“Frugal retirees are careful with their money,” said Kevin Shahnazari, the founder and CEO of FinlyWealth , “but they know some things are worth spending extra on,”
According to Shahnazari, retirees who watch their pennies still invest in solid health insurance plans.
“They know that skimping on health coverage can lead to huge bills if they get sick,” he said.
A good plan might rise your monthly expenses, but Shahnazari said it can also save tons of money in the case of a health emergency.
“I remember talking to a retired couple who upgraded their insurance even though it meant tightening their budget elsewhere,” he said. “They were so relieved when the husband needed surprise gallbladder surgery a year later. Their better insurance saved them from a mountain of medical debt.”
Healthy Food
Budget-conscious retirees don’t shy away from high-quality foods or their high-quality prices. They buy fresh foods and premium meats because, while they cost more than the processed stuff, they’ll help retirees stay healthy and active.
“One of my clients, a retired teacher, told me she spends much of her budget on organic produce and lean meats,” said Shahnazari. “She says it’s worth every penny because she feels better and rarely gets sick.”
Frugal retirees prefer to pay for regular home maintenance, including routine roof inspections, plumbing check-ups and HVAC servicing.
“They know that fixing minor problems early prevents costly repairs later,” said Shahnazari.
“A retired accountant I worked with shared how he paid for yearly termite inspections. It seemed unnecessary until they caught an early infestation that, if left unchecked, could have caused thousands in damage.”
Comfortable Shoes
This might sound funny, but Shahanazari said many penny-pinching retirees splurge on good shoes — specifically comfortable, supportive footwear that prevents falls and foot problems.
“These shoes last longer, too, so they’re worth the extra cost,” he continued. “A frugal retiree once told me his ‘expensive’ walking shoes were his best purchase ever. They helped him stay active and pain-free, which meant fewer doctor visits.”
Jeffrey Zhou, the CEO and founder of Fig Loans , a company specializing in alternative financing and financial wellness, said that he also found this to be true.
“Comfortable, supportive shoes are an essential investment for active retirees,” he explained.
With more free time for walking, gardening or pursuing hobbies, Zhou said foot health becomes critical.
“Poor-quality shoes can lead to long-term issues like joint pain, plantar fasciitis or even back problems,” he warned. “Spending more on orthopedically designed footwear ensures daily comfort and prevents these health risks.”
Reliable Transportation
Whether maintaining a good car or buying passes for dependable public transit, frugal retirees know good transportation is crucial.
“It keeps them independent and connected to their community,” explained Shahnazari. “I’ve heard from retirees who kept their well-made cars for years, paying for regular maintenance rather than buying cheaper, less reliable vehicles.”
In the long run, he said his clients spent less and had fewer worries about breakdowns.
Quality Sleep Setup
Shahnazari also noted that frugal retirees often invest in quality mattresses and pillows.
“[Sleep] is vital for health and well-being,” said Shahnazari. “A mattress might be pricey, but [it will be] used every night for years.”
He recalled a retired couple who told Shahnazari that their “retirement gift” to themselves was an adjustable bed. He added, “They said better sleep improved their daily life more than any other purchase.”
Safety Features
According to Shahnazari, careful retirees will often pay more for home safety upgrades, such as bathroom grab bars, better lighting and security systems.
“These improvements help them stay safe and independent in their homes,” he continued. “A client once shared how adding motion-sensor lights around her house was expensive, but it made her feel secure and prevented a potential fall on her front steps.”
Zhou agreed that home safety and accessibility modifications are non-negotiable for aging retirees.
“Installing features like stairlifts, grab bars or walk-in tubs can be expensive upfront, but they prevent accidents that could lead to costly medical bills or even the need for assisted living,” said Zhou. “These modifications make it easier to navigate the home independently, allowing retirees to age in place safely.”
While it might be hard for frugal retirees to part with the extra cash, these expenses are more than worth the splurge.
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