7 Creative Ways to Spend Less and Save More In Retirement, Courtesy of a Financial Pro

Worried you won't have enough money later in life? Try redesigning your vision of retirement, and you may find your savings go further than you thought they would.

By Stephen B. Dunbar III, JD, CLU

published 31 December 2025

in Features

An older woman smiles as she looks at her phone while sitting at a table on her porch.

Retirement should be a time to be present and savor life's best moments — new experiences, passion pursuits and cherished family time.

Yet today's economic uncertainty and rising cost of living can make even the most carefully crafted retirement plans feel shaky. If you're feeling anxious about how far your savings will go, you're not alone.

A recent survey found that around half of Gen Xers (54%) and Boomers (48%) fear another market crash could be on the horizon, putting a damper on their golden years.

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The good news? With creativity, adaptability and a willingness to rethink what retirement looks like, you can transform financial fear into empowerment.

From basic swaps around the home to more adventurous lifestyle changes, here are strategies that may help you stretch your nest egg further while still building a richer, more connected life on your own terms.

About Adviser Intel

The author of this article is a participant in Kiplinger's Adviser Intel program, a curated network of trusted financial professionals who share expert insights on wealth building and preservation. Contributors, including fiduciary financial planners, wealth managers, CEOs and attorneys, provide actionable advice about retirement planning, estate planning, tax strategies and more. Experts are invited to contribute and do not pay to be included, so you can trust their advice is honest and valuable.

1. Optimize your withdrawals

To start, strategic planning can make a tremendous difference in how long your savings last. Consider lowering your annual withdrawal rate — for example, 3% instead of the traditional 4% rule — to help your portfolio sustain growth over time.

Delaying Social Security benefits until age 70 can also significantly increase your monthly payments, so make sure you're maximizing your benefits. Work with your financial adviser to balance your likely financial needs with your retirement age and ways to reduce your tax burden.

2. Build financial resilience through lifestyle adjustments

Financial resilience doesn't always come from earning more. Often, it's about intentionally spending less. Adopting minimalist habits can help you focus on experiences rather than possessions.

Try a "no-spend month" where you only purchase essentials or declutter your home and sell unused items for extra cash in a yard sale.

These shifts not only stretch your savings but can bring a sense of lightness to your daily life with the reassurance that you don't "need" as much as you may think.

3. Look to Community-Supported Agriculture (CSA) and food co-ops

Rising food prices can take a serious bite out of a fixed income, but reconnecting with your local farmers and food sources can yield savings, healthier eating and deeper community ties.

Joining a Community-Supported Agriculture (CSA) program allows you to buy directly from local farmers, often at lower prices than grocery chains, while enjoying fresh, seasonal produce.

Similarly, becoming a member of a food co-op can provide access to bulk goods and wholesale pricing. What's more, many co-ops also offer volunteer opportunities that allow you to exchange a few hours of work each month to earn additional discounts.

4. Monetize skills and rent spare rooms

Your home and your hobbies can also become powerful income-generating tools. For example, renting out a spare bedroom or finished basement through vetted platforms can create steady cash flow and reduce feelings of isolation.

Additionally, think creatively about how your talents could provide supplemental income. Maybe you sell your handmade crafts online, teach piano lessons or offer garden design services in your community.

Monetizing hobbies — from woodworking to baking to knitting — can add meaningful income, community engagement and fulfillment, without the need to leave retirement and re-enter the workforce.

5. Switch to multigenerational living

Living alongside family can be both cost-efficient and emotionally rewarding. Sharing a home or living on a shared property allows you to pool resources, lower expenses and strengthen intergenerational bonds.

Consider buying or building a home with distinct living areas to maintain privacy while splitting costs for utilities, groceries and even childcare or eldercare. A backyard cottage or in-law suite can also offer flexibility for changing family needs.

For a more communal setup, some families are even investing in small "family compounds" by purchasing land for multiple tiny homes or modular units.

This approach allows each household to retain independence while sharing food costs, property taxes and maintenance.

Beyond the financial advantages, multigenerational living offers built-in companionship, shared caregiving responsibilities and the joy of creating lasting family memories under one roof.

6. Consider eco-villages and tiny home communities

Eco-villages and tiny home communities are growing in popularity among retirees seeking affordability, purpose and connection. These intentional communities are often designed around shared resources such as gardens, recreational areas and communal kitchens.

They often emphasize sustainability; some focus on renewable energy and rainwater harvesting, while others offer shared vehicles and co-op style meal programs.

Living smaller and greener can drastically reduce housing and utility costs, freeing up funds for experiences and travel — all while surrounding you with like-minded, community-oriented neighbors.

7. Explore new places as a global traveler

Relocating to a lower-cost area — either domestically or abroad — can meaningfully extend your nest egg while enriching your lifestyle. Within the U.S., consider states with lower housing prices, no state income tax or more affordable health care costs (such as Florida or Wyoming) rather than coastal urban centers such as New York.

If you're open to international options, countries in Central and South America, as well as parts of Europe and Asia, offer appealing climates and significantly lower living expenses.

The key is careful research: understand visa requirements, health care access and local infrastructure before making the leap.

Choose creativity over fear

The transition into retirement doesn't have to be defined by scarcity or worry. With creative strategies, flexible thinking and a focus on what brings meaning to your life, you can turn anxiety into empowerment.

Your financial journey is about more than just making your money last — it's about designing a lifestyle that reflects your values, nurtures your relationships and allows you to live richly, in every sense of the word.

This article, which has been written by an outside source and is provided as a courtesy by Stephen B. Dunbar III, JD, CLU (AR Insurance Lic. #15714673), Executive Vice President of the Georgia Alabama Gulf Coast Branch of Equitable Advisors LLC, does not offer or constitute, and should not be relied upon, as financial, tax, accounting, or legal advice. Equitable Advisors LLC and its affiliates do not make any representations as to the accuracy, completeness or appropriateness of any part of any content hyperlinked to from this article. Your unique needs, goals and circumstances require the individualized attention of your own tax, legal, and financial professionals whose advice and services will prevail over any information provided in this article. Stephen B. Dunbar III offers securities through Equitable Advisors LLC (NY, NY 212-314-4600), member FINRA, SIPC (Equitable Financial Advisors in MI & TN), offers investment advisory products and services through Equitable Advisors LLC, an SEC-registered investment adviser, and offers annuity and insurance products through Equitable Network LLC (Equitable Network Insurance Agency of California LLC). Financial professionals may transact business and/or respond to inquiries only in state(s) in which they are properly qualified. AGE-8605015.1(11/25)(exp.11/29)

Disclaimer

This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

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Stephen Dunbar, Executive Vice President of Equitable Advisors’ Georgia, Alabama, Gulf Coast Branch, has built a thriving financial services practice where he empowers others to make informed financial decisions and take charge of their future. Dunbar oversees a territory that includes Georgia, Alabama and Florida. He is also committed to the growth and success of more than 70 financial advisers. He is passionate about helping people align their finances with their values, improve financial decision-making and decrease financial stress to build the legacy they want for future generations.