There are some things that you can buy at any age and you won’t regret it. But in this article, you’ll find a list of 17 things that retiring boomers will definitely regret spending their money on.
Sports Cars
It might be a retiring boomer’s dream to finally own a sports car. Although these cars are a luxury, they soon become impractical for boomers as they are low, and that makes them hard to get in and out of for people with increasing mobility issues.
Extreme Fashion
Everyone should have the freedom to dress as they would like to, but extreme fashion styles are more expected and more widely accepted among younger generations. Older people, such as boomers, who dress in extreme fashion styles might be looked down upon in society and will draw a lot of attention to themselves.
Designer Clothes
Retired people must be careful how they spend their money. Designer clothes can quickly put you in debt, even if you’re retired. According to Business Insider, “The average debt an American owes is $104,215 across mortgage loans, home equity lines of credit, auto loans, credit card debt, student loan debt, and other debts like personal loans.”
Homes Abroad
Spending your retirement living abroad in the sunshine might sound like a dream come true for many boomers. But the reality is that moving to another country when we’re older is quite difficult and can make you feel very frustrated if you have to adapt to a new language or culture.
Flagship Smartphones
New smartphones are constantly entering the market, each one more expensive than the last. Boomers who try to keep up with the latest technology by buying the newest smartphones as soon as they’re released might find themselves spending a lot of their retirement funds too soon.
New Laptops
New laptops and computers are always being advertised. Boomers who like technology might feel compelled to treat themselves to the latest models now that they have more time on their hands. But these new laptops can cost thousands of dollars and will soon blow a hole in a boomer’s retirement fund if they’re not careful.
New Cars
The figures from LendingTree show that “a car can lose up to 20% of its value in the first year, and over the first five years, fall to around 40% from the original price.” A boomer who spends their retirement money on a brand-new car might soon regret not getting something second-hand.
A Bigger House
Boomers might feel tempted to spend their retirement on a bigger house. But the best thing to do at this time is not to get a bigger place to live, but rather a smaller place. A bigger place will be too much of a responsibility when your mobility reduces as you get older.
Big Refurbishments
Boomers who have just retired suddenly find themselves with a lot of free time on their hands. But even though they have the time for a big project, now is not the time to do complex refurbishments, as they will wear you out at a time when you want to relax.
Full Price National Park Tickets
Boomers should never pay full price for entry to National Parks in the U.S. The National Park Service says that “U.S. citizens or permanent residents 62 years or older are eligible for a Senior Pass… The Senior Lifetime Pass is valid for your lifetime and costs $80.”
Expensive Groceries
Retirement is the perfect time for you to treat yourself, but spending money on high-end groceries (such as organic goods) each week will soon put you out of pocket. Middle-of-the-range stores that have good value-for-money deals are a better choice for seniors with a limited budget.
Travel Agent Vacations
Going to the travel agent and booking a package vacation normally works out more expensive than looking online and finding your own deal. Boomers will regret booking vacations via a travel agent, as they could save money on their next vacation if they booked independently.
Medical Insurance
Many travel agents and vacation booking services will try to get you to purchase expensive medical insurance for your vacation. But what a lot of boomers forget is that their vacations are covered by their normal health or life insurance. Boomers should check with their insurance providers before they book anything.
Peak Vacations
Boomers should take advantage of the fact that they can travel off-peak to save money. If they travel at peak times when people are on vacation and the kids are off school, they will end up spending more money and end up crammed next to a bunch of people at bustling holiday resorts.
Full-Price Movie Theater Tickets
Many movie theaters across the U.S. have discounted ticket prices for boomers. If you’re over 60 and visit the movie theater at the chosen time and day of the week, you might be able to save a lot of money on movie theater tickets. Boomers should investigate deals before they visit the movie theater.
Full-Price Leisure Memberships
Boomers who have retired have a lot of free time for social activities. Many leisure centers, such as swimming clubs, gyms, and golf courts, have discounted memberships available for over-60s. Boomers should make sure they find out which discounts are available to them locally before paying full price for a leisure membership.
Homes Far Away
A boomer might fancy moving out of state and buying a house in the picturesque location of their dreams. But moving so far away from family might be a very bad idea, as they will not be able to visit you as easily, and this could make retirement very boring for you.
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