Retirement can completely restructure one’s finances and habitual spending.
Retirees can expect to spend 55% to 80% of what they spent pre-retirement, according to Fidelity Investments.
Income is limited once the working years are over, and such a dramatic life change can shift priorities and provide new perspectives.
Money Talks News readers can attest to that.
We asked the retirees of our community what expenses they’ve cut from their budget since retiring — and regret not cutting sooner. The following are the top expenses they cited.
Telecom bills
Not reducing the cost of their phone services as well as their TV services sooner was one of the most common regrets reported by retirees in our survey. In fact, we heard similar refrains over and over. Just to name a few:
- “Should have cut sooner,” Charles S. said of his cellphone bill.
- “Could have saved money,” John L., Kay S. and Saga T. said of their cellphone and/or cable TV spending.
- “Spent a lot of money for nothing,” Nancy W. said of her home phone and cable TV bills.
- “Wasteful use of my funds,” Gloria M. said of her mobile and cable services.
- “I could have been putting $3,000 away annually,” Brian J. said of the money he previously spent on cable.
- “Lost money,” Bob H. said of cable and streaming TV costs.
Several readers also warned of how their telecom bills sneaked up on them.
“It’s an insidious cost,” Al B. says. “It’s very easy to add services and before you realize it becomes more than $100/month for streaming and internet.”
Bob H. also learned this the hard way. Now he makes a note of when services are due to automatically renew so he has time to cancel before he’s charged.
Marilyn J. can relate, too.
“Encourage seniors to carefully review their so-called ‘entertainment packages,'” she says.
MTN offers a free comparison tool that can help you save money on a cellphone or wireless plan.
Eating out and certain groceries
Food is a big, essential expense. But retirees have found that just eliminating or reducing certain eating habits can yield big savings. Cutting back on restaurant spending was one such change that many retired Money Talks News readers regret not making sooner.
“Eating out is not a ‘have to’ thing. We could have been saving more as my husband and I approach retirement,” semi-retiree Jane D. says. “We are not struggling day to day, but are finding it hard to plan long-term with so many uncertainties.”
Mark S. cut out fast food, though it was for health rather than money reasons.
Leaving certain grocery items on the shelves can be just as wallet-friendly as avoiding restaurants. Indeed, other retirees regret not reducing the cost of certain types of groceries sooner.
For Barry M., it was ice cream. For Christine S., Nespresso pods. For Donna S., name-brand snacks and soda.
“Aldi and Dollar Tree sell large bags of chips, etc., for much lower prices!” Donna says. “Store brand soda can be as good or better than Coke and Pepsi, but not all of them are up to par. You need to try until you find something you like.”
Mary M. stopped drinking alcohol after her spouse was diagnosed with cancer.
“Didn’t over-drink wine by any definition, but we both feel healthier, both lost weight, and cut that expense out of our food budget,” she says. “So all positives and no negatives by stopping alcohol.”
Debt
Americans pay an average of $1,597 toward their debts each month, according to a recent LendingTree survey. For retirees living on a fixed income, that’s an especially hefty number. No wonder retired Money Talks News readers are wishing they ditched their debt sooner.
Auto loans and mortgages were the most common sources of debt cited by MTN readers. These types of debt are also the costliest for Americans, on average, the LendingTree survey found.
“I retired a couple of years sooner than expected. I wanted my mortgage paid off before I retired, but it did not happen,” Clair P. says. “I am almost paid off now, but it would have been one less monthly bill to contend with.”
Credit card debt is no easy thing to tackle in retirement, either, as readers like Jessica W. attest.
“I can’t afford to pay,” she says. “The interest rate is so high that I’m only paying it and not the loan.”
If you are contending with credit card debt, visit MTN’s Solutions Center to learn how you can get help with it.
Transportation
The cost of cars in 2025 either held steady or decreased a bit compared to 2024, according to federal data. However, an analysis from Edmunds reports that the average monthly new car payment is $772. For used cars, it’s $570. Then there’s car insurance and maintenance fees.
Perhaps unsurprisingly, car payments and insurance were major expenses that retired Money Talks News readers wish they had cut sooner.
Chris H. wishes she’d stopped spending on new cars sooner.
Too many cars was also a regret for Janice C.
“I had too many vehicles, so I finally sold one,” she says. “I could have saved more on my car insurance sooner.”
If you can’t leave your car behind, check out “How to Get the Best Possible Deal on Car Insurance (I’ve Saved Hundreds Doing This).”
Also, see if you can save up to $600 on your car insurance with this car insurance comparison site.
Clothing
The average American household spends more than $2,000 a year on apparel and services like dry cleaning.
Jill L. is among several retired Money Talks News readers who wish they’d scaled back spending on their wardrobe sooner, even before they retired.
“I have too many things I no longer wear,” she says.
Reading materials
Entertainment is essential pre- and post-retirement, but don’t let it drain your wallet.
Several retired Money Talks News readers said they wish they had cut back on newspaper and magazine subscriptions sooner.
Some cut these subscriptions entirely, while others found ways to get the same or similar news for free.
Bob N. found Boston.com to be an adequate free substitute for a Boston Globe subscription, for example. John F. also uses free online resources to get the same information he previously got through newspaper and magazine subscriptions.
For more free reading options, check out:
- 15 Places to Find Free E-Books in 2026
- 9 Places You Can Find Free Audiobooks
- 4 Ways to Read Magazines for Free or Cheap
Contributions to traditional retirement accounts
Nearly half of Americans who retire at age 65 will likely run out of money before they die. So, it came as no surprise that none of our survey respondents regretted saving for retirement. Some wish they’d done so differently, though, by contributing to a Roth account rather than a traditional one.
You pay taxes on contributions to Roth accounts on the front end. So, once retirement comes around, you don’t owe taxes on withdrawals. That means Roth withdrawals don’t drive up your income taxes, Social Security taxes or Medicare premiums.
With traditional retirement accounts, it’s the opposite: You pay taxes on the back end. That means withdrawals could potentially increase your taxes and Medicare premiums.
That’s why Glenn V. wishes he’d put more money in Roth accounts.
“Paying taxes feels more painful,” he says.
Clair P. can relate.
“When I started contributing to my company’s 401(k) in 1992, we did not have a Roth option available. This is a regret because now I have to pay taxes on any withdrawals,” she says. “I suggest anyone who is still working go the Roth way.”
A little bit of everything else
Retired Money Talks News readers had a breadth of regrets when it comes to expenses they wish they had cut sooner rather than later. These costs include:
- A cleaning service: “Could have banked the money,” Ali N. says.
- Home renovations: “Some remodeling needed to be done, but should’ve reduced projects and saved money,” Neil D. says.
- A hobby art collection: “[I] have beautiful art but do not know how to sell it. I need to downsize,” Sharon G. says.
- Lawn fertilization services: “Could’ve had another $600 in my pocket each year,” Mark S. says.
- Prescription pet food: “My dog had a history of urinary crystals (a common problem) and was prescribed a special dry food at $120 for a 30-pound bag, which lasted seven weeks,” Christine S. says. “I now make my own with brown rice, peas, carrots, protein source (chicken or tuna) and fat, (bacon or chicken). Her urinary crystals have not returned, and she prefers the homemade variety!”
- Storage units: Carol K. said she could have saved about $2,600 if she’d cut this expense sooner.
- “Things I didn’t really need,” as Lois M. put it. “It was ultimately a waste of money that I could have invested,” she said.
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