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1. Housing

Home costs represent the largest expense for retirees, accounting for 36% of their annual expenses, BLS figures show. Retirees who want to gain a leg up may want to consider downsizing as house prices remain high.

That could mean selling your current home for a profit, relocating to a less expensive market or seeking out cooperative living situations with other retired couples.

If you’re keen on staying where you are, you can make living there less expensive by getting the best deal on home insurance.

OfficialHomeInsurance's digital insurance marketplace compiles the best home insurance rates for your unique needs. In just two minutes OfficialHomeInsurance will round up a list of offers from leading insurers, potentially saving you saving you an average of $482 a year.

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2. Transportation

If you aren’t working as much – or at all – you might want to swap the car for public transit or a bicycle. Transportation is the second-largest spending category, making up $7,160 in annual expenses for retirees, according to BLS figures.

If your partner has a car, consider getting rid of one vehicle to cut costs. Even if you own your auto outright, car insurance, maintenance and repair costs for two cars add up.

Whether you keep multiple cars or just have one, you want to make sure you’re not overpaying for car insurance.

BestMoney is a website that compares car insurance quotes from multiple companies and narrows down the best auto insurance rates in your area.

All you have to do is answer a few quick questions, and BestMoney will consolidate your top offers all in one place, making it easy to find and select the right one for you.

3. Food

At $6,490, food expenditures account for over 12% of annual expenses for those 65 and over. Meal planning is one way to avoid overspending since it involves shopping for food items instead of regularly eating out — which can be an expensive habit.

Stick to your grocery list when you shop. Try using two tricks many veteran shoppers employ: never shop on an empty stomach and buy mostly (or exclusively) items on sale. Upscale markets tend to have higher prices, while chain supermarkets often offer the same high-quality organic items at far more reasonable prices.

Of course, while you can adjust your grocery budget, you still need to eat. But you can make the most of your essential food spending by setting aside some money when you make a grocery trip.

Acorns is an easy-to-use, automated savings platform that allows you to invest your spare change without thinking twice about it. They offer different membership options for all levels of investors, so you can choose the option that best supports your financial goals.

After getting set up, you just spend as you normally would. Acorns will round up your purchases to the nearest dollar and put the remaining change into a smart investment portfolio. Before you know it, your meal ingredients will become ingredients in a diverse investment portfolio.

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4. Healthcare

Health spending makes up $7,030 in annual spending for retirees. One way to cut costs when health issues arise is to get easily affordable preventative care. That means staying up to date on screenings and vaccinations.

It’s also a good call to set aside an emergency fund should any immediate health issues come up. By putting these savings in a high-yield savings account, they can grow to their full potential and save you in a dire situation.

A high-yield savings account could deliver returns of over 4%, while the U.S. Bank's standard savings APY is 0.01%.

For a streamlined look at what high-yield savings account is best for you, you can check out our guide to the Best High-Yield Savings Accounts of 2024 to see which is the right soil for your savings to grow in.


This 2 Minute Move Could Knock $500/Year off Your Car Insurance in 2024

Saving money on car insurance with BestMoney is a simple way to reduce your expenses. You’ll often get the same, or even better, insurance for less than what you’re paying right now.

There’s no reason not to at least try this free service. Check out BestMoney today, and take a turn in the right direction.

Moneywise Moneywise Editorial Team

The Moneywise Editorial Team is a group of passionate financial experts, seasoned journalists, and content creators who are deeply committed to providing unbiased, relevant, and accurate financial information. With years of combined industry experience, our team is dedicated to maintaining the highest journalistic standards and delivering informative and engaging content. From personal finance and investing to retirement planning and business finance, we cover a broad range of topics to suit the financial needs of our diverse readership. You can trust the Moneywise Editorial Team to empower you with the knowledge and tools necessary to make wise financial decisions.


The content provided on Moneywise is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter.