What are those big item purchases that retirees try out? Supposedly retirement often brings on a purchase of something one has always longed for. Here are a few of them from an AARP article:
The Boat - maybe a sail boat to travel somewhere challenging or a speed boat for the weekends. "Before you know it, what was supposed to give you joy and freedom is tying you down. “The two best days are when you buy and sell the boat."
Recreational Vehicle - What better way to travel than with an RV? “If you are going to use an RV once a month or three times a year, do you really need to buy an RV? Of course not. A lot of those things that make retirees feel good can add up.”
Dream House - "Doing an upgrade here and an upgrade there, home improvement enthusiasts may soon find they’ve blown through a big chunk of retirement cash. That dream dwelling suddenly becomes a money pit at a time when less income is flowing in, leaving owners “really stressed out and frustrated,” Manske says. “It’s a really big one that retirees regret.”
Resort Living - " For lots of people it’s a fabulous idea in the first year, but after that, the novelty can quickly wear off, Manske warns. They realize that all the things that gave them value and purpose and were fulfilling are back where they used to live, he says."
And there's more - Giving to adult children can leave one destitute later, Buying a time share, Expensive musical instruments, Fancy cars.
So many possible ways to dwindle one's retirement income.
Here's some advice to a person starting their retirement.
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