Here are 5 big ticket purchases you’ll (probably) regret in retirement and how to better prepare for them

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One surprise that hits retirees in their first few years is that even without the costs of working and contributing to retirement accounts, they end up spending more than when they held down a job.

Some financial planners cite three retirement phases: Go-Go, Slow-Go and No-Go. In the Go-Go years, typically 65 to 75, healthy young retirees spend big on scratching life-long dreams off their bucket list — and often make big purchases that they may end up regretting.

According to AARP, some of the top spending regrets retirees are likely to have include expensive trips, upsizing to their dream house, purchasing fancy cars, boat or RV and some impulse online shopping.

These potential regrets aside, you shouldn’t have to be scared to spend money during your golden years. Here are three ways you can prepare your finances for retirement and still make some of those dream purchases.

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The golden ticket to your golden years

The U.S. The Bureau of Labor Statistics reports that the annual inflation rate increased by 2.9% in August. With the economy still on shaky ground, your 401(k) or IRA — and your retirement itself — could be at risk.

A Gold IRA is a great alternative to protect and grow your nest egg. Unlike the U.S. dollar, which has lost 87% of its purchasing power since 1971, gold’s value has increased over the last few years.

Goldco can help you safeguard your nest egg by rolling over your retirement account into a gold IRA. This lets you combine the tax advantages of an IRA with the inflation-hedging properties of gold.

By opening a Gold IRA with the help of Goldco, you’re looking out for your future self and helping to secure your retirement fund. While inflation has increased everyone’s expenses, investing in precious metals can help to diversify your portfolio and stabilize your finances.

Read more: Rich, young Americans are ditching stocks — here are the alternative assets they're banking on instead

Shop around for better insurance rates

It’s not uncommon for people to take what they’re given when it comes to insurance rates. But with so many retirees buying their dream homes and cars, making sure you’re not wasting money on overpriced insurance is essential.

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According to data from Forbes, the national average cost for full-coverage car insurance is currently $2,149 per year, or $179 per month.

But, depending on which state you live in, your driving history and the make and model of your car, you can save up to $820 a year.

Car insurance rates rose an average of 16.5% in 2024 according to ValuePenguin. Shopping around and bundling your auto and homeowners' insurance can lead to substantial savings.

OfficialCarInsurance.com lets you compare quotes from trusted brands, including Progressive, Allstate and GEICO, to make sure you're getting the best deal. The matching system takes into account your location, vehicle details, and driving history to find you the lowest rate possible.

You can find deals starting at just $29 per month and switch over your policy in just a few minutes.

OfficialHomeInsurance.com takes the hassle out of shopping for home insurance. In just under 2 minutes, you can explore competitive rates from top insurance providers, all in one place. OfficialHomeInsurance makes it easy to find the coverage you need at a price that fits your budget.

The side-by-side comparison is helping homeowners save an average of $482 on their home insurance policies.

Get professional help with your retirement plan

If you have big plans for retirement but feel overwhelmed about the financial choices you have to make to make them happen, consider speaking to a financial adviser who specializes in retirement planning.

Advisor.com is an online platform that connects you with vetted financial advisors best suited to help you develop a plan for your new wealth.

Just answer a few quick questions about yourself and your finances and the platform will match you with an experienced financial professional. You can view their profile, read past client reviews, and schedule an initial consultation for free with no obligation to hire.

You can view advisor profiles, read past client reviews, and schedule an initial consultation for free with no obligation to hire.

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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

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