Retirement Retired Life

8 Ways Retirees Could Save $10,000 by the End of 2026

Consistently making small changes can add up to big savings.

By Michelle Smith

Edited by Lisa Dammeyer

Updated Jan. 8, 2026

Is planning for retirement one of your top financial goals for 2026? One way to make sure you're set up for success is to make a plan for how you will cut back on expenses. By saving, say, $10,000 a year you can boost your self-confidence in retirement and feel inspired to keep enjoying your retired life.

Whether you want to add a little extra to your tidy nest egg or you're trying to start your retirement savings from scratch, keep reading. These easy ways to save $10,000 may help you in the year ahead.

Steal this billionaire wealth-building technique

The ultra-rich have also been investing in art from big names like Picasso and Bansky for centuries. And it's for a good reason: Contemporary art prices have outpaced the S&P 500 by 136% over the last 27 years.

A new company called Masterworks allows everyday investors to buy a small slice of $1-$30 million paintings from iconic artists, all without needing any art expertise.

If you have at least $10k to invest, see what Masterworks has on offer. (Hurry, they often sell out!)

Start a small side job

Potential savings: Up to $10,000 or more

The simplest, most straightforward way to save $10,000 is to pick up a part-time job and funnel that money directly into your savings account. Many local part-time jobs, from store clerks to library assistants, would net you the $10,000 needed to bolster your savings over the course of a year.

If working an actual part-time job isn't doable for you, see if you can swing a small side gig like selling your crafts online or shopping for Instacart every once in a while.

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Open a high-yield savings account

Potential savings: Up to $10,000 per year

If you don't already have a high-yield savings account (HYSA) to put your savings, consider opening one. A high-yield account can multiply your annual savings, tacking on extra money to whatever you are already stashing away.

If you have a large chunk of money to put into the account, that alone could earn you thousands. With $200,000 in the bank earning a 5% annual percentage yield (APY), you could earn $10,000 a year just in interest.

Consider certificates of deposit (CDs)

Potential savings: $26.50 on $500 per year

If you want to earn a higher rate of return than you would with a high-yield savings account, a certificate of deposit (CD) is a good idea. You can't make withdrawals from a CD before the term ends without incurring a fee, and you typically need to deposit the full required amount upfront (usually a $500 minimum).

But if you can leave the money untouched for the full term, you could earn 5.25% interest or more, depending on the institution.

Get a protection plan on all your appliances

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.

Whether or not you’re a new homeowner, a home warranty from Choice Home Warranty could pick up the slack where insurance falls short and protect you against surprise expenses. If a covered system in your home breaks, you can call their hotline 24/7 to get it repaired.

For a limited time, you can get your first month free with a Single Payment home warranty plan.

Get a free quote

Invest with purpose

Potential savings: Up to $1,000 per month or more

Depending on how you invest, you could generate $1,000 in passive income per month. The ultimate yield depends on your stock portfolio, but investing around $300,000 with a 4% dividend yield will generate $12,000 a year.

Of course, not every stock pays dividends. A qualified financial advisor is best positioned to help you create a diverse portfolio that pays off over time.

Cut back on dining out

Potential savings: $140 per month

Apart from adding new income sources, the best way to save is by cutting unnecessary expenses. This could include subscriptions, gym memberships, shopping, dining out, or other activities.

For example, let's say you eat out twice a week at $20 a plate. If you cut back to eating out just once a month, you'd save $140 a month — or $1,680 a year. This could easily equate to larger savings if you also often order alcohol and appetizers or live in an area where eating out is more expensive.

Take advantage of free entertainment

Potential savings: $31 per month

A standard Netflix plan with ads costs around $8, a Hulu and Disney bundle is around $13 a month, and an HBO Max subscription costs $10 a month. A library card, on the other hand, costs nothing. Depending on your local collection, you can probably access hard copies of movies and TV shows, plus free streaming through Kanopy.

For subscriptions and memberships, consider using a tool like Rocket Money to identify every subscription you have and cancel those you no longer want.

Retirement News: Almost 80% of Americans fear a retirement age increase — here’s the real reason why

Switch from brand names to generics

Potential savings: $30 per shopping trip

Brand-name Kleenex tissues cost $2.49 per 60-sheet box at Walgreens, but a 76-sheet box of tissues from Walgreens brand is just $1.79. You'll likely find a comparable price difference between most generic and brand-name items, which could mean a savings of $0.75 to $1.00 per grocery store item.

You won't notice any difference in quality, but your wallet will definitely notice the difference in savings, which can add up over the course of a year.

Set up an eBay account or sell on Facebook Marketplace

Potential savings: $20 per item

Are there extra items cluttering up your space? Reap the benefits of downsizing for retirement while also turning a profit by selling items online — via eBay or Etsy — or locally — via Facebook Marketplace or other local groups. Selling just a couple of items per month for $20 each will net you $480.

Bottom line

If $10,000 still seems like too high a goal, it's okay to set your sights lower. Following just one of the tips above can ensure you end the year with extra cash in your pocket, and when you're saving for retirement, every penny helps. Combining a few of these tips can easily save you thousands over the course of a year.

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