I Asked ChatGPT What Retirees Should Stop Buying — And 5 Things You Should Ditch Before Retirement
Written by
Laura Bogart
Edited by
Molly Sullivan
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Forget the teenage years — retirement can be the best time of your life. You have leisure time and, importantly, you have the wisdom you definitely didn’t have as a teen. If you’re savvy, you can also have real money in your accounts — not just a paycheck from your after-school job. But to effectively save money in retirement, you’ll probably have to stop making a few purchases.
Curious about what retirees should stop spending their hard-earned money on, I turned to ChatGPT. The AI offered some core suggestions about where retirees could trim their spending. When prompted, it also provided five things you can outright ditch before retirement to save money.
1. New Cars
Unless you’re a real road warrior, you’re likely not driving as much as you were before retirement. You don’t need a new car — especially not the car payments.
“Depreciation hits hard. Buying used or keeping an existing vehicle longer is more cost-effective,” ChatGPT said.
2. Trendy or Expensive Clothing
While you don’t want to wear the same sweats every day, you don’t need the pricey work wardrobe you once did. Instead, ChatGPT advised focusing on comfort, quality basics and versatile pieces.
And remember: Retirement is a great time to explore new hobbies — including visiting thrift or vintage stores for less expensive, more unique pieces.
3. Big Houses or Vacation Properties
In retirement, you should be more concerned with finding the perfect gift for the grandkids or figuring out who the killer is in the mystery novel you’re reading — not with worrying about maintenance, property taxes and utility bills that can eat into your fixed income.
ChatGPT suggested downsizing or renting vacation stays as needed.
4. Excessive Tech Upgrades
Sure, you want to be the “cool grandparent” who’s tech-savvy — but not the one who goes broke upgrading to the latest phone, laptop or smart gadget every year.
ChatGPT’s advice? Buy high-quality tech and replace it only when necessary. You can find other ways to be cool.
5. Extended Warranties
This one might surprise you, but ChatGPT said extended warranties are “often not worth the cost and rarely used.”
Instead, consider setting aside a small emergency fund to cover repairs or replacements, which can be more cost-effective in the long run.
6. Unused Subscriptions and Memberships
That gym membership sounded like a good idea at the time. So did that streaming service for one series. And that magazine you spotted in the bookstore? Yep, you signed up.
But then you barely used them. And those charges quietly added up.
ChatGPT’s guidance aligns with advice from human financial advisors: Audit your subscriptions annually and cancel the ones you don’t use.
7. Gifts Beyond Your Budget
You’re the master of the “just because” gift. You love treating your friends and family — especially the grandkids. But those little treats can easily snowball into serious spending.
Your loved ones might actually prefer thoughtful, inexpensive gifts or shared experiences over flashy purchases.
8. High-Risk Investments
ChatGPT flagged high-risk investments as a no-go because “retirees don’t have the time horizon to recover from big losses.” Instead, it suggested shifting toward safer, income-producing assets with lower risk.
Of course, ChatGPT isn’t a licensed financial advisor and doesn’t know your specific situation. Always consult with a professional before making investment decisions.
9. Excessive Dining Out
If you love fine dining, it’s easy for occasional indulgences to become regular habits — and that gets expensive fast.
“Cook at home more often and reserve dining out for special occasions,” ChatGPT said.
10. Expensive Hobbies (Unless Budgeted For)
In a perfect world, retirement would be all about luxury travel, golfing and boating. But in reality, your budget needs to reflect your long-term goals.
That doesn’t mean cutting out fun altogether. ChatGPT suggested exploring free or low-cost hobbies like joining a community group or volunteering.
5 Things To Ditch Before You Retire
The best time to start preparing financially for retirement was yesterday. The next best time? Right now. Here are five items and habits ChatGPT said you should give up before retirement:
- Debt (especially credit card and high-interest loans)
- Expensive cars or leases
- Oversized homes
- Unused subscriptions and memberships
- Overpriced insurance policies
As always, talk to a financial advisor you trust as you build a strategy for saving and managing debt. Still, AI can help kickstart the brainstorming process.
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