4 Things You’ll Be Happy You Upgraded in Retirement
Written by
Jake Safane
Edited by
Amber Barkley
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While retirement isn’t easy for many people to manage financially, and you may need to be careful about the risk of outliving your savings, that doesn’t mean you need to downsize all expenses. In some cases, making upgrades in retirement is worth it to improve your quality of life.
You may have to cut back in some other areas, such as choosing a less expensive vehicle if you’re not passionate about cars, or moving to a lower-cost-of-living area. But with any extra room you can make in your budget, consider upgrading the following areas.
Smart Home Technology
Investing in smart home technology doesn’t have to be all that expensive. You can start with a few devices, like doorbells and lights, for a few hundred dollars, before perhaps upgrading other electronics and syncing them together for a few thousand dollars.
“Every upgrade you make as you age should serve one idea — making life easier. Smart home technology falls under this umbrella. You can control everything from your phone, be it lights, security or even your coffee maker. With the latest tech, you can also do it through voice commands,” said Alfred Polizzotto III, managing partner, estate planning attorney and CFP at Polizzotto & Polizzotto, LLC.
“Comfort and ease aside, there’s also safety and efficiency. For example, smart locks are much better than traditional ones, especially if you travel frequently,” he added.
Plus, smart home technology can even be a net positive financially in the long run.
“Energy-efficient devices can lower your bills, allowing you to save more for fun activities or travel,” said Polizzotto, and “smart home upgrades even increase your home’s value down the line.”
Outdoor Living Space
While you might prefer to downsize to a smaller home for cost and maintenance purposes, you might still want to invest in a better outdoor living space, especially if you live in a climate where you can get good use out of it throughout the year.
“I think it’s pretty natural to gravitate to outdoor spaces when you have more time on your hands. It’s better for mental health and also finding comfort through community when you have a nice cozy place to gather,” said Polizzotto.
“You can add a nice patio or a fire pit to make things warm. It opens up a whole new space where you’ll spend time with family and friends, enjoy nature and unwind,” he added.
A Hobby
A hobby might not be the first thing you think of when it comes to upgrades, but spending a little time and money to turn a general interest into a full-fledged hobby could be worth it.
For example, if you have a musical instrument that you play every now and then, perhaps upgrading in the sense of taking a new class or joining a group would bring you more enjoyment.
Long-Term Care Insurance
Lastly, upgrading or simply adding long-term care insurance can be a crucial choice to make.
“It’s often an uncomfortable topic, but it’s necessary in retirement. The reality is that many people will need some form of long-term care as they age, and the costs can be astronomical,” said Polizzotto.
“Investing in a good long-term care policy now can protect your assets later on. It allows you to maintain your lifestyle and avoid being a burden on family members. True, it’s not the most glamorous upgrade, but it’s one of the smartest financial decisions you can make,” he added.
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