GOBankingRates caught up with Kevin G., a 68-year-old retiree living on a $3,000 monthly budget, to find out which bills he’s managed to kick to the curb since leaving the workforce.
Here’s the scoop on seven expenses Kevin no longer has to worry about, and how he’s making it work .
Remember the days of filling up your gas tank twice a week and cursing at traffic? Kevin sure doesn’t miss them.
“I used to burn through $250 a month just getting to and from work,” he shared. “Now, my car’s basically a driveway ornament. I fill up maybe once a month, and that’s usually for grocery runs and to see my kid, who lives 5 miles away.”
Suits and ties might look sharp, but they’re about as comfortable as a suit of armor. For Kevin, retiring meant ditching the monkey suit for good.
“I laugh now thinking of the silly stuff I spent money on,” he said. “The ties! So many ties! Now my son has no idea what to get me for gifts anymore but that’s fine – I’m downsizing.”
Work-Related Technology
Like many with office jobs, Kevin’s company relied on him working late hours from home sometimes but didn’t provide the necessary equipment.
“During busier quarters, I was burning through my own laptop, internet, everything,” he explained. “Now, my 12th generation iPhone is really all I need.”
Expensive Lunches and Coffee Runs
It’s cliche for a reason — those lunches and coffees do add up.
“I don’t even want to think about how much money I spent,” Kevin shared. “And I’d even pack lunch most days! But then my co-workers would be going out and I’d join them and bam, $30 out the window by 1 p.m.”
Professional Memberships and Certifications
Staying on top of your game in the working world often meant paying through the nose for letters after your name. Kevin’s glad that particular rat race is over.
“Between my dues and keeping my certifications current, I was shelling out close to $1,500 a year,” he said. “Now, the only membership I care about is my library card — and that beauty’s free!”
Life Insurance
While life insurance is a must for many, some retirees find they can dial it back a notch.
“I don’t need all that anymore,” Kevin explained. “I dropped a $100 monthly premium and put that money towards my golf game instead.”
One caveat: Talk to a financial planner before you go canceling policies willy-nilly. Kevin did, and that’s why he decided to do it in the first place.
Retirement Savings Contributions
This is a big one: No more saving for retirement because he is in retirement!
“I was socking away about 15% of my paycheck for retirement,” he shared. “Now that I’m living off those savings, that’s money I can use for other things — like spoiling my grandkids rotten!”
The Final Word
Sure, retirement means watching your pennies, but as Kevin’s story shows, it also means saying sayonara to a bunch of work-related expenses. By taking a good hard look at your new lifestyle, you might find your retirement budget has more wiggle room than you thought.
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