Having multiple cars

Besides forgoing luxury cars, seniors should also reconsider downgrading the number of cars they have in their garage. As John Occhipinti, the CEO of Naturebox, put it in a nice way, “unless you’re a car aficionado and are able to fund this hobby, it’s such a money waster for retirees to have more than one vehicle.

Instead, you can try having just one vehicle, and enjoy the benefits: no car payment, lower insurance, maintenance, and fuel costs. That money would be better spent on monthly expenses! Not to mention that after a certain age, you won’t ride as much as you used to, and it might be actually useful to sell some of your cars!