The Popular Retirement Purchase Older Adults Will Immediately