3 BIG Retirement Purchases Retirees Regret

Buying these things in retirement can lead to big regrets. This is based on what other retirees have done, so I’d like to share their experience so you can be proactive in avoiding these costly missteps.

Dave Zoller, CFP®

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[Paul-GrnHil]

Our goal for retirement is to maintain the lifestyle I enjoyed before I retired. Pre-retirement, in our top earning years, we made home improvements like new kitchen, roof, solar and other investments to avoid unexpected maintenance in early retirement. Now we have a discretionary budget to enjoy travel during our go-go 60s.

[betsylatham]

The best thing my father did was to have a meeting with me, my siblings and his lawyer to go over his will. It gave him a chance to explain his thought process and answer questions The lawyer spoke about what would need to happen after his death and served as a witness to the validity of the will. Made things much easier when he died as we all knew what to expect.

[liveslisa]

I think a lot of people regret buying an RV after they retire. They'd be better off renting one. And this isn't so much a purchase, but moving far away from family can be regretful as retirees get older. It's expensive to fly back and forth for everyone. If family is important to you, it is best to stay closer to family.

[dt]

I like the comment about the new car. I retired 6 months ago and I am thinking about a new car. But for the amount I drive, it's possibly better for me to buy a used car instead. Something to think about. Spending $50K on a new car isn't really necessary.

[bthomson]

Listened all the way through! (And it is very rare!). Your pace and voice quality are just right! Getting right into the video without extraneous stuff is perfect! Music way WAY in the background also perfect! I will listen again!

[thecasualrver]

I retired last September, we had a condo, with a 200K mortgage but 200K plus in equity, in the area of SE Michigan where we lived in the property taxes were very high as well has the monthly HOA fees, sold in 6 days, cash offer and then purchased a new smaller very nice manufactured home in an 55+ active community, no longer a mortgage and no longer paying property taxes. We no longer need to gain wealth with real estate, due to our financial portfolio. We could not be happier with our decision to downsize. We now have more freedom to travel the country in our motorhome. We are truly Blessed.

[cato]

Saving specifically or a replacement car way in advance is key.

[nathanielcarreon]

Best purchase we never did is an upgraded house. Paid it off 20 years early and never moved. Now only me and wife are living on it and feels it is more than big enough..

[thegameexplainer]

The best "pre-retirement" decision my wife and I made was to downsize our home 6 years ago when we moved to be closer to the high school that our son was accepted to. We went from a big colonial to a more modest-sized ranch house, which is better for folks who struggle with staircases as they get older. We had to do a lot of renovation work on the house, but it should be mostly done by the time we retire in a few years, leaving us with almost no house maintenance costs and only a few years of remaining mortgage payments.

As for the car: I would normally agree with you, but I'm in a special situation where I get a discount to buy a car before I retire from my automotive job. Since we want to start our retirement with two cars, it makes sense for me to take advantage of my employee discount before retiring. My wife's car is already paid off, so we'll only have one car payment in early retirement.

[penelope]

Yes, I could easily imagine regretting the big retirement home. It probably seems like a good idea, a place for the family to gather at, but as the gr-kids get older they get involved in their own activities & so don't come to visit as often. Also, I wonder about the second home, the beach house or whatever. At some point feeling obligated to travel to get to the second place gets to be an effort that they may not want to do.

[cbdane]

You missed the RV. Betsy and I have that one covered! 😅

[mikesurel]

Regarding big gifts after retirement, I have already told the kids I will be helping them out with Roth contributions now when they will have the most impact and they may or may not have anything come inheritance time. I have no plans to regularly gift large sums to my kids later in life.

[susanalexander]

This was interesting and helpful. A lot of people I know plan to make big home maintenance purchases before retirement.

[klimbers]

I’ve actually been thinking about my retirement car. Wasn’t going to be anything excessive. But would be my first luxury brand car.

[glenngardin]

Great video. I was expecting to see an RV on the list. Sort of sad to see that giving money is: a) a sad thing and b) an expected thing.

[jeffreygelburd]

I learned a lot from my older siblings on what not to do or to do.😊

[daveicc]

😢I regret making any purchase ( even ten dollars unless it is essential for living) or donation because all that I receive is a poverty pension paycheck, SNAP benefits but I do not receive Social Security and I have two disabilities. Kind if difficult living in that situation don’t you think, eh?

[KelvinCesar-bvow]

I appreciate your approach to teaching.. To my understanding this just proves how much we need an edge as investors because playing the market like everyone else just isn’t good enough, we just need to hold onto our hopes and wait to see how things turn out because market movements are almost always unpredictable. In my portfolio, I'm noticing more red than green and my retirement is edging closer by the day.

[cohoanglervancouverwa]

When it comes to cars, ‘expensive’ is relative. Not long ago, $40K for a car was expensive. Not any more. A modest sedan runs $40K easily. And an SUV starts at $50K.

[peterlloyd]

I have always had an interest in cars as an enthusiast. However, I am in the throws of semi-retiring and I will not be purchasing an expensive new car. I will be retaining my existing 5 year old car which luckily for me I really enjoy - so financially I know it is better to not splash out on such a depreciating asset as a new expensive car. As for gifts - I hope when I pass away I can leave my pension assets (hopefully not exhausted) to my wife & children. That would be such a thrill for me if I can give that as a gift hopefully in the long run. Peter U.K.