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Retirement is supposed to be the time when you finally get to enjoy the money you spent decades saving. But that newfound freedom can also make the first few years surprisingly expensive.
Financial planners sometimes divide retirement into three phases: the Go-Go, Slow-Go and No-Go years (1). During the Go-Go years, typically between ages 65 and 75, younger retirees may travel more, take up new hobbies and finally make some of the big purchases they put off while they were working.
Jeff Bezos backs a platform that lets anyone invest in rental homes for as little as $100 — 6 ways to build wealth like a landlord without actually being one
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That helps explain why spending can be higher early in retirement before gradually declining. JPMorgan Asset Management found that average household spending declines gradually by more than 30% between ages 60 and 85, as retirees move through different stages of retirement (2).
There's nothing wrong with spending some of your hard-earned savings on the retirement you've been looking forward to. But some splurges can look very different once the excitement wears off and the bills keep coming.
AARP has identified several purchases that retirees may come to regret (3). Here are four that could put a bigger dent in your retirement savings than you expected, and some ways to avoid making the same mistakes.
Retirement can finally give you the time to take the trips you spent years dreaming about. But airfare, hotels, dining and excursions can quickly turn a dream vacation into a much bigger expense than you anticipated.
AARP points to pricey vacation getaways as one potential source of retirement overspending (4). And many retirees feel the same way: In the Employee Benefit Research Institute's 2025 Retirement Confidence Survey, 36% of retirees said they were spending much or somewhat more than expected on travel and entertainment (5).
That doesn't mean you have to give up the trips you've been waiting to take. But before spending thousands on a vacation, it's worth taking a closer look at your everyday finances.
A quick daily check-in of your accounts can show you exactly where your money is going.
An app like Rocket Money can easily flag recurring subscriptions, upcoming bills and unusual charges by pulling in transactions from all your linked accounts.
This can help you cut unnecessary costs, and then you can manually redirect savings straight into your retirement fund. No spreadsheets, no guesswork, no stress. Small habits like this can make a big difference over time.
Rocket Money's intuitive app offers a variety of free and premium tools. Free features include subscription tracking, bill reminders and budgeting basics, while premium features — like automated savings, net worth tracking, customizable dashboards and more — make it easier to stay on top of your retirement contributions and overall financial goals.
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Retirement can seem like the perfect time to finally buy that luxury car, boat or RV you've always wanted. But the purchase price is only part of what you're signing up for.
AARP lists all three among big purchases retirees often regret (3). Boats and RVs can come with substantial upkeep costs, while luxury cars can mean higher expenses for fuel, insurance and maintenance — on top of the fact that cars and motor homes depreciate over time.
Before committing a large chunk of your retirement savings to a major purchase, consider how it could affect your finances years down the road.
A financial advisor can help crunch the numbers and build a plan that works.
But hiring an advisor can be a lifelong commitment, which might make or break your retirement. That's why finding reliable advisors is crucial.
That's where Advisor.com can come in. The platform connects you with an expert near you for free.
Advisor.com does the heavy lifting for you, vetting advisors based on track record, client ratios and regulatory background. Plus, their network comprises fiduciaries, who are legally required to act in your best interests.
Just enter a few details about your finances and goals, and Advisor.com's AI-powered matching tool will connect you with a qualified expert best suited for your needs based on your unique financial goals and preferences.
Finding the right advisor isn't always easy — there's no one-size-fits-all solution. That's why Advisor.com lets you set up a free initial consultation, with no obligation to hire, to see if they're the right fit for you.
Online shopping makes it easy to turn a momentary want into a purchase with only a few clicks, and those little splurges can add up when you're living on retirement income.
A Bankrate survey found that 34% of baby boomers had made an impulse purchase after seeing a product on social media in the previous year (6). Of those shoppers, 62% said they regretted at least one of those purchases, the highest share of any generation surveyed.
Cutting back on impulse purchases is one way to make your retirement dollars last longer. But you can also look for ways to spend less on the things you still need and the experiences you want to enjoy.
In retirement, every dollar starts to matter more. Rising healthcare costs, uncertain markets and fixed incomes can make it harder to stretch your savings — especially if you're trying to plan for decades ahead.
That's why you might want to consider joining senior-focused organizations like AARP for discounts on almost everything — from prescriptions and dental plans to travel, entertainment and insurance.
As one of the most trusted organizations for older Americans, AARP not only offers money-saving perks, but they can also help you make informed health and lifestyle decisions.
AARP members get access to guides that can help you make the most of Social Security, choose the right Medicare plan and uncover other government benefits — potentially saving you thousands.
Sign up with AARP today and get 25% off your first year.
Retirement might seem like the perfect time to finally buy the dream home you've always wanted. But a bigger house can also mean tying up more of your wealth in one property while taking on higher ongoing costs.
Fidelity notes that housing choices can have a major impact on both your expenses and your wealth in retirement (7). The cost of a home goes well beyond the mortgage or purchase price, with property taxes, insurance, utilities and maintenance all potentially eating into your retirement budget.
If real estate is still part of your retirement plans, however, buying a bigger home for yourself isn't the only way to put your money into property. You could instead invest a smaller amount in real estate while leaving more of your retirement savings available for other needs.
For instance, you can tap into this market by investing in shares of vacation homes or rental properties through Arrived.
Backed by world-class investors, including Jeff Bezos, Arrived allows you to invest in shares of vacation and rental properties, earning a passive income stream without the extra work that comes with being a landlord of your own rental property.
To get started, simply browse through their selection of vetted properties, each picked for their potential appreciation and income generation. Once you choose a property, you can start investing with as little as $100.
Once you're an investor with Arrived, you'll gain access to their newly launched quarterly secondary market, where investors can buy and sell shares of individual rental and vacation rental properties directly on the platform.
This allows you to buy into properties you may have missed at the initial offering or sell shares before a property reaches the end of its hold period.
With access to more than 400 properties in 60 cities, this new way to trade real estate opens up flexibility and opportunities to gain access to more properties every quarter.
Plus, for a limited time, when you open an account and add $1,000 or more, Arrived will credit your account with a 1% match.
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We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.
Kiplinger (1); JPMorgan Asset Management (2); AARP (3), (4); Employee Benefit Research Institute (5); Bankrate (6); Fidelity (7)
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
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