5 Big Purchases Retires Always Regret

In a survey of financial planners, these five things came up as big purchases retirees always regret.

BOATS — Many retirees dream of owning a boat, imagining themselves sailing into the sunset. However, the reality of boat ownership often includes high maintenance costs, storage fees, and unexpected repairs. These costs can quickly drain retirement savings, turning a dream into a financial burden. Before making such a commitment, consider renting a boat to test the waters.

RVs — The idea of hitting the open road in an RV is a classic retirement fantasy. While RVs offer the comfort of home and the promise of adventure, they come with significant downsides. Maintenance, storage, and fuel costs can add up, and the reality of constant driving and upkeep can be exhausting. Renting an RV for a few trips before buying one might save you from an expensive mistake.

DREAM HOMES — Building a dream house in retirement sounds appealing, but it often leads to unexpected regrets. Large properties come with high maintenance costs and can become burdensome as one ages. Many retirees find themselves with more space than they need, along with the associated upkeep. It’s essential to consider future needs and practicality before embarking on such a significant investment.

SUPPORTING FAMILY MEMBERS — Helping family members financially can feel rewarding, but it can also create long-term issues. Retirees often regret creating financial dependency in their children or grandchildren. This generosity can strain their retirement funds, leaving them vulnerable. It’s important to find a balance between supporting loved ones and maintaining financial independence.

TIMESHARES — Timeshares are a notorious regret among retirees. The initial presentation makes them seem attractive, but ongoing maintenance fees and limited flexibility often lead to buyer’s remorse. Many find themselves stuck with a timeshare they rarely use, facing difficulties in selling it.