6 Sneaky Splurges Keeping Gen X From Retiring Sooner

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Many members of Gen X are getting close to retirement age, but there are those who still don’t feel financially ready to stop working. They’ve lived through recessions, rising housing costs and inflation. So the pressure to save is real. But even if you budget, you still might find some spending habits are quietly chipping away at your plan for retirement.

It’s not always the big-ticket purchases that you need to watch out for. Often, it’s the small, repeated expenses. They don’t seem like much in the moment, but they can really add up over time. These are sneaky splurges that can put a damper on how much you’re putting away for retirement if you’re not careful.

Clothing and Footwear  

Many Gen Xers spend freely on apparel. Having a strong preference for one or more premium brands can make this kind of spending even worse.

Of course clothing is essential, but it’s important to moderate yourself. A few impulse buys or feeling like you have to shop a sale can really add up and quietly eat away at your saving plans.

Subscription Overload

Streaming platforms, premium music, digital news, fitness apps — it seems like everything has a subscription now. Gen Xers remember what it was like to pay for cable and to buy music one album at a time. The rise of streaming services seemed to promise that everything would become cheaper and more convenient. And that can be true — if you monitor your spending. Individually all these services are cheap, but together they can cost more than cable ever did. Especially if you lose track of what you’re paying for.

Remember to take stock of which services you’re subscribed to, which ones you actually use and how much they all cost when added up. More likely than not, that money could be better spent on saving for retirement.

Travel  

For many Gen Xers, travel is consistently one of their top priorities. You want to see the world and have new experiences, and that’s totally understandable. But when you travel, especially internationally, it’s easy to rack up all kinds of expenses you didn’t budget for.

Maybe you can’t resist getting that room upgrade, or you pay a little extra to take taxis instead of trains. Or you spend more than you planned to on shopping and souvenirs. All these add-ons can drain your wallet if you’re not careful, and can significantly cut into your long-term plans. 

Dining Out and Takeout  

Food is getting more and more expensive. But even with menu prices going sky-high, many Gen X households keep dining out on the regular — often without tracking how much they’re spending. It’s convenient, easy and once you’re in the habit, it can be hard to stop. But eating at restaurants or getting takeout all the time isn’t cheap.

If you get DoorDash, Uber Eats or another delivery service, it costs even more. They pile on delivery fees and service charges to every meal — sometimes doubling the menu price. Over time, that convenience can cost thousands, which is money that’s not going into your retirement account. 

Beauty and Personal Care 

Spending on skincare, hair care, cosmetics and grooming has become routine. Of course you have to look good and take care of yourself. But if you don’t keep the luxury treatments and the boutique beauty products in check, you could regret it come retirement time.

Electronics  

Gen Xers love their gadgets. It’s not just phones, tablets, laptops and smartwatches. It’s also smart home devices, game consoles and kitchen gadgets. And when new tech hits the market, it can be hard to resist upgrading for the latest and greatest.

You don’t want to feel like you’re getting left behind. You want to stay connected and relevant. But remember that there will always be flashy new products, and often what you already have is good enough.

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