18 Things People Should avoid Buying When They Retire

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By Jonathan Trent

There are many things you should save up for in your retirement, so there are expenses that you should avoid. With retirement being the next chapter of your life, what better time to reevaluate your spending? Here are 18 things you should avoid buying in retirement.

Expensive Clothing and Accessories

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The need for high-end clothing and expensive wardrobes goes out the window during retirement, as it’s a prime opportunity for a simplified closet. You no longer need to think about work suits or formal events, so prioritizing cheaper fashion labels is key. We’re sure you’ll still look very stylish!

Brand New Cars

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One thing you most certainly shouldn’t be buying in retirement is a brand-new car. This is because it’s unlikely you’ll need the biggest and best car brand when you’re no longer commuting to work or making an impression on clients or coworkers. Older, reliable cars can be far more economical.

Luxury Travel Packages

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Luxury travel is more appealing when you need a break from a fast-paced job, but in retirement, budget-friendly travel can be just as fulfilling. Forbes advises using travel agents for “priceless advice, local knowledge, and local connections” and to save time in retirement by letting someone else do the planning for you!

Highly-Priced Electronics

Another thing you should avoid buying in retirement is highly-priced electronics that you’ll only use for general purposes. If you’re no longer working, you don’t have the pressure of needing the latest and greatest tech, laptop, or internet speed, so just buy something cheap and simple.

Subscriptions and Memberships

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Retirement is also the perfect time to reevaluate your subscriptions and memberships (and avoid taking out new ones). You might no longer need a gym membership if you have more time to get outdoors, and if you have any magazine or club memberships, reevaluate how you really want to spend your downtime.

Costly Home Renovations

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If you’ve been thinking that retirement is the perfect time to do costly home renovations, think again, as it’s another thing you should avoid when you retire. Major renovations at this stage in your life may not be cost-effective, and it’s much better to make small improvements to make your home more retirement-friendly.

High-End Fitness Equipment

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Staying active in retirement is important, but one thing people should stop buying is trendy fitness equipment when simple routines work just as well. Community parks and walks are much more rewarding for retirees than at-home, expensive fitness accessories, and they’re social, too!

Collectibles or Antiques

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Retirees should also avoid spending money on too many collectibles and antiques, as these can take up too much room in the home and make it difficult to store everything if they need to downsize. Instead, focus on possessions you already have and discover a newfound appreciation for them!

Multiple Insurance Policies

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Investopedia says you might need life insurance in retirement to cover final expenses and pay off debts, but that doesn’t mean you need to take out multiple policies, such as life, health, and home. Instead, settle for comprehensive coverage and save money.

Gourmet Food and Groceries

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Retirement is the perfect time to indulge in healthy home cooking, which is also why you should avoid spending money on gourmet groceries. Instead of spending your retirement budget on expensive food, you can have a healthy diet with budget-friendly ingredients.

Premium Cable Packages

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If you’re looking to relax in front of the TV during your retirement, then you should avoid buying the more expensive cable package and switch instead to affordable streaming. This can help you reevaluate what you actually want to watch and find the best service with no contract. The same goes for streaming platforms!

The Latest Smartphone

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Most carriers will entice you with new phones and exciting upgrades, but CNBC advises you to ask yourself whether this is really necessary. Retirees shouldn’t opt for a new phone contract or an expensive new model, and instead save that money and continue with the phone they already have.

New Furniture

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While retirement might have you thinking differently about your furniture needs, it’s a good idea to avoid buying any new items. Instead, if you really want a refresh, simply refurbish or reupholster existing items for a cheaper expense. It’s much better to be practical with what you already have!

Seasonal Decorations

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Additionally, you might want to avoid buying brand-new seasonal decorations, too, as retirement is the perfect time to sort through what you already have and repurpose existing items. Don’t forget to think about accessibility, too; you don’t want to be climbing up ladders to put up decorations at your age!

Books and Magazines

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People should definitely avoid buying books and magazines in retirement, too, when there’s no real reason to spend money, thanks to the wealth of free reading material out there. You can instead invest in a digital subscription for regular e-books or use your retirement time visiting free public libraries!

Fast Fashion

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While it’s important to avoid expensive clothing in retirement, it’s also important to avoid spending money on fast fashion. Having more free time means you can better shop for quality thrifted pieces or timeless items. Focus on high-quality comfort for your retirement by shopping around.

Professional Beauty Treatments

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People should also stop buying expensive professional beauty treatments when they retire and instead opt for DIY money-saving alternatives at home. With more time on your hands and no need to go to work, you can choose a simpler beauty routine that focuses on well-being rather than expensive products.

Expensive Holiday Gifts

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Last but not least, expensive holiday gifts should certainly be avoided during retirement, too. According to US News, the average American will spend around $654 a year on holiday gifts, which is just unnecessary! Why not make the switch to homemade gifts? Your family will love them, and it will make for a less financially strained holiday season!

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