Boomers Are Quietly Adopting These 10 Habits Just to Get By in Retirement

Though a large portion of the Baby Boomer generation is either already retired or counting down the days, Vanguard projects that only about 40% currently approaching retirement are on track to maintain their current standard of living after they stop working. Even with income from Social Security and additional retirement accounts, many have already started making small adjustments to spending habits to avoid money mistakes in retirement.

If you are approaching retirement, consider adopting some (or all) of these 10 habits many Baby Boomers have already taken up to stretch their dollars just a bit more.

Buying used or refurbished clothes and goods

With more time on your hands, it's easier to shop around when you need to replace something, and many financially-savvy Boomers already opt for used over new whenever possible. This is relevant for pricier items, like electronics, and lower-cost items like clothing.

Since you will likely no longer be in the market for office attire or have many rules regarding wardrobe, much of what you need could potentially be purchased second-hand.

Using senior discounts

From major retailers to pharmacies to airlines and hotels, so many companies offer senior discounts. For example, Kohl's offers a 15% discount for shoppers aged 60 and over every Wednesday, Chili's offers 10% off for diners 55 and over every day, and both American and United Airlines offer senior discounts in certain markets.

Financially-savvy retirees are able to save serious cash every year by making use of senior discounts when dining out, traveling (by plane and public transit), and shopping.

Taking advantage of credit card points

It is possible to get all sorts of freebies through credit card rewards programs if you get a good system going, but that does include paying off the balance every month to avoid interest accumulating. Points could be exchanged for travel, cash, and even to make purchases through services like Amazon.

Some savvy retirees let the points pile up through the year by using one of the best cash back credit cards often and exchange them for large purchases like flights or even to pay for holiday gifts.

Reassessing subscriptions

Reassessing your subscriptions every now and then is a good habit to keep, whether you are retired or not. Once you do stop working, though, it's likely you'll be able to cancel or reduce several subscriptions.

You may be able to opt for a cheaper phone or internet plan, get rid of grocery subscriptions and/or memberships (since you'll have more free time to shop deals), or get rid of a gym membership and opt for outdoor walks or runs instead.

Buying in bulk and meal prepping

For some retirees, paying the membership fees at wholesale stores like Costco and BJ's is no longer worth it once post-work life changes set in.

However, those who enjoy cooking often save in the long run when they bulk buy and commit to meal prepping, even if those prepped meals no longer have to be taken to the office.

Cutting back on takeout lunch, coffee, etc.

One of the great things about no longer having to go into work is reducing the temptation to step out for lunch or a coffee in the middle of the workday.

Many bulk buy coffee and simple ingredients for weekday lunches and dinners as well to avoid spending their newfound free time stepping out for a few too many coffees-to-go.

Downsizing or relocating

A home, especially one that's already paid off, is a major asset, and one that many parlay into a better living situation in retirement. Selling and relocating to a lower cost-of-living area, or simply downsizing to a smaller home, often means saving on property taxes, costs of general home upkeep, and more.

Planning vacations/excursions during the off-season

Retirees who don't want to sacrifice their travel ambitions often find savvy workarounds, like planning vacations during off-season when flights, hotels, and car rentals tend to be much cheaper.

Many families are restricted by the school year or prefer to travel during the summer, so hitting your destination during its off-season, even if it's a bit colder, is often way more affordable and less crowded.

Getting rid of a car

Some retired couples decide to get rid of a car (or even two) when they no longer need to drive to work every day. Those who live near reliable public transportation may not need a car at all and should check for senior discounts for local trains and buses.

Retirees who do need to keep a car often save anyway due to the lack of commute, and it's often worth it to revisit your insurance policy if there will be a big change in your daily car usage.

Selling collectibles and other goods

People who live in the same home for many years tend to accumulate a whole lot of stuff, and some of that stuff might be seriously valuable. Vintage toys and electronics, retro outfits and jewelry, and even older furniture have all been known to sell for serious cash on the resale market.

Services like eBay and Facebook Marketplace both have large, relatively easy-to-navigate markets for sellers.

Bottom line

These habits may seem simple, but some extremely basic changes could really free up your retirement budget.

Shopping around for senior discounts, creating a system to use credit card points for big ticket purchases, and downsizing home, car, or both, may be the difference between a comfortable retirement and one where cash is stretched extremely thin.