Additional Coverage:
- 13 Things Retirees Think They’re Too Old to Buy (But Absolutely Aren’t) (financebuzz.com)
Retirement Spending Got You Stressed? Here’s How to Splurge Smart!
A recent survey revealed that nearly half of retirees (46%, to be exact) feel anxious when it comes to spending their hard-earned retirement savings. If you’re nodding along, you’re not alone!
But here’s the good news: a happy, stress-free retirement doesn’t mean putting your lifestyle on ice. While some purchases might lead to buyer’s remorse (we’re looking at you, impulse sailboat!), there are plenty of savvy splurges that make sense for your golden years, even on a budget.
We’ve put together a guide to 13 items you might want to consider purchasing in retirement, proving that you can still enjoy life’s little luxuries without draining your nest egg.
1. Style That Never Retires: Name-Brand Clothes
Who says growing old means saying goodbye to style? With a surge in fashion influencers over 50 and a fresh focus on older women as style icons, “growing old gracefully” now means looking fabulous while doing it.
Scoring beautiful clothes on a budget is easier than ever with a little tech help. Numerous websites can track prices, alert you to sales, and even spot price drops.
Prefer the thrill of the hunt in person? Stores like Marshalls and TJ Maxx are treasure troves for designer finds at 20% to 60% off traditional retail prices.
2. Gifts From the Heart: Great Presents for Loved Ones
The most perfect gifts aren’t always the most expensive. Sometimes, a handmade item crafted with love and care holds far more value than a pricey store-bought trinket.
Dive into a hobby like scrapbooking or crafting to create a truly unique present. Or, if you’re downsizing, consider gifting cherished items to someone special – a wonderful way to pass on memories!
3. Home Sweet Home (Renovated Edition)
Giving your home a facelift doesn’t have to be a monumental task. Start small with new bathroom tile or a refresh of your kitchen cabinets.
Always shop around for quotes and check online reviews to find the right contractor for the job. For bigger projects, you might even tap into your home’s equity.
And here’s a pro tip: certain home improvements made for medical reasons could be tax-deductible, so be sure to consult a tax professional.
4. The Finishing Touches: Decor for Your Newly Spruced-Up Space
A single statement piece can completely transform a room. Whether you’re replacing that worn-out floor lamp, upgrading your sofa, or simply adding a pop of color with a fresh coat of paint, online shopping makes finding stylish, budget-friendly pieces a breeze.
Many brands even offer complimentary upholstery swatches and paint samples. For a unique, vintage touch, don’t forget to browse your favorite secondhand stores!
5. A Fresh Start: A New-to-You House
Dreaming of downsizing or a single-story home for easier mobility? Buying a new home in retirement is absolutely possible with proper planning.
Consider selling your current home and using the proceeds to boost your retirement savings. An added bonus?
Years of improving your credit score could mean a lower interest rate on your new mortgage.
6. Your Personal Workout Haven: A Home Gym
Staying active in retirement is key to a healthier, longer, and more enjoyable life. Why not transform that spare bedroom into your very own mini-gym?
Look for low-impact exercise equipment that’s gentle on aging bodies, like an elliptical or a pull-down machine. You can often find great deals on second-hand equipment or online.
Plus, many companies offer installation services to get you set up.
7. Fueling Your Golden Years: A Healthier Diet
Nourishing your body with healthy food can lead to better health and potentially lower healthcare costs. Focus on whole foods to create delicious, balanced meals.
Shop smarter and save by buying in bulk, comparing prices at different grocery stores, and choosing in-season produce. Local farmers’ markets are fantastic for affordable, locally grown options, and stores like Trader Joe’s or Natural Grocers often offer lower-priced organic choices.
8. Discovering New Passions: A New Hobby
Hesitant to dive into a new hobby during retirement? Start small!
If you love gardening, begin with a windowsill herb garden before transforming your entire backyard. Want more social interaction?
Volunteer once a week at a local nonprofit. There are plenty of low-cost activities to fill your time and spark new interests.
9. On the Road Again: A Luxury or Newer Car
Many vehicles manufactured in 2015 or later boast advanced safety features, keeping you and your passengers safer on the road. With options from local dealerships and online sellers, finding the perfect vehicle is easier than ever.
Consider a certified pre-owned (CPO) model – they’re often in like-new condition but come with a more appealing price tag. CPO vehicles typically include extended warranties for peace of mind and may even have lower repair costs than your current ride.
10. Couch Potato Paradise: Streaming Your Favorite Shows
Compare your current cable bill to the cost of streaming services, and you might find a significant difference! Streaming your favorite movies and shows can be far more cost-effective.
Pick a few services that offer the content you love – typically, two or three combined can still be cheaper than a traditional cable package. Many popular services like Netflix, Disney+/Hulu, and Paramount+ even offer lower-cost, ad-supported options to make streaming even more affordable.
11. Staying Connected: An Updated Smartphone
A smartphone is your gateway to staying connected with loved ones, online shopping, and endless entertainment. Consider upgrading to a newer model to ensure you have the latest technology and security features.
Ask your current cell phone carrier about upgrade deals. Big-box stores like Costco and Walmart often provide a two-year warranty, which you might not get directly from manufacturers like Apple or Samsung.
Upgrading your phone might be easier and more affordable than you think!
12. Your Digital Hub: An Upgraded Laptop or Desktop
Prefer a laptop or desktop computer over a mobile device? You can absolutely find an excellent model that fits your needs without breaking the bank.
Similar to phones, purchasing from big-box stores can offer extra peace of mind with an additional warranty beyond what Apple, Dell, or HP provide. Keep an eye out for tech deals throughout the year.
Remember, you don’t always need the very latest model; upgrading a computer that’s three to five years old can significantly boost its performance to current standards.
13. Your Dream Getaway: A Vacation Spot
Yes, retirement itself can feel like a vacation, but sometimes you just need to get away for a weekend! Look for affordable destinations within a 50-mile radius of your home and always take advantage of senior discounts.
For longer adventures, organizations like Road Scholar offer special senior discounts on transportation and lodging, allowing you to see the world without overspending. Traveling during off-peak seasons or flying on specific days of the week can also provide substantial cost savings.
The Bottom Line: Smart Spending for Happy Golden Years
Enjoying a fulfilling retirement on a budget is entirely possible, but it requires thoughtful planning. With the average American man spending 18.6 years and the average American woman 21.3 years in retirement, making purchases that truly matter can make those decades far more enjoyable.
Do your homework to understand the pros and cons of each potential purchase as part of your overall retirement plan. Affordable “extras” can truly enhance your well-being, create new memories, and help you get the absolute most out of your retirement journey.
Read More About This Story:
- 13 Things Retirees Think They’re Too Old to Buy (But Absolutely Aren’t) (financebuzz.com)