $362 billion under management and decades of experience, the team behind this guide has helped tens of thousands of people retire on their own terms. Millions of investors have already requested a copy.
If your portfolio has crossed the $1 million mark, this guide was made for you.
7. A "Shark Tank" Solution to Crushing Credit Card Debt
If you're drowning in credit card debt, you're not alone - and the longer you put it off, the harder it gets to dig out. Minimum payments barely move the needle, and most of what you send each month just disappears into interest.
That's why Robert Herjavec from Shark Tank recently teamed up with DebtClearUSA (powered by Americor) - to help everyday Americans finally break the cycle.
Here's how it works: if you have credit card debt, medical bills, or other unsecured debt, DebtClearUSA can roll it into one low monthly payment - and potentially reduce what you owe by up to 45%. Most people are debt-free in 30-48 months, with zero upfront fees.
You'll get a decision in as little as 2 minutes, and DebtClearUSA holds a 4.9-star rating on Trustpilot and 4.8 on Google across 14,000+ reviews.
If you're tired of watching your balance go nowhere, this is worth 2 minutes of your time.
8. Only 37% of Americans Over 55 Have a Will or Living Trust. Do You?
If you've built a $1 million+ portfolio, not having a plan for it is one of the costliest mistakes you can make. Without the right documents in place, courts, not you, may decide who gets what.
This free guide called The Investor's Guide to Estate Planning walks through the basics: wills vs. living trusts, how to avoid probate, and how to set up beneficiaries on your investment accounts so your wishes are actually followed.
It's a practical, no-jargon resource built for people with real assets at stake, not a sales pitch.
If your estate is worth $1 million or more, this guide was made for you.
9. Diversify Your Hard-Earned Retirement Savings With Gold
If you've spent decades building your nest egg, the last thing you want is to watch inflation or a market crash take a bite out of it. That's exactly why more Americans are adding gold and silver to their retirement portfolios.
American Hartford Gold specializes in helping people do just that - whether it's physical precious metals or a gold/silver IRA. And the historical case is hard to ignore: gold climbed 330% between 2005 and 2020, and actually gained 25% during the 2008 stock market crash.
Getting started takes three steps:
- Request your free Gold IRA guide
- Talk to a dedicated specialist about what makes sense for your situation (minimum IRA investment is $15,000)
- Transfer or invest to start diversifying
10. Getting Price-Gouged When You Shop Online
You might be surprised how often you're overpaying on Amazon and other retailers. Big stores like Amazon know that nobody has time to price shop across dozens of websites, so there's often little incentive for them to offer their lowest prices.
I typically hate browser extensions with a fiery passion, but if you don't have Capital One Shopping installed yet, do yourself a favor and add it.
When you shop online (on Amazon or elsewhere) it will:
- Auto-apply coupon codes to potentially help you save money
- Compare prices from other sellers to help ensure you're not missing out on a better deal
Here's a quick example of how it works:
Whenever the extension finds an available discount, you'll see a little savings alert pop up. For instance, here you can save $40 on this coffee maker.
Here's a link to add Capital One Shopping, if you're interested.
11. Need Cash? Your Home Might Already Have It
If you've built up equity in your home, a HELOC lets you borrow against it - kind of like a credit card, but typically with better interest rates and terms.
It's a flexible way to access funds for home improvements, debt consolidation, or other expenses without refinancing your existing mortgage.
How it works:
- You borrow only what you need, when you need it
- Pay interest only on what you use
- Access funds as needed during your draw period
- Enter your home details
- Compare offers from multiple lenders
- Check rates with no credit score impact
Use Quicken Loan's calculator to see how much equity you could access:
Calculate your home equity options
12. The Average Timeshare Owner Pays $1,480 a Year in Fees — and That Number Keeps Climbing
In 2024, the average maintenance fee hit $1,480, up 17.5% in a single year, more than 6 times the rate of inflation. That's more than $1000 per month for something you may use once a year, and that's before special assessments, surprise charges for repairs or shortfalls that can add hundreds, and sometimes thousands of dollars with little warning.
