The Top 5 Things Retirees Should NEVER Buy!

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We spend a lifetime saving for retirement, so let us not squander your savings with things that won't add value to your golden years. Not every tempting purchase is worth it -- many can lead to unforeseen financial burdens. In today's video, we talk about the top five seemingly appealing purchases that retirees should never buy and can become retirement pitfalls.
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CHAPTERS:
00:00 Introduction
01:34 Luxury Items Without a Good Purpose
04:23 Time-Share
05:49 Large and Expensive Boats or Hobby Equipment
08:29 Does It Make Sense to Buy a Much Larger Home
09:57 New Financial Products that are Unvetted

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ABOUT RETIREMENT TRANSFORMED
Husband and wife duo, Mark & Jody Rollins, inspire and serve as personal guides to meaningful, transformational journeys for individuals who are planning for, going through or are living in retirement. This is everything in retirement beyond your financial plan.

We are not financial advisors or medical experts. Any advice we give is our own and should not be taken as professional advice. This video is for informational and entertainment purposes only. Please seek professional assistance before making any financial decisions or changes that can affect your physical or mental health.

FTC: Some links mentioned above may be affiliate links, which means we earn a small commission if you buy a product from the specific link. This video is not sponsored.

All Content and video segments are the copyright and owned by ©Retirement Transformed and cannot be used without permission.

[dos-fslady]

With all due respect, your "tips" were hilariously absurd to someone like me who: (1) has driven the same Subaru for 5 years and keeping it another 4 to give to granddaughter, (2) uses bar soap until it is the size of a nickel, (3) buys almost everything at thrift stores, (4) repairs and does our own alterations, (5) composts all kitchen scraps for the garden, (6) cuts my own hair -- and on and on. I started babysitting in 1962 when I was ten for 25¢/hour, and worked almost full-time at various jobs through high school. By HS graduation, I already had thousands of dollars invested in mutual funds. Didn't go to college. I would NEVER buy a boat or a timeshare. My hard-working partner and I live in a gorgeous home with spectacular artwork collected from junk stores and small galleries around the world. Now in our 70's, we are both still absurdly frugal except when traveling the world (over 70 countries so far) or taking the family to see extraordinary shows or sights. We both carry more cash than the average Hollywood celebrity, and often leave tips at restaurants far larger than our total bill -- plus we always take care of hotel housekeepers and everyone who is working hard to provide our "free" breakfast when we're traveling. Sometimes when we are at small country diners, we give tips to everyone, including the cooks. We have everything we ever wanted, support a number of worthwhile charities, and have a substantial safety net for any conceivable challenge we might face down the road. Our cup runneth over.

[PaulAmeliaIsland]

Love your common sense approach. My wife and I retired in 2015, current age 63 and 62.
Still driving our two 2006 Honda Accords with 345k and 235k. Owned the 345 since new. No plans to replace either one. All our neighbors drive much newer cars.
I do, on occasion get a sideways glance, but I just don’t care😊

[MrGus]

Best advice is to have you house and toys paid for before you retire.

[robertross]

Great message. Quit chasing shiny stuff. I went on a cruise to Alaska and bought absolutely nothing. I only bought excursions which to me have more value. Experiences not stuff is the way to go.

[HunterChristianDarkman]

I find that, no matter what your age, you tend to be better off purchasing the best you can afford, whether needs or wants. Everything seems to come down to your financial situation, and managing your expectations within that situation.

[boondog]

I bought a boat. A sailboat. I live aboard it in the Caribbean, sailing around the islands, doing exactly as I please, wind and weather permitting. I spend little but it costs little to live very comfortably on SS and some modest investments. When I am in a marina for hurricane season, a slip costs me $250 a month. I fly back to the States several times a year, and to Europe once or twice. My biggest expenses are boat maintenance and improvements, most of which I can do myself. I have no car, no house, no debt and am not a prisoner of my possessions.

[rds]

I bought a boat when I retired and use it all the time. Of course it was not a snobby 40 foot job. It was a 19' fishing boat. GREAT purchase !!

[donaldperrotta]

I’m 67, retired 2 years ago. Not married-no children. I’m watching my spending… but I have no one to leave it too… so I am enjoying my $$ . Just went on a beautiful 10 day cruise … now having my kitchen remodeled …l thank God I’m blessed with pretty good health.

[genglandoh]

I learned the lesson about gifts that can be a burden early.
When I was in college our neighbor retired and their dog also died at the same time.
Their youngest son, my friend, bought his retired parents a new dog without asking them first.
The parents wanted to travel and the dog became a burden.
Their oldest son decided to take the dog and unburden his parents.
From that point on I decided I would never give anyone a gift that would become a burden.

[ivanvarykino]

I really like the statement that another financial youtuber (Rob) I follow closes each segment with: "Remember that the best thing money can buy is freedom".
I so agree with, relate to, and currently live this.
Expensive cars represent the opposite of freedom for most people.

[garyscarstuff]

I agree with everything except the vintage truck. I've had a number of old cars and have never lost money on them, and because I do all my own maintenance and restoration as a retirement hobby they actually do better financially than my traditional investments.

[bikeman]

Great video, this is a subject that I’m an expert at. I have been since I was a kid. I have been called many names by family and friends but I prefer frugal. They would die if they saw my bank account. I try to never buy anything new except maybe groceries and then I am a very alert buyer. I could give classes and write books on this subject. Most of my clothes are from yard sales and thrift stores. You should see my sneaker collection. Most everything I buy is either used or on sale. I bought my Camry at a yard sale, it had 19, 000 miles on it. I haven’t had a mortgage or car payment in 20 years and I paid cash for my last two houses. I never had a high paying job. Spending money can make you happy temporarily, saving money can make you happy permanently.

[edhcb]

Dad bought a new Lexus when he retired 20 years ago and he loves it. It’s still like brand new with 150k miles on it. Not a mistake in my opinion.

[erickirklin]

My 64 ford F100 has brought me a lot of joy, and can be sold for for more than 10 times more than I bought it for.

[robocop]

I was frugal and practical before retirement. What is it I'm saving up more for during retirement and before I die? These tips are really for young people starting out in their careers

[nancydeshaies]

A boat: think about mobility issues as you age. Bigger house: it’s less expensive to get a motel or AirB&B for visitors than to tie up money in taxes, heating, and maintenance. Cars: get a nice car, but don’t expect a nicer car to get you someplace better.

I have a ‘71 Pinto for fun which runs great. $100 a year for insurance and $11 for taxes.

[suvikoivunen]

Hello Mark and Jody! Thank you for this video with some very sensible advice. I live in a city in Europe, so I don't need a car. We have an excellent public transport. And unlike most of my countrymen, I don't own a summer house. Huge savings! Living in a city is more expensive housing wise, but you can save on not having a car and on free or low cost hobbies. I live in an apartment building, that I paid off before my retirement. It is very well maintained and doesn't cost much. But it is very important to pay attention to any detail when buying a place: does the building own its lot, does it have any further income, are there big renovations in sight etc. I wish you a nice week!

[TheOfficialABHS]

A timeshare and are much like a large motorhome. Lots of costs upfront, ongoing maintenance, and little resale value. BUT if you use it, understand the costs, and can afford them, go for it. We have a sizable amount of timeshare points (fixed weeks are old-fashioned) as long as we can travel, we make use of them.

[brians]

A friend (with daughters) told me once: “Fly first class because when you’re gone, your son in laws will”.