7 Things You Should Own in Retirement, According to Kevin Lum

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Retirement comes with new priorities, and having the right essentials can make all the difference. Bypass the guesswork and look to an expert instead.

In a YouTube video, financial planner Kevin Lum, CFP, listed seven things every retiree should own that go beyond the basics to help make retirement more rewarding.

A Home Gym

If you’re the kind of person who has trouble getting to the gym, Lum recommended investing in a few key pieces of equipment (that you’ll actually use) to create a home gym.

Remaining active — whether walking, biking, swimming, strength training or dancing — is a great way to keep your body in shape and help build muscle. According to licensed medical professionals, seniors are still capable of building muscle after the age of 70, per The Cents of Money.

A Good Night’s Sleep

Another investment in your health is to get a good night’s sleep, according to Lum. Think about your sleeping challenges and what may help. For example, a more comfortable bed, an eye mask or supplements may help you sleep better.

Getting better sleep at night may be as simple as changing your mattress to one that is better suited for your body. After all, good sleep can support better mental clarity and physical well-being. “There’s a ton of research connecting your sleep with your long-term health outcomes,” Lum said.

A Reliable Car With a Long Warranty

No one wants to spend the first few years of retirement dealing with continual car breakdowns and costly repairs. Lum suggested investing in a reliable vehicle with a long warranty that will fit your lifestyle and allow you to travel without the worry of expensive repairs.

Reliable transportation is necessary to maintain appointments, run errands, and visit with friends and family. Lum recommended carefully considering age-related features when deciding to purchase a vehicle. According to Kelley Blue Book, some features senior drivers should consider are accessibility, visibility, comfort, maintenance costs and safety.

Great Luggage

Lum insisted that great luggage is a must if you plan to travel in retirement. He recommended looking for luggage that’s lightweight, easy to use, high quality and sturdy.

Make sure to research quality luggage and its features to find a set of luggage you will be comfortable with and enjoy. You may have to spend a little more than you had budgeted for luggage, but it will likely last you the rest of your life.

A Comfortable and Functional Home

Upon retiring, most people will spend a lot of time in their home, which is an opportunity to invest in a few upgrades to make it more comfortable and functional. Lum said to consider what is important to you, like improving the kitchen if you like to cook or maybe sprucing up the backyard if you like to be outdoors.

You may also want to make some home modifications to help as you age independently, including grab bars in the bathroom, stair lifts (if necessary), ramps and other items that will help improve mobility.

Emergency Fund

Lum said that life and retirement can be unpredictable, and having an emergency fund as a cushion can prevent your retirement budget from derailing. He recommended setting aside six months’ worth of living expenses somewhere that’s “fairly liquid,” like a high-yield savings account, money market account or short-term government Treasurys.

AARP advised using an emergency fund for things like uncovered major healthcare, essential home repairs, car repairs and unexpected hardships, but cautioned using it for things like holiday shopping, a home down payment and vacations.

Financial Advisor

“A financial advisor is one of the most valuable investments you can make before and after you retire,” Lum said. They can help you navigate tax strategies related to retirement withdrawals, provide investment advice to maximize income and give you peace of mind, Lum explained.

Financial planners can help create a retirement plan and budget to fit your needs and help retirement be more enjoyable and less stressful.

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