When was the last time you had to open that wallet or pocketbook for a big purchase? What was it, who was involved, and were you happy about it? Whatever it was, it made you...you!
Sometimes, it is a not-so-pleasant experience, especially when it is a have-to and not a want-to purchase. For example, you had to get a new house A/C because the old one wore out. The washing machine, dryer, or fridge finally went the way of the dodo bird. How about that new roof or plumbing repair? Fuhgeddaboudit! And for goodness' sake, what about having to buy multiple things all at one time? Ouch!
On the other hand, some of these purchases can be pleasant, like finally being able to afford that new vehicle you've been saving for or maybe that big 85" screen TV. Football season is right around the corner, you know. What about something a bit more personal, like a new watch or piece of jewelry you've had your eye on for a while? These are the kind of things that can give you a warm fuzzy feeling of satisfaction!
My sweetie and I are finally shopping for a new vehicle to replace her 20-year-old car. She would not let me replace it for years because she liked driving it and knew where all the buttons were. "There's nothing wrong with it," she would lament. "The new cars look like spaceships with computerized controls, dials, screens, and switches. It's too confusing," she would comment. We've had more than one good laugh about her feelings as we have reviewed various models. But the price of new cars was a bit of sticker shock, to say the least.
Whether it was pleasant, stressful, or fun, that last big purchase was something you either had to, wanted to, or was asked to do (by your main squeeze), and you had emotions about it. So whoever, whenever, and whatever it was, it made you....you!
By David Edge
David Edge is a retirement lifestyle writer and contributor to the ARA monthly newsletter. His articles blend personal stories with practical insights on living well in retirement.
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Easy Eddie's Take
David's car shopping story really hits home for a lot of retirees I talk to. Big purchases in retirement feel different because you're working with a more fixed income, whether that's Social Security benefits, 401k withdrawals, or pension payments. The question I hear most often is "how do I plan for these unexpected expenses without derailing my retirement budget?"
Here's what I suggest: set aside about 1-2% of your home's value each year in a separate savings account for those surprise repairs like the A/C, roof, or appliances David mentioned. For a $300,000 home, that's $3,000-$6,000 annually. And for the fun purchases like that 85-inch TV? Build those into your retirement spending plan so you can enjoy them guilt-free.
Remember, your spending personality doesn't have to change just because you're retired. A little preparation today can make those big purchase decisions much easier tomorrow.