3. Groceries

You might think that spending more time at home means more retirement expenses by default. In fact, once you retire, you’ll spend less money on food. Since your children are already grown up and moved to their homes, there will be fewer mouths to feed, resulting in lower retirement expenses.

Data shows that households headed by people 65 and older spend about $5,698 a year on food, which includes both the cost of home-cooked meals and eating out. That compares with an average of $7,316 per year spent by US working households.

Marg Aguiar and Erik Hurst, professors from Princeton University and the University of Chicago, respectively, consider that the explanation is pretty simple: as a retired person, you have more time to do the groceries.

You won’t be pressed for time at the grocery store anymore and that means you’ll find more time to make price comparisons on similar products, use different kinds of discounts like coupons and plan meals ahead of time for the following week.

You may be interested in: 7 Best Kirkland Products Seniors Should Get at Costco.