Retirement is often considered a time when people stop working and start enjoying life. However, it can also come with many unexpected expenses and experiences, so it’s important to prepare adequately.
Pay Off All Debt First
The first financial goals people should strive to fulfill include paying off mortgages, car loans, and debts. Ensuring your home is paid off and living free from other debts makes it easier to access funds when emergencies arise (and they always do). In addition, check out these game-changers and lifesavers retirees wish they had purchased before entering retirement.
1. Newer Car
A newer car is a worthy investment, especially for low-maintenance vehicles with better gas mileage, such as the Honda and Toyota. Having a safe and reliable vehicle without the financial burden of expected and unexpected repairs is sound for getting around during those golden years. The key is to ensure the car is paid off entirely before retiring.
2. Cordless Electric Spin Mop
No one prepares you for the muscle loss you experience as you age and how difficult chores can become. For example, mopping floors is exhausting and can create neck tension and shoulder and back pain. The solution? A cordless electric spin mop! These are absolute game-changers that glide effortlessly across the floors. Cordless electric spin mops also make removing stains as simple as letting it spin on the spot until it’s gone.
3. Robot Vacuum
A robot vacuum is a lifesaver for seniors who find it challenging to bend or get on their knees; forget it. iRobot is an excellent brand with a substantial lifespan and easily replaceable parts. However, other suitable robot vacuums guarantee simpler access to difficult-to-reach places like under the bed and dresser.
4. Reacher Grabber Tool
A reacher tool, or grabber stick, makes many tasks less daunting. It is perfect for retrenching things that have fallen behind or underneath the furniture. But they also replace the need to get out the stepstool for little things like reaching a ceiling fan chain. Retirees may also enjoy picking up trash while walking about their neighborhoods.
5. Rental Property
Obtaining rental properties before retirement can be a lucrative investment that generates supplemental income. However, many retirees discover this too late and find it much more challenging to secure a loan once they no longer receive paychecks.
6. Gym Membership
One of the biggest lifesavers for retirees is a gym membership, but only if they use it! And it’s so important to. Working out is good for overall physical and mental health. It reduces stress and anxiety while also keeping people fit and strong. People who do not ensure exercise in their routine will have a more challenging time aging with increased aches and pains and decreased agility and mobility.
7. New Roof
People should replace older roofs before entering retirement. A 20-year model or metal roof is the better option, as there is little chance of ever incurring that expense again. A new roof costs tens of thousands of dollars, so that expense could be a significant burden unless that money is in an emergency home repair fund.
8. New HVAC
Another substantial expense that many retirees regret not planning for is a new HVAC system. Depending on needs, the average cost to replace an HVAC system can run anywhere from $5,000 to $15,000. Not having air conditioning can be detrimental to comfort and lead to heat stroke and even death in severe heat cases. Replacing older HVAC models before retirement is a wise investment.
9. Hand Cart
A hand truck, or truck dolly, is a complete lifesaver. Again, losing muscle mass makes things more challenging during life’s golden years. Heavy lifting, moving furniture, and even transporting things like heavy pet food bags are made much easier with a solid hand truck.
10. Hot Tub
Achy joints, muscles, and bones come with aging, and there is no better way to get all-over pain relief than soaking in a hot tub. While this may not be the bee’s knees for all retirees, many regret not budgeting for a relaxing hot tub in retirement.
11. Massage Chair
Another sound investment for aches and pains is a massage chair. While they don’t compete with seeing a professional massage therapist, they provide adequate relief for tension and discomfort from your neck to your feet.
12. Medical and Dental Necessities
Before retiring, one of the most critical things people need to do is get all medical and dental labs, tests, and procedures done. These may not be covered and could potentially cost a small fortune. For example, Medicare doesn’t cover hearing aids, which can be a significant expense. So, it’s crucial to get your hearing checked.
Dental work like crowns is expensive and may not be covered. Research Medicare supplements, and avoid Advantage plans if possible. Remember that private and supplemental dental insurance after retirement may not be as beneficial as you think.