Boomer's remorse: Here are the top 5 ‘big money’ purchases you’ll (probably) regret in retirement and how to better prepare for them

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One surprise that hits retirees in their first few years is that even without the costs of working and contributing to retirement accounts, they end up spending more than when they held down a job.

Financial planners cite three retirement phases: Go-Go, Slow-Go and No-Go. In the Go-Go years, typically 65 to 75, healthy young retirees spend big on scratching life-long dreams off their bucket list — and often make big purchases that they may end up regretting.

The top 5 include endless expensive trips, a dream home and the maintenance expenses that come with it, a luxury car, boat or RV, hefty insurance premiums, financially helping out adult children and a vacation home.

These potential regrets aside, you shouldn’t have to be scared to spend money during your golden years. Here are three ways you can prepare for these big purchases so you can still have the retirement of your dreams.

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Get professional help with your retirement finances

If you have big plans for retirement but feel overwhelmed about the financial choices you have to make to make them happen, consider speaking to a financial adviser* who specializes in retirement planning.

Vanguard* — an investment management company — offers hybrid advisory services to help you reach your unique financial goals.

Their team of professional advisers are all fiduciaries, which means they won’t earn a commission on their recommendations, and can provide you with unbiased financial guidance.*

All you need to do is answer some quick questions about your financial situation, and Vanguard’s team of professionals* will schedule you an appointment to refine your goals, set up an investment portfolio with their own ETFs and manage it based on your risk tolerance and needs.

Read more: Retire richer — why people who work with a financial advisor retire with an extra $1.3 million

The golden ticket to your golden years

With the economy in such a volatile state amid high inflation and stock market uncertainty, your 401(k) or IRA — and your retirement itself — could be at risk.

A Gold IRA is a great alternative to protect and grow your nest egg. Unlike the U.S. dollar, which has lost 98% of its purchasing power since 1971, gold’s purchasing power remains stable over time.*

American Hartford Gold* is an industry leader in precious metals, offering physical delivery of gold, silver and platinum, as well as retirement accounts like IRAs, 401Ks and TSPs. They have an A+ rating from the Better Business Bureau and are a three-time winner of Inc. 5000’s Best Gold Company award.

While inflation is increasing everyone’s expenses, precious metals won’t be affected — so a Gold IRA might be the best thing to preserve your retirement.*

Shop around for better insurance rates

It’s not uncommon for people to take what they’re given when it comes to insurance rates. But with so many retirees buying their dream homes and cars, making sure you’re not wasting money on overpriced insurance is essential.

SmartFinancial is a platform where you can compare the best home insurance* rates in your area. With SmartFinancial, all you need to do is answer some quick questions about yourself and they’ll instantly sort through over 200 insurers to find you the best deals available and any discounts.*

According to data from Forbes, the national average cost for car insurance in 2023 was $2,118 per year, or $176.5 per month.

But, depending on which state you live in, your driving history and the make and model of your car, you can save up to $820 a year.

Luckily, BestMoney, makes it easier to for you to comparison shop instantly. Choose the best available car insurance quote for you in minutes so you can start saving.

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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.