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10 Money Mistakes Even Smart Retirees Make (And How to Fix Them)

Last updated Jan. 22, 2025 | By Team FBZ

Nothing is more terrifying than the thought of running out of money in retirement. You’ve worked hard your entire life, and the last thing you want to do is to have to go BACK to work.

But money traps are all too common for retirees. You could be wasting hundreds, potentially even thousands every year by overlooking these common money mistakes.

Don’t worry — it’s never too late to correct the course! You could get started as soon as today with some of these tips to help protect your nest egg.

Overpriced Car Insurance: Cancel your insurance to potentially save up to $600 a year

We’ve got bad news. You could be wasting $600 every year on overpriced, second-rate car insurance. And you should probably cancel your existing insurance right now, because there’s something much better.

Our new tool can tell you if you’re overpaying for your car insurance in just a few clicks. We match drivers with companies that report saving drivers up to $600 or more per year when they switch! Each driver’s savings will vary by driving history and how many discounts you’re eligible for. And once you try it out, you’ll never have to look for affordable insurance again because we find you the lowest rates that other companies can’t match.

Oh, and it’s also free. And come on — you can’t tell us you don’t want to save up to $600. To find out if you're losing up to $600 or more a year, just answer a few questions, and then make sure to enter your zip, dob, and email, to see if you qualify for a lower rate. It takes less than 2 minutes.

See if you’re overpaying

Full-Priced Repairs: Don't let home repairs drain your bank account

Did you know if your air conditioner stops working, your homeowner’s insurance won’t cover it? Same with plumbing, electrical issues, appliances, and more. Not being able to make repairs could leave you in a bad situation — but a home warranty could protect you against surprise expenses.1

Whether you’re a brand-new homeowner or you’ve owned your home for years, a plan from Choice Home Warranty could pick up the slack where homeowner’s insurance falls short.

If a covered system in your home breaks down, you can call their hotline 24/7 for assistance to get it repaired. They have a network of over 15,000 technicians that can assist you, making sure any issue can be taken care of swiftly — without breaking the bank.

Not sure if it’s for you? Rest easy: they were named one of the "Best Home Warranty Companies" by US News 360 Reviews and were awarded Best Company's 2020 Consumer's Choice Award. For a limited time, you can get your first month free when you sign up for a Single Payment home warranty plan.

Get a free quote

Having Credit Card Debt: Transfer your balance and pay no interest for 21 months (yes, it is kind of remarkable)

Imagine getting 21 months with 0% intro APR on balance transfers (APR then 18.24% - 28.99% (Variable)). Sounds great — right? You could dramatically change your financial picture with one of the industry-leading no-interest cards - the Citi Simplicity® Card - and pay no interest until nearly 2027 on balance transfers!

If you want to kick high-interest credit card debt to the curb, this is one of the leading get-out-of-debt cards available. Transfer high-interest debt to this card with a 0% intro APR for 21 months on balance transfers (APR then 18.24% - 28.99% (Variable)). Your payments can go directly to paying down your balance without incurring a pile of additional charges. That could save you hundreds of dollars in interest!

The best part? The Citi Simplicity® Card is accepted by 99% of merchants, boasts no late fees, and has no annual fee.

Click here to apply here for the Citi Simplicity® Card(Rates and fees)

Overpriced Home Insurance: Switch your home insurance and you could save a ton of money

If you have home insurance, you need to see the recent rates available to you. There’s a good chance you’ll want to switch your policy if you see a better rate.

The best way to check for up-to-date rates: Get multiple policy quotes from a variety of home insurance providers. Too many homeowners skip this step — not realizing that they could save potentially $1,000s over the lifetime of owning their house.

Provide Home Insurance is a company that matches you with a variety of home insurance options to meet your home insurance needs … including lower overall cost or better overall coverage.

Just answer a few questions, and they will find options that are right for you.

