How My Client Saved $17,000 on Annual Retirement Expenses (4 Areas to Check)
Executive Summary
Retirement overspending doesn’t usually come from big splurges. It comes from everyday costs that keep rolling long after they’ve stopped being useful. Things like old insurance policies, memberships you don’t use, convenience fees, or service plans built for a house full of kids. When those habits go unchecked, they can drain thousands of dollars a year. But with a simple review, you can spot the waste and put that money toward the life you want to live in retirement!
Want to watch an in-depth exploration of this topic?
Check out this video on my YouTube channel, @SavvySteward: How My Client Saved $17,000 on Annual Retirement Expenses (4 Areas to Check)
And here are two FREE resources that help ensure your money aligns with your life:
- Designing the Retirement You Want Guide https://www.kingsview.com/the-savvy-stewards-toolkit-optin/
- How Much Do I Need to Retire? Quiz: https://secure.kingsview.com/keith-savvy-steward-quiz-youtube#q1
How My Client Saved $17,000 on Annual Retirement Expenses (4 Areas to Check)
When people picture retirement savings, they often think about investment returns, tax planning, or withdrawal strategies. But sometimes, the biggest wins come from cutting costs you no longer need. Overspending usually hides in plain sight. By taking a closer look at recurring expenses, you may uncover thousands of dollars that can be redirected toward the lifestyle you want in retirement.
How often should retirees review their expenses to avoid overspending?
A full spending review once a year is a smart baseline, with lighter check-ins every few months. Retirement isn’t static: your needs, routines, and services change over time. By putting an annual review on the calendar, you can catch big-ticket items like insurance, memberships, and service plans that no longer fit your life. Quarterly check-ins with your statements help flag small charges or subscription creep costs before they snowball. This rhythm keeps your spending aligned with your lifestyle without letting unnecessary costs build up year after year.
Do I still need life insurance once I’m retired and the kids are grown?
Often, the answer is no. Life and supplemental insurance make sense when you’re protecting a young family, covering a large mortgage, or replacing income. But if your children are financially independent, your mortgage is nearly paid off, and your retirement assets can cover your spouse, the original need for big policies is gone.
At that point, keeping old coverage can cost thousands of dollars a year without providing real value. Reviewing your policies, consolidating where appropriate, or cancelling outdated coverage is one of the fastest ways to cut expenses in retirement.
What subscriptions and memberships should I cancel in retirement?
Start with anything connected to your working years or past family routines. Gym memberships near the office, country club dues, and professional associations are common examples that tend to linger long after they’re useful. Digital subscriptions also add up: streaming services you rarely watch, magazines you don’t read, or software and training platforms tied to your career. Because these charges renew automatically, they’re easy to miss. Canceling just a few can free up hundreds or even thousands of dollars a year without changing how you live day to day.
What is the “convenience tax” and how does it add up?
The “convenience tax” is the steady drip of small fees you pay to save time. Out-of-network ATM charges, expedited shipping, food delivery, valet parking, or priority processing are common examples. In your 30s and 40s, those shortcuts made sense when every minute mattered. In retirement, time is more flexible, which means you don’t need to keep paying for speed you no longer depend on. Reducing or eliminating them is an easy way to lower expenses without giving up anything important.
Are my internet, phone, and TV plans too expensive for retirement?
Probably. It’s common for retirees to carry phone, internet, and TV plans built for a busy household. High-capacity internet, unlimited cell data, and premium cable all served a purpose once, but they often outlast the need. And when you consider that providers consistently raise prices over the years, the cost versus need gap gets even bigger.
Reviewing your bills and adjusting to what you actually use is one of the simplest ways to lower expenses, and if your provider won’t work with you, another one will.
How can I run a step-by-step audit to cut retirement expenses?
Rather than tackling everything at once, break your review into four weekly steps:
– Week 1: Review all insurance premiums. Ask if each policy still reflects your real risks.
– Week 2: List every subscription or membership. Cancel what you no longer use.
– Week 3: Track convenience fees in real time. Notice how often you pay for things like delivery, expedited shipping, or ATM charges, and decide whether they’re still worth it.
– Week 4: Audit your service plans. Call providers to compare your rates with new customer pricing, and adjust where needed.
This simple monthly process highlights unnecessary costs and trims them in a way that sticks. Every dollar you cut is money back in your pocket — guaranteed savings that repeat year after year.
Overspending in retirement rarely comes from extravagance. It’s often hidden in old habits that no longer serve you. By reviewing insurance, subscriptions, convenience fees, and service plans, you can reclaim thousands of dollars a year and redirect those resources to the life you want to live.
Real wealth starts with real life. Don’t just plan the numbers. Plan the life.
Contact Information
Keith Demetriades, CFP®, CKA®, believes real wealth starts with real life. He created the 4D Client Experience to help guide decision-making and ensure your money works as a tool to support your life. If you’re ready for a financial plan that reflects how you live and what you’re building toward, contact Keith at (806) 223-1105 or visit Kingsview Partners.
Disclaimer: The information provided in this blog is for educational purposes only and should not be considered financial advice. Please consult a qualified financial advisor to discuss your specific situation and needs. Past performance does not indicate future results, and all investments carry risks, including potential loss of principal. Any financial product or strategy references are purely illustrative and should not be construed as endorsements or recommendations.
