Cutting Expenses in Retirement: 5 Health-Related Costs You Can Cut Back On
Written by
Angela Mae
Edited by
Jenna Klaverweiden
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Health-related expenses aren’t something people usually think about cutting back on to save money, especially as they get older, but there might be areas where you can actually lower costs.
If you’re living on a fixed income or even month-to-month in retirement, finding ways to reduce costs can go a long way in ensuring your money stretches enough to cover what you need — while possibly leaving you with a little extra. Below are some health-related expenses you can cut back on in retirement.
Also see the No. 1 thing not to cut back on in retirement.
Gym Membership
It’s one thing if you regularly go to the gym and use your membership. But if you’re paying $40 to $70 monthly — the average as reported by GoodRx — for a gym you rarely visit, that’s wasted money.
Ask yourself how often you really go to the gym and whether or not the frequency justifies the cost. If you can work out outside or at home instead, you can keep fit without spending as much.
Prescriptions
Generic medications contain the same active ingredients as their brand-name counterparts. And yet, they cost between 80% and 85% less money, according to the Federal Trade Commission.
You should definitely keep any prescription medications you rely on. But if you’re comfortable with potentially making a switch, speak with your doctor about the possibility of using generic versions of brand-name medications.
This won’t work for everyone. Sometimes you could be better off sticking with what works — even if it comes with a higher price tag. Still, it’s worth asking your doctor about it if you’re in a financial pinch.
You can also consider using platforms like GoodRx to save money on prescriptions. According to its website, you can save up to 80% on many medications.
Health and Fitness Apps
The number of health and fitness apps out there is seemingly endless. You’ve got Headspace for your mental well-being, WeightWatchers for weight loss, Strava for basic cardio and so much more.
But as with a gym membership, if you’re not using an app regularly — but you’re still paying for it every month — that’s wasted money. And if you’re able to take what you’ve learned from the app or outside sources, you might not have to spend at all to get the same (or at least similar) benefits.
Costs for health and fitness apps vary quite a bit. For example, WeightWatchers usually starts at $23 a month. Headspace is $12.99 a month. Talkspace, a therapy video and messaging app, starts at $69 a week.
Exercise Equipment
If you’ve been thinking about purchasing some pricey fitness equipment, carefully consider whether it’s an investment worth making. You may be able to do similar workouts or exercises without the equipment. Cutting back on these types of purchases could save you a lot of money.
And if you’ve got sporting gear or equipment from your more active days but you don’t plan to use it in your retirement years, you could be sitting on some cash. This isn’t going to necessarily save you any money, but you could benefit from sticking any earnings in a high-yield savings account or investment account.
You’ve got two main options here. You can either sell your unused gear outright or rent it out for a nominal fee. The earnings potential will vary based on the type and quality of gear, what platform you use, and whether you want to get rid of it or not.
Sites like Rent My Equipment and FriendWithA will let you create listings for your sports gear and equipment. You can manage everything from the platform. Just be prepared to pay a service fee with these types of sites.
As for selling what you’ve got, options include eBay, Facebook Marketplace and sporting goods stores that specialize in buying secondhand equipment.
Athletic Apparel
Similarly, if you find yourself purchasing a lot of athletic apparel, be mindful about what you’re spending and think about whether the purchases you’re making are needed. You could spend more money than you wanted — and may end up with a bunch of apparel you don’t need or use.
If that’s the case, you can also sell any unused clothing or even shoes that are in good condition or have never been used. If you still plan on using your athletic apparel, keep it. But if you have it in abundance, selling can net you a tidy sum.
Places to sell secondhand athleticwear include eBay, Poshmark and Amazon. If you’re artsy, you might even be able to repurpose your old apparel and sell it on a site like Etsy.
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