Financial regrets in retirement?

[ctom87]

Those of you that retired... Do you have any big purchases that you either regret or would advise someone to be cautious before making?

Read an article online this morning, the top 5 regrets retired folks have... Regular lavish travel, dream home, luxury car, boat or RV as well as a 2nd vacation home all top the list...

My own curiousity is getting the best of me. Retirement is still 30+ years away

[gingib]

They regret it solely because they spend it and never had that money to begin with!

That retirement money goes quickly when no income. Most people won't have 1 million at retirement and even that isnt enough

[glen]

No regrets but did none of the above- Building out “vacation home” now but we will live in it. Traveled for 9 months and regret none of it ( had budget and no house or home so it wasn’t expensive considering all). Have a plan- keep life simple- do what you love. I’m living in Tx coast fishing 5 plus times a week. We travel when we want but have budgets for everything.

Our house and everything we have will be paid for and we will only have monthly bills. If needed I could always get a part time job in a gym, tackle shop, or start running a fishing trip or two a month.

[RR 314]

Those of you that retired... Do you have any big purchases that you either regret or would advise someone to be cautious before making?

Read an article online this morning, the top 5 regrets retired folks have... Regular lavish travel, dream home, luxury car, boat or RV as well as a 2nd vacation home all top the list...

My own curiousity is getting the best of me. Retirement is still 30+ years away

I am not retired and am not an RV guy, but I would regret not having the other things on the list. :-)

[ctom87]

They regret it solely because they spend it and never had that money to begin with!

That retirement money goes quickly when no income. Most people won't have 1 million at retirement and even that isnt enough

This is probably spot on. I could really only see someone regretting something they could afford, such as a boat or RV if they didn't realize how much maintenance and how little they may end up actually using it.

[gingib]

This is probably spot on. I could really only seeing someone regretting a boat or RV if they could afford it, but not realizing how much maintenance and how little they may end up actually using it.

Yeah agree!

Bust out another thousand

And most won't use it that much in retirement. Hell even non retired people dont use theirs as much

[boy wonder]

Retired February 1, no regrets but no large purchases either. Considering a boat, but I live too far from the salt .

[ctom87]

My wife has an aunt/uncle that are in retirement and just built a new, custom house. They also have a boat that is their second home down in League City... By the looks of everything, they are living their best life!

[BrianL]

They regret it solely because they spend it and never had that money to begin with!

That retirement money goes quickly when no income. Most people won't have 1 million at retirement and even that isnt enough

That # is probably between 2 and 3 million for an average 150K/year lifestyle, without a pension.

[Bigfootwolff]

Someone told me a long time ago that "fantasy is always better than reality," and that phrase has stuck with me after all these years. I have periodically contemplated a new boat, an RV, a timeshare, a second home to Airbnb when I'm not using it, and in my mind as I fantasize about the benefits of each of them, I can easily rationalize why I "need" them or they would be good for me. Then once the impulsiveness wears off and either through research, seeking input/wisdom from others, and after much prayer, I most often come to realize my "needs" are just "wants," that have the potential to have a negative impact on me and my family. My "wants" are not always bad, but when something I want could actually become a financial strain on me and my family, particularly if it was something that was not used nearly as often as I first anticipated, it can certainly become a bad decision.

[ThisLadyHunts]

My parents have been retired for quite a while. They’ve been in their dream home for 30 years, had luxury cars for a while but now prefer a Jeep, have an RV which they drove the he** out of all over the country until my dad’s stroke last year. They enjoyed every bit of it.

My only regret for them is that did not have a long term care plan. And that million dollars? It’s drawing down fast.

[Voodoo]

I have one regret, not moving to Arkansas or other states where your money goes farther.

Or “went” farther back when, things have changed.

[S-3 Ranch]

This is probably spot on. I could really only see someone regretting something they could afford, such as a boat or RV if they didn't realize how much maintenance and how little they may end up actually using it.

This is the trap my in-laws fell into, retired and moved on to a boat in Kemah tx , the slip rental is outrageous and annual boat maintenance the same !
Plus living on a boat you need a separate place to live while it’s being hauled over/ in the shipyard

Also remember the government is taxing you when you make it and spend the money, add a zero to the end of the fund to keep the wolves at bay

[RiverRat1]

My parents have been retired for quite a while. They’ve been in their dream home for 30 years, had luxury cars for a while but now prefer a Jeep, have an RV which they drove the he** out of all over the country until my dad’s stroke last year. They enjoyed every bit of it.

My only regret for them is that did not have a long term care plan. And that million dollars? It’s drawing down fast.

Can you explain in detail how a long term care plan would have paid for itself and been worth buying?

I looked into this once but something seemed "off"

[Walker]

We bought a coastal house just before I retired. We can afford it and after 15 years still have no regrets. I would love a new boat but honestly, unless you are a guide, you must be crazy or you have more money than you need if you spend 80grand or more on a bay boat.