There are two ways to mess up retirement: run out of money or die with regret. Oftentimes, people in the retirement space only focus on the running out of money part.

In an effort to help you live an even better retirement, today’s retirement headline discusses the regret part. Join me to learn five expenses that retirees wish they had spent more money on so that you can learn from their mistakes.

Stick around to hear the answer to our listener question: Is there one person who can help develop a comprehensive retirement plan? Or do you need to have an investment advisor, a financial advisor, a tax advisor, and an estate planning attorney? Find out the answer by pressing play.

Outline of This Episode

  • [1:42] The 2 ways to mess up retirement
  • [8:12] Investing in your home
  • [10:00] Helping your children
  • [14:38] Is there one person that can do all my retirement planning?

Five expenses retirees wish they had spent more money on

As you approach retirement you may worry about running out of money but there could be significant investments you should make to make the most of your retirement.

Health and wellness – Many retirees regret not investing enough in their health. They often overlooked preventative measures like dental work and exercise which lead to higher healthcare costs later in life.

Health is the true wealth in retirement. A man with his health has 1000 wishes. However, a man without health has just one.

While investing in your health can be expensive, the rate of return is invaluable.

Home maintenance – Homeownership is an important part of a retiree’s financial security. Many retirees regret not allocating more resources to their home’s maintenance. Ignoring minor repairs and upgrades can lead to significant expenses and affect the home’s value.

If you are planning to age in place, now is a good time to start those home improvement projects that will allow you to do so and save you a significant amount that you would otherwise have to spend on assisted living or nursing home care.

Support for adult children – Some retirees regret not assisting their adult children financially during key stages of their lives like at the start of a marriage or buying a home. Helping your adult children can lead to a lasting family legacy. This is one way you can pass down financial stability through generations.

Contributing to grandchildren’s education – Looking back, some grandparents have learned that they could have greatly reduced the burden of student debt for their grandchildren. Investing in a grandchild’s education through a framework like a 529 savings plan can help ensure that the next generation gets off on the right foot.

Investing in travel and experiences – You can only travel for so long. Many get to the end of their lives and realize that it is too late. That is when they realize that embarking on enriching and memorable experiences is more rewarding than collecting material possessions.

While an overseas flight isn’t much fun in your 60s, it’s challenging in your 70s and almost impossible in your 80s. Do the fun stuff now–tomorrow is never guaranteed.

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