10 Things You'll Spend Less on in Retirement

We often fret about not having enough cash in retirement. But you might be surprised to see some of the things you’ll find yourself spending less on as you enjoy your golden years. Booze, for one.

Senior Couple at restaurant drinking cocktail, smiling
(Image credit: Getty Images)

Many retirement guidelines suggest retirees will need 80% of their preretirement income to make ends meet. Some experts encourage saving even more to avoid running out of money. Facing such seemingly overwhelming goals, 53% of preretirees say they plan on working past age 65 – the traditional retirement age – to ensure they have enough money, according to the Transamerica Center for Retirement Studies.

However, that 80% rule isn’t one size fits all, and could lead to undue anxiety as you plan for retirement. Consumer spending actually decreases – significantly – as you age. Data from the Bureau of Labor Statistics shows the average retired household spends 25% less than the average working household.

In order to know how much you need to save for retirement, it’s important to know what your spending will look like once you actually retire. Here’s a little pep talk: You’ve actually been practicing for retirement if the pandemic permanently changed your work to all remote.

Now, consider these 10 budget-line items on which you’ll likely spend less in retirement.

Bob Niedt

Bob was Senior Editor at Kiplinger.com for seven years and is now a contributor to the website. He has more than 40 years of experience in online, print and visual journalism. Bob has worked as an award-winning writer and editor in the Washington, D.C., market as well as at news organizations in New York, Michigan and California. Bob joined Kiplinger in 2016, bringing a wealth of expertise covering retail, entertainment, and money-saving trends and topics. He was one of the first journalists at a daily news organization to aggressively cover retail as a specialty and has been lauded in the retail industry for his expertise. Bob has also been an adjunct and associate professor of print, online and visual journalism at Syracuse University and Ithaca College. He has a master’s degree from Syracuse University’s S.I. Newhouse School of Public Communications and a bachelor’s degree in communications and theater from Hope College.