What's worse, when you're gone those obligations don't disappear. They can pass directly to heirs who never signed up for them. It's no surprise 85% of timeshare owners regret their purchase.
If you're in a timeshare you want out of, Stonegate Firm, the #1 Consumer Contract Exit Company, may be able to help.
Whether you signed your timeshare contract in the 1980's or the 2020's, Stonegate's proven process has helped families across the country break free from their timeshare financial burden, finally achieving financial freedom through The Stonegate Firm.
- Permanent, legal cancellation
- Freedom from rising fees and special assessments
- Protection from passing obligations to your children
- Real legal representation through Stonegate Law
Want to find out if your timeshare qualifies for a permanent legal exit?
Take the Free Quiz to See If You Qualify here.
13. Have $2M Saved for Retirement? What Can You Actually Spend Per Year?
It's one of the most common retirement questions out there - and honestly, there's no simple answer. The right number depends on your tax situation, Social Security timing, investment mix, healthcare costs, and other things many people don't think about until it's too late.
The smart move? Ask a pro.
SmartAsset's free tool matches you with vetted financial advisors who serve your area and are legally required to act in your best interest - not their own. You can have a free introductory call with each match before you commit to anything.
- Answer a few quick questions to find a match near you
- Get connected with vetted fiduciary advisors in minutes
- Chat with them for free and choose who you actually want to work with
No pressure, no strings - just a clearer picture of what your retirement can actually look like.
Get matched with a financial advisor today
14. Don't Sleep on This Underrated Cash Back Card: $200 Bonus + Up to 5% Back
Apply for the Chase Freedom Unlimited® credit card and you could earn a $200 bonus after spending just $500 in your first 3 months. The math is hard to ignore — your bonus is worth half of what you spend to earn it, making this one of the stronger spend-to-bonus offers available right now.
And the path to the bonus is simple. Apply, get approved, put $500 on the card over 3 months (groceries, gas, the usual), and the bonus lands in your account.
The rewards don't stop there. The Chase Freedom Unlimited keeps rewarding everyday spending with 5% cash back on travel booked through Chase Travel℠, 3% cash back at restaurants (including takeout and eligible delivery) and on drugstore purchases, plus unlimited 1.5% cash back on everything else.
Carrying a balance or planning a large purchase? This card also includes an intro APR offer on purchases and balance transfers for a limited time. Add in no annual fee, and it's easy to see why this card quietly outperforms others that get far more attention.
Good to excellent credit (typically 670 or higher) is recommended.
To see current details, visit the Chase Freedom Unlimited credit card
15. A New Roof Could Be Closer (and Affordable) Than You Think
If your roof is showing its age - leaks, missing shingles, or storm wear - it might be doing more harm than good. A roof replacement protects your home from the inside out, while also cutting energy costs and adding real value if you ever decide to sell.
This free program matches homeowners with trusted local roofing contractors based on their zip code. No obligation, just a quick check to see what's available near you.
Reasons homeowners are replacing now:
- Stop water damage before it spreads
- Improve insulation and lower monthly bills
- Withstand wind, hail, and heavy storms
- Raise your home's resale value
- Potentially qualify for insurance savings
You may qualify if:
- You're a homeowner
- Your roof is 15+ years old
- You're in a participating zip code
16. Homeowners Are Locking In Gutter Guard Savings Before Fall Storms
The Home Upgrade Insurance Companies Wish You'd Skip
Water damage from clogged gutters is one of the most common (and costly) home insurance claims. Instead of waiting for a leak to force the issue, homeowners across the country are getting ahead of it with gutter guards that block debris while keeping water flowing.
A quick, no-obligation comparison tool now makes it easy to see local pricing and available savings in your area - no ladder climbing required.
You may qualify if:
- You own your home
- Your zip code is in a qualifying service area
- You'd rather never clean a gutter again
Today’s Top Home Equity Financing Offers
See how much you could borrow (and at what rate) by comparing real-time HELOC and home equity loan offers from trusted lenders. Rates are updated daily and checking won’t impact your credit.