Enter your zip code to get started

High Management Fees: You could be overpaying for your retirement planning

Fees matter. High fees can cut into your returns and affect your overall nest egg. But the ways fees are levied vary. Some are “fee only,” charging a flat rate regardless of usage. Others take a percentage of all assets under management. Some earn commissions directly from mutual funds or other financial products, which presents a significant conflict of interest.

This free matching quiz helps Americans get matched with up to three fiduciary advisors who serve their area so they can compare and decide which advisor to work with.

Passing Up Savings: Take advantage of massive discounts at restaurants and more

Over 50? Join AARP today — because if you’re not a member you could be missing out on huge perks. When you start your membership today, you can get discounts on things like restaurants (save up to $450 per year!), meal deliveries, travel, eyeglasses, prescriptions that aren’t covered by insurance and more.

How to become a member today:

  • Go here, select your free gift, and click “Join Today”
  • Create your account (important!) by answering a few simple questions
  • Start enjoying your discounts and perks!

You’ll also get insider info on social security, job listings, caregiving, and retirement planning. And you’ll get access to AARP’s Fraud Watch Network to help you protect your money, as well as tools to help you plan for retirement.

Important: Start your membership by creating an account here and filling in all of the information (Do not skip this step!) Doing so will allow you to take up 25% off your AARP membership, making it just $15 the first year with auto-renewal.

Become an AARP member now

Identify Theft: In 2023 Americans lost over $10 billion to identity theft and fraud

That's right. According to the FTC, Americans lost over $10 Billion to fraud and identity theft in 2023.

But you can safeguard your data with all-in-one identity theft protection services from Aura which comes with $1,000,000.00 in identity theft insurance2per adult, to cover you should you have eligible identity theft-related losses.

An individual plan starts at $9 per month, and you can choose a family plan that outmatches most others - includes Dark Web monitoring to scour data breaches and leaks for your sensitive personal data — such as Social Security numbers (SSN), Medicare information, and phone numbers.

Before you make your next online purchase, protect what you’ve built for a fraction of what it could cost you if your data were compromised.

Save up to 68% when you sign up for protection today!

Ignoring Your Home’s Equity: Access cash without getting a loan

If you need cash, you do not need to get a personal or payday loan. If you’re a smart homeowner, use this tool instead before you do anything else. It finds companies offering homeowners reliable access to extra cash.

LendingTree's network of lenders specialize in HELOCs (home equity line of credit). A HELOC is like a credit card that lets you access cash from your home, possibly without crazy interest rates. No, it’s not for everyone. But it’s a 100% legit way to leverage the value of your home to get extra cash, with few downsides.

Get started by using LendingTree’s free simple HELOC matching tool. The key to making a HELOC work is comparing rates and terms, and this tool does that for you. Answer a few questions and you can compare options in a few minutes.3

Getting quotes and checking rates doesn't affect your credit. You could qualify as long as your credit score is 620 or higher and you have equity in your home.

See how much cash you could get

Leaving Cash on the Table: This powerful checking account could help you earn up to $360 every year

Want to earn cash back on your everyday purchases without using a credit card? With the Discover®️️ Cashback Debit Checking account (member FDIC), you can earn 1% cash back on up to $3,000 in debit card purchases each month!4

With no credit check to apply and no monthly fees to worry about, you can earn nearly passive income on purchases you’re making anyway — up to an extra $360 a year!

This rare checking account has other great perks too, like access to your paycheck up to 2 days early with Early Pay, no minimum deposit or monthly balance requirements, over 60K fee-free ATMs, and the ability to add cash to your account at Walmart stores nationwide.

Don’t leave money on the table — it only takes minutes to apply and it won’t impact your credit score.

Apply for a Discover® Cashback Checking account today

Save On Your Auto Insurance

O&O Auto Insurance
  • You could save up to $600 with some companies
  • Compare dozens of providers in under 5 minutes
  • Fast, free and easy way to shop for insurance
  • Quickly find the perfect rate for you
Get a quote now