6 Things Boomers Shouldn’t Buy in Retirement If They Live Alone

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As the baby boomer generation moves out of the workforce and into retirement, many are finding themselves living alone. According to a 2024 U.S. Census Bureau report, 21% of men and 27% of women aged 65 to 74 live alone. Whether newly widowed, divorced or simply aging independently, many solo retirees will find their spending needs shift.
Whatever the reason, it’s important for single retirees to review their finances carefully and cut unnecessary expenses. Below are six purchases solo retirees should avoid — or scale back on — according to financial experts.
Extra Furnishings
“Other than tandem bicycles, which seems like a no-brainer, furnishings are one of the easiest places to overspend,” says Peter Dunn, financial expert, CEO of financial wellness employee benefit company Your Money Line and host of “The Pete the Planner Show.”
While it may be tempting to redecorate empty bedrooms once kids move out, downsizing and sticking to the essentials is a good way to save money and avoid unnecessary purchases.
Redundant Insurance Policies
Insurance needs change when you’re living alone in retirement.
“Reevaluating your insurance needs is critical — especially if you’re widowed,” Dunn said. “From long-term care to life insurance, survivor needs change if you don’t have anyone financially dependent on you like you once did.”
Solo retirees should carefully review old policies to ensure they’re adequately protected without overpaying for coverage they no longer need.
Expensive or Extra Cars
Owning multiple vehicles — or splurging on luxury models — can be a costly habit in retirement.
“You want to be careful with non-mandatory luxuries,” said Steven Conners, financial advisor with Conners Wealth Management. “Do you really need the fanciest car you can buy, or is basic transportation enough? Many retirees only put 5,000 miles on their car each year.”
It can be difficult to imagine giving up driving, but it’s a reality many retirees will face. “Not a lot of retirees ask, ‘What’s my relationship with driving going to be seven years from now?’ But it’s an important question,” Dunn said.
Cable and Phone Plans
Traditional cable packages and high cellphone bills are common money drains.
“Why pay a cable company two to three times the price when wireless providers can deliver the same thing for less?” Conners said.
Shopping around for retiree-friendly phone plans and replacing cable with a couple of affordable streaming services can trim recurring costs without sacrificing entertainment.
Subscription Services
Streaming platforms, magazines and subscription boxes can quietly add up — especially if you’re paying for ones you rarely use.
Dunn warned that retirees are especially vulnerable to subscription creep, and even scams. “I ran across one person who had 16 subscriptions, all clickbait from Facebook, $12.99 a month each, and they didn’t even know what they were. Reviewing your spending regularly is key,” he said.
The Latest Tech
Both experts caution against falling into the trap of always buying the newest phone, tablet or smart-home device. Conners pointed out that many retirees don’t use the extra apps or features that come with pricey new phones.
“People say, ‘The new iPhone’s coming out, you don’t have to pay for it, just add it on your monthly bill.’ But that’s still $30 a month extra. Do you really need it?” he said.
Before upgrading, Dunn suggested running purchases by a trusted younger friend or family member who can help spot scams or unnecessary expenses.
One Area To Splurge: Socializing
While trimming back in many areas makes sense, Dunn said there’s one place retirees shouldn’t be afraid to spend: connection.
“Every senior needs to navigate the balance between self-entertainment at home and spending money to socialize and be part of a community,” he said. “Lean into socializing — it’s a better investment than another subscription.”