8 DUMB WAYS Retirees Blow Their Savings

Here are 8 ways that you can really deplete your retirement savings.

Note: info from Money Talks News.

Hi, my name is Duane. After a career in the music industry, I retired early at 59 in 2021 with just over $500K. Soon thereafter, the stock market (and my investment portfolio) tanked. This is my early retirement journey.

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If you received some good info from this video, feel free to buy me a coffee!

[danreilly]

Worst thing about senior discounts is then they ask you before you ask them!

[SummaGirl]

The women at work used to ridicule and pity me because I was single and child free. Now that their children are adults and several of them are stuck raising their grandchildren and supporting their adult kids, they don’t laugh at me anymore.

[JDinky]

If you own a home and sell it to downsize you may be paying more in taxes on your new downsized, more highly taxed new home. Some seniors (like myself) benefit from having property taxes fixed over time (at a lower home valuation). This benefit may be lost upon moving to an overpriced, more highly taxed yet smaller home.

[robertcampbell]

67, retired and reside in eastern Tennessee, play pickleball, disc golf, endless hiking trails, volunteer at local food bank. Leaves me plenty of money to travel.

[cjengland]

Sold one car when we retired. Currently keeping our 4 BR ranch since it's paid off and we can go to opposite sides of the house if someone is ticked off. 🤣

[Bob_]

I’m 103 and my 80 year old son frequently needs pocket money for his bud lights and smokes, those tobacco companies keep raising their prices! I’m facing eviction though so some tough choices must be made.

[robertlewis]

The grocery store I shop at gives 5% back for people 60 and over on Tuesdays and Thursdays. I do my best to go then.

[sw]

On the two cars-I’ve been thinking about that a lot. My conclusion: If both cars were paid off ages ago, and not yet at the nickel and dime problems stage that makes you think you need to be thinking about a new car, I can’t justify getting rid of the convenience of two cars. Once they go, only one will be replaced.

[darinkizer]

Great content once again sir. Adult children: we are generous on their BDay, anniversary, and Christmas. The rest, as you say, they are adults. Won't let them starve or sleep on the street, but that's what home is for, not handouts.

[auntiali]

I'm finally starting to wake up to the senior discount idea. I'm 63, lol.
The life insurance was dropped long ago after the kids were old enough to take care of themselves.

[lizcoleman]

Great video Dwayne. I would add another thing and that would be to not own a vacation home which means having to pay expenses on two houses. Sure, you can rent out the vacation home but it would be during the time you'd probably want to go there so it's better to just rent an Airbnb when vacationing...no maintenance, expenses, worries.

[alligatorhorse]

We're retired and live on the same farm we have been on since 1984 ... I'd prefer something that requires less work (I mow 3 acres of lawn) but my wife has 40 years of pets buried here and will never sell.

[bryan]

Sometimes downsizing would cost WAY more, house pruces have doubled since i bought, now small boyses are the same price as big, no savings to be had

[bobdrago]

Wildfires. You don’t want pine trees around your house.

[christopherbradley]

I'm single but I have 2 cars and 5 ok, I guess I'm guilty 😅 I'll work on that. I think a huge money waster is not preparing for the extra time we have. When we were working, we only really spent money during our days off. After a lifetime, we subconsciously equate off time activities with spending. It was OK when we only had 2 days off a week but in retirement, we need to reprogram a little bit. This is where hobbies and activities that don't cost much become important because doing nothing at all isn't much of a retirement. As always, Greta video on an important topic 👍

[donnanorris]

A good walk in nature is not hearing cars planes and trains :-).

[tonyg]

The biggest issue people have with downsizing is getting rid of all their “things”

[JBoya]

Completely agree with these items. Especially buying motorcycles and other toys. Unless you are going to use them a lot. Having owned airplanes
, motorcycles, and other motor toys I found there are two good days. The day you get them, and the day you sell them. 99% of the time they just consume space and money,

[catwrangla]

I swear....if the charities would cut back on the amount of junk mail they send out, they could save a bunch of money! I already have 7 calendars for 2025 from various charities.

[iancvisuals]

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