I Asked ChatGPT What Retirees Over Age 70 Waste the Most Money On — Here’s What It Said
Written by
Jordan Rosenfeld
Edited by
Molly Sullivan
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Many retirees over age 70 are living on limited or fixed incomes which makes tracking spending more important than ever. Yet it’s still easy to overspend on some categories, especially if you have a sense of time running out.
To dig deeper, I asked ChatGPT to help me research areas where these retirees are wasting the most money in nonessential spending. When you strip out necessities like housing and healthcare, the real waste often shows up in small, everyday choices.
While “waste” may seem like a harsh way to talk about spending your own money, in this context, it refers to spending money that delivers little value relative to cost. This is a bigger deal over age 70, not only because of possible fixed incomes, but these retirees have less time to recover savings or investments.
Dining Out and Food Away From Home
Retirees may find themselves less interested in the laborious work of shopping, meal planning and cooking food at home as they get older. However, this can translate to mindlessly dining out more often than might be good for the budget, ChatGPT warned.
According to data from the Federal Reserve Bank of St. Louis, the average annual spending on food away from home for the 65 to 74 age group is around $2,841 per year (as of 2024). While that may not seem like a lot to someone in their high earning years, those are funds that could be bookmarked for essentials like healthcare or emergencies.
While occasional dining out is worth spending a bit on, especially when it involves time with friends and family, ChatGPT suggested retirees dial back on this type of spending.
Gifts and Financial Support for Grandchildren
One of the perks of becoming a grandparent is the opportunity to lavish grandchildren with gifts and financial support. However, if this hasn’t been factored into your retirement plan, ChatGPT warned it can drain savings that are essential to survive upon. It pointed to data from TheSeniorList.com that found in a June 2025 survey that a whopping 96% of U.S. grandparents give some kind of financial support to their grandkids, more than $3,900 a year, on average.
If possible, try to factor this spending into your retirement plan, otherwise, look at trade-offs, where your gift means you’ll cut back on other areas of spending.
Entertainment, Hobbies and Recreation
As retirement is often a time of slowing down, you may find yourself spending more on passive entertainment like streaming services, events like concerts and/or hobby equipment, such as knitting supplies. ChatGPT found that older adults spend hundreds of dollars each year on such things as entertainment fees and admissions, and “other supplies” that might include those for hobbies.
While retirees should definitely not give up leisure experiences, look for free and low-cost versions, or bundle together streaming services to make your money stretch further.
Subscriptions and Small Recurring Charges
Streaming services, memberships, apps and other digital services that auto-renew are areas where it’s easy for anyone of any age to overspend, and retirees are no exception, the AI pointed out. Most people now spend hundreds of dollars annually on services they may have simply forgotten to renew. This can truly add up to wasted money.
Retirees should do a careful review each month of what charges are showing up and whether they’re still using these apps or services.
Apparel and ‘Just Because’ Purchases
Retirees still spend on apparel and personal items, even into their later years. ChatGPT shared Bureau of Labor Statistics’ Consumer Expenditure Survey data showing Americans age 65 or over spent more than $1,000 on apparel and services annually over the past few years. While retirees should always update their wardrobe if it’s necessary, ChatGPT warned that this is a discretionary category that often reflects impulse or “just because” purchases rather than needs. Spending on clothes and accessories rarely improves financial stability and can accumulate without much use.
The common thread across these spending categories are habits left unchecked. None of these expenses are inherently wrong, yet they can quietly chip away at financial security over time.
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