Top 4 Subscriptions Boomers Should Cancel in Retirement — Even If It’s Begrudgingly
Written by
J. Arky
Edited by
Jenna Klaverweiden
Commitment to Our Readers
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 and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
Retirement for baby boomers comes with a lot of freedom, as well as some financial prudence. Depending on how well boomers have saved and the amount of money they receive from Social Security and retirement payouts, they might be looking at their budget to find ways to scale back. One of the best line items to trim from the household expense sheet is subscriptions, even if they might be painful to part with.
“Every dollar you keep working for you can help give a little more financial peace,” Trevor Houston, CEO at ClearPath Wealth Strategies LLC, explained. “I’ve seen many retirees hold on to their subscriptions from habit and over time those small monthly fees can gradually eat into their retirement savings.”
Houston shared with GOBankingRates four subscriptions for boomers to consider scaling back to help protect their long-term financial picture.
Premium Cable or Satellite TV Packages
According to Houston, the annual cost of premium TV channels reaches $1,200 to $1,800 for 300-plus channels that you probably do not watch.
“You can get better versions of your favorite shows through streaming bundles that cost much less than the original satellite or cable subscription,” Houston said. “Ask yourself what is more important, cable or taking a short trip every year. By reducing these services, you can generate enough funds to support the cost of an annual trip that lasts one week.”
Multiple Streaming Services
Houston highlighted that subscribing to multiple streaming platforms like Netflix, Hulu, HBO Max and Disney+ can be around the same monthly expense as cable, ranging from $60 to $100 without you even noticing.
“Keep only your one or two that you use the most and alternate the other subscriptions according to new show releases you enjoy,” Houston explained.
Magazine and Newspaper Subscriptions
“A lot of newspaper and magazine content can be accessed online with platforms which most retirees already use and without paying for it,” Houston said.
He explained that if boomers eliminate two to three subscriptions, it could help save around $200 to $300 per year.
Gym Memberships (You Rarely Use)
“Now I’m all for working on your body and staying fit, but it takes being consistent to justify the annual cost of $500 to $800 if you are not visiting the gym frequently,” Houston explained.
Houston went on to say that many retirees, especially boomers, can join free or low-cost fitness programs at community centers and walking clubs, as well as SilverSneakers programs that Medicare Advantage plans offer to their members.
Small Changes Can Make a Big Difference
Houston’s key takeaway is that retirement should be about enjoying life, so boomers should not eliminate all the small comforts that they have earned or deprive themselves of little pleasures in their golden years.
“But if you are subscribed to something simply out of habit, making some small changes can help you find financial peace, especially during market uncertainties,” Houston said. “A penny saved is a penny earned, and small amounts of money saved through the right accumulation strategy can produce remarkable results in helping your retirement funds last longer.”
More From GOBankingRates
