5 Smartest Retirement Buys for Boomers
You've done it. Somehow, in this economy, you have saved enough to retire and take the world's longest coffee break. In other words, goodbye tension and hello pension.
If you're a proud part of the baby boomer generation, you have started reaching retirement age in mass. You are likely in a better financial position to retire comfortably than later generations, but that doesn't mean you no longer have to spend wisely.
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With that in mind, here are the top five things boomers should always buy in retirement -- even if they don't want to.
No. 5: Tech Devices Your Grandkid Can Easily Explain
It's not just your phone being weird or big tech companies out to get you. You can take one small step for mankind -- and your family -- and start investing in better technology to make your day-to-day life a bit easier for you and everyone you're trying to call.
According to Dennis Shirshikov, a professor at the City University of New York specializing in finance, economics and accounting, "Investing in current technology -- like smartphones, tablets or emergency alert systems -- can enhance daily life, maintain social connections and ensure quick access to emergency services."
Just make sure you have a tech-savvy grandkid around to help you set it up properly.
No. 4: Don't Screw Around -- Pay for Small Home Repairs Now
Home modifications are annoying but necessary when it comes to living out your golden years. In the hierarchy of needs, shelter is an important tier, so think of property maintenance as your house going to the gym to stay in shape.
"As mobility becomes limited, investing in home modifications can significantly improve quality of life and independence," Shirshikov pointed out. "Items like stairlifts, walk-in tubs and ramps are not just conveniences; they are essential for safe aging in place."
No. 3: Retirement Is Short, Buy a Faster Car
Time is of the essence, so invest in a car that goes the speed and distance you need. Everyone else can either wait or try to keep up.
"For those who continue to drive, vehicle adaptations such as pedal extenders, seat cushioning or hand controls can be essential for maintaining independence and safety on the road," Shirshikov explained.
No. 2: A Financial Advisor To Make Things Someone Else's Problem
You have an emergency fund for a reason, and that's to have cash for when the unexpected happens. Whether it's a medical bill or tattoo removal, you need a little cushion so you don't have to dip into your retirement savings. Likewise, you should have someone to help you wisely manage that savings.
"Regular consultations with financial advisors and legal experts can help boomers navigate the complexities of estate planning, tax strategies and retirement savings management," Shirshikov said.
Remember, retirement means you're done working, so let a financial expert do a lot of your money work.
No. 1: Better Insurance, Because You'll Never Get Out of Retirement Alive
And the number one thing boomers should begrudgingly buy in retirement is ... peace of mind (and life insurance)!
Boomers are coming to terms with focusing more on health and healthcare costs, which is no light financial undertaking in this day and age. To throw an even more fun statistic out, according to the U.S. Department of Health and Human Services, 70% of people over the age of 65 will need some form of long-term care in their lifetime, so make sure you set yourself and your family up for success.
"As health needs increase with age, having robust health insurance becomes indispensable," Shirshikov said. "This goes beyond basic Medicare; supplemental plans that cover additional expenses such as prescriptions, dental, and vision care can significantly decrease potential out-of-pocket health costs."
J. Arky contributed to the reporting for this article.
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This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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