Retirement is a time of life that many people look forward to, but it also comes with its own set of challenges. Retirees can better ensure a comfortable and enjoyable retirement by buying certain things. These purchases can help you maintain independence, protect your health, and enjoy your retirement fully.
1. Long-Term Care Insurance
Purchasing long-term care insurance is an excellent investment for retirees. It’s an insurance policy that assists in case you need care for an extended period. Healthcare costs are constantly rising, and long-term care can be a significant expense that can wipe out your savings. This insurance covers home health care, assisted living, or nursing home expenses.
2. Comfortable Mattress
Retirees spend a lot of time in bed, and having a comfortable mattress is crucial for a good night’s sleep. A good night’s sleep is essential for physical and mental health, and a lousy mattress can disrupt it. When purchasing a mattress, consider your sleeping position, body type, and any health issues.
3. Health Insurance
Good health is crucial in retirement, and health insurance is a necessity. You can purchase Medicare coverage if you’re over 65 or private insurance if you’re not eligible for Medicare. Health insurance ensures that you can access medical care when needed and can save you from financial ruin in a medical emergency.
4. Home Security System
As retirees spend more time at home, having a home security system can provide peace of mind. It’s an investment that can protect your home from intruders and help you respond to emergencies promptly. A home security system can also lower your home insurance rates and increase the value of your home.
5. Reliable Transportation
Retirees need reliable transportation to maintain their independence and freedom. A reliable car can help you attend appointments, run errands, and visit friends and family. Consider safety features, comfort, and fuel efficiency when purchasing a vehicle. If you prefer not to drive, consider public transportation or ride-sharing services.
6. Financial Planner
A financial planner can help you make smart investments and create a retirement plan that suits your unique needs. They can help you create a budget, manage your assets, and plan for future expenses. A financial planner can help you navigate complex financial matters to enjoy your retirement without worrying about money.
7. Home Upgrades
As retirees spend more time at home, creating a comfortable and safe living environment is essential. Consider upgrades such as grab bars in the bathroom, ramps and stair lifts, and other home modifications that can improve accessibility and mobility. These upgrades can help you age in place and maintain your independence.
8. Travel Insurance
Travel is a common retirement goal, but it’s essential to be prepared for unexpected events that can disrupt your plans. Travel insurance can protect in case of illness, accidents, or other emergencies. This insurance can cover medical expenses, trip cancellations, and other unforeseen events impacting your travel plans.
9. Comfortable Shoes
Retirees tend to be more active than they were during their working years, so it’s crucial to invest in comfortable and supportive shoes. Suitable footwear can help prevent foot pain, joint pain, and other conditions limiting mobility. When purchasing shoes, consider the activity you’ll be doing and choose shoes that provide the necessary support and cushioning.
10. Entertainment and Hobbies
Retirement is an excellent time to pursue hobbies and interests you may not have had time for during your working years. Consider investing in equipment or classes for painting, woodworking, or gardening. You can also invest in entertainment, such as a streaming service subscription or a membership to a cultural institution.
11. Make Travel Plans
Retirees can make travel a reality by making suitable plans to visit their favorite places or explore new ones on their bucket. Chances are they, like everyone else, were restricted from traveling during Covid. Now is the time to put together an annual budget, pick your mode of transportation, and celebrate life with an epic adventure.
12. Remain Active
With more free time, retirees should remain active in their lives. They should be walking, swimming, or biking. Join a nearby gym that may offer strength training or dance classes for seniors. Several health club chains offer limited free passes or discounts to seniors. Medical professionals say you can add muscles well after you’re in your seventies.
13. Get An AARP Membership
You can join AARP as a member once you turn 50 at an affordable cost of $12 annually. AARP provides members with significant benefits, providing access to discounts, products, and services, including groceries, meal delivery, travel, car rentals, and many health, career, and fitness programs. They have generous resources available to their members that provide savings at restaurants, hotels, resorts, free books, or to buy a car.
14. Get An America the Beautiful Annual Senior Pass
Seniors who are aged 62 and older and citizens or permanent residents may purchase an annual pass for $20 or $80 for a lifetime pass covering two people. The pass provides free access and discounts on amenities like guided tours at the US National Parks and other federal recreational sites. For those who enjoy traveling at national parks, national wildlife refuges, national forests, and other agency lands, this is quite a bargain.
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This article was produced and syndicated by The Cents of Money.
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With a passion for investing and personal finance, I began The Cents of Money to help and teach others. My experience as an equity analyst, professor, and mom provide me with unique insights about money and wealth creation and a desire to share with you.