“Hold onto your money,” says Jeff Bezos, founder and executive chairman of Amazon. He advises against buying that new car, fridge, or swimming pool because the economy “does not look good right now.”
Bezos added, “If you’re an individual considering purchasing a big-screen TV, you might want to wait, hold onto your money, and see what transpires . . . Just remove some risk from the equation.”
Major discretionary purchases might feel like a well-deserved reward for decades of hard work, but lately, retirees are voicing their regrets after big-money buys. Among those ill-advised purchases, here are the top five:
1. In-Ground Swimming Pool
Building an in-ground pool can set you back an average of $55,000. Once your pool has been built, pool maintenance is also costly, ranging from $3,000 to $6,000 per year on average. That’s not to mention that they’re often unsuitable for those in northern climates. Instead of putting in your own in-ground pool, consider these alternatives:
- Building an above-ground pool or hot tub
- Swimming at your local community pool
- Joining a swim club
- Visiting nearby beaches
2. Your Child’s Wedding
As wedding costs have skyrocketed, parents often continue to foot the bill. In 2022, the average cost of a wedding increased by 7.3 percent to a whopping $29,195! Instead of overspending on a wedding, consider planning a simple ceremony at the couple’s new home, which could also contribute to their down payment.
3. Timeshare
Timeshares can be hard to sell and come with hefty maintenance costs. They also don’t appreciate like conventional real estate, which can make them more of a financial burden than an asset. It’s no wonder that companies like SellMyTimeshareNow.com are helping retirees unburden themselves of these rentals at an increasing rate.
4. Life Insurance
Life insurance needs to change in retirement. Consider downsizing to a more minor policy like term insurance to avoid skyrocketing premiums in your golden years. If you have been paying premiums for years, everything is paid off, like your home. A life insurance settlement helps you regain some of the money you’ve invested over time, rather than losing it all by allowing the policies to lapse.
5. Travel Experiences
Cultural enrichment through travel is a common retirement goal, but extravagant cruises and other costly travel experiences often fail to provide meaningful cultural exposure. Travel can also come with unexpected costs and hidden fees, so make sure to factor in additional expenses like airfare when considering your travel options.
Unlocking Extra Funds From Timeshares and Life Insurance
Numerous businesses have sprung up to help retirees sell their unwanted timeshares and appraise their life insurance policies for their current market value. Their services make it possible to walk away from your timeshare or life insurance policy with money in your pocket.
WeBuy75.com is a professional appraisal company that assists retirees in regaining their lost premium dollars (after all, you can’t take it with you!). Likewise, by selling your timeshare with SellMyTimeshareNow.com, you can recoup your losses and avoid the array of costs associated with these rentals.
When it comes to retirement, making wise financial decisions is crucial. After years of hard work, indulging in fun purchases is understandably tempting—but overspending can lead to debt and regret. That’s why it’s essential to manage your finances wisely as you enter retirement. Businesses like WeBuy75.com and SellMyTimeshareNow.com can help you navigate the complexities of selling timeshares and appraising life insurance policies, so you can make informed decisions for a more comfortable and financially secure retirement.
