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Retirees: 8 Little Financial Decisions You’ll Regret



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Retirement is a time to relax and enjoy the fruits of years of hard work. But amidst the excitement of travel plans and leisure activities, it’s easy to overlook the small, daily financial decisions that can have a big impact over time.
Let’s dive into some of those little choices you might not give much thought to now but could end up regretting later on.
Skipping the Budget
You might think, “I’ve budgeted my whole life; retirement is my time to splurge a bit!” While you definitely deserve to enjoy yourself, losing sight of your budget can lead to stress down the line.
A budget isn’t just for people in the workforce; it’s a powerful tool to ensure your retirement savings last. So, take a little time each month to track your spending. You’ll thank yourself later.
Ignoring Subscription Services
In the digital age, it’s easy to accumulate a pile of subscription services — streaming platforms, magazines, clubs, you name it.
They seem small individually, but together, they can nibble away at your nest egg. Periodically review your subscriptions and ask yourself, “Do I really use this?” If the answer is no, it’s time to cancel.
Not Using Senior Discounts
Who doesn’t love a good deal? Senior discounts are there for the taking, offering savings on everything from groceries to movie tickets.
Neglecting to take advantage of these can mean missing out on easy savings. Don’t be shy; ask about senior discounts wherever you go. Every little bit saved adds up.
Overlooking Healthcare Costs
Healthcare in retirement can become a significant expense, and it’s not just the big emergencies or procedures. The day-to-day costs of medications, supplements and minor treatments can slowly drain your resources if you’re not careful.
Consider leveraging health savings accounts (HSA) if you’re eligible and always shop around for the best prices on medications.
Daily Splurging
It’s tempting to treat yourself more often in retirement — after all, you’ve earned it! However, frequent small luxuries like dining out, specialty coffees or impulse purchases can add up quicker than you think.
Try to balance treating yourself with being mindful of your overall spending. It’s about finding joy in the splurges you choose, rather than making them a daily habit.
Underestimating the Cost of Hobbies
Retirement is the perfect time to dive into hobbies and interests you didn’t have time for before. But hobbies, especially new ones, can come with hidden costs.
Whether it’s golf, gardening or painting, make sure you consider the ongoing expenses involved. Setting a budget for your hobbies can help you enjoy them fully without worrying about the financial impact.
Not Shopping Around for Insurance
Insurance isn’t a set-it-and-forget-it deal. As a retiree, your needs change, and the insurance market regularly does too.
Regularly reviewing your policies (health, home, auto) to ensure you’re getting the best deal and the right coverage can save you a lot in the long run. Don’t let loyalty to one provider cost you more than it should.
Letting Savings Idle
With retirement comes a shift in how you manage your savings. While keeping a significant amount in a low-interest savings account might feel safe, inflation can erode its value over time.
Consider speaking with a financial advisor about safe, but more productive, places to park your money.
Editor's note: This article was produced via automated technology and then fine-tuned and verified for accuracy by a member of GOBankingRates' editorial team.
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