As far as business wear goes, we all know the mantra: You dress for success. Once you’ve retired, this means you get a break from wearing stiff suits and high heels, and your wallet gets a break from updating your work wardrobe.
The average retired household spends $1,070 a year on apparel, while the average working household spends $2,028 a year. Also, factor in the money you’ll save on dry cleaning (averaging as much as $1,000 a year in some metropolitan locations).
Caution: Although household spending on apparel decreases overall in retirement, Marguerita Cheng, the chief executive officer at Blue Ocean Global Wealth, says that she sees spikes in spending from recently retired clients who feel the need to update casual wardrobes in the first few years of retirement.