I’m a Retiree: My 4 Biggest Regrets About Spending in My 60s
Written by
Daria Uhlig
Edited by
Zuri Anderson
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Most pre-retirees know they can retire and start collecting Social Security at age 62. But even if you’re not ready to take that step, early retirement age is a good time to review financial behaviors that could impact your nest egg.
I recently took that step with my own spending. Despite being a 62-year-old personal finance journalist who practices what she preaches when it comes to money, I have a few spending regrets from the last two years.
Buying Gold-Level Health Insurance
Health risks increase with age, and to mitigate those risks, I purchased pricey, low-deductible health insurance through my state’s marketplace. That makes sense for people with chronic conditions who need a lot of care. But for those of us who use few medical services besides preventative care, a high deductible health plan can be a better choice.
HDHPs have lower premiums and are eligible for health savings accounts (HSAs). According to Fidelity, HSAs allow pretax contributions of up to $4,400 in 2026 ($5,400 if you’re 55 or older). The limit increases to $8,750 for family plans. The money grows tax-free, qualified withdrawals are tax-free, and you can use the money for anything you want, without penalty, once you turn 65. What’s more, HDHP and gold-plan maximum out-of-pocket costs aren’t much different.
Here’s how two actual plans compare, according to Maryland Health Connection. The UHC Gold Value Plan and CareFirst BlueChoice HDHP option were used as reference points.
| Plan Type | Monthly Premium | Deductible | Maximum Out-of-Pocket Costs | Tax Savings | Total Annual Insurance Cost |
| High-Deductible Health Plan | $761 | $6,100 | $9,300 | $0 | $18,432 |
| Gold Plan | $969 | $1,000 | $8,500 | $1,290 (22% tax bracket) | $18,838 |
Buying Better Than I Need
It usually makes sense to prioritize value over price. But that strategy can backfire when you’re buying big-ticket items in your 60s.
That’s the case with some furniture I’ve purchased in the last couple of years. They’re quality pieces likely to outlive me — overkill, considering they won’t fit in a smaller home than I have now. Less expensive pieces I wouldn’t mind leaving behind if I downsize would’ve been a better choice.
Including Non-Family Members on My Wireless Plan
I made this mistake several years ago, and to really drive the point home, repeated it again the year I turned 60.
Lest you be tempted to welcome your kids’ significant others onto your plan, remember this: You can cut off their service when they part ways with your family, but you’ll be stuck with your plan until they — or, more likely, you — pay off their phone.
Spending Money for Fear of Missing Out
I don’t spend money I don’t have on things like performance tickets and restaurant meals. But until recently, I sometimes splurged on entertainment that didn’t excite me for fear of missing out on the fun. These days, I’ll go out for a cheap meal or free show for a routine night out and save the splurge-level spending for truly outstanding experiences.
Saving money isn’t the only benefit. The delayed gratification makes the experience feel even more special.
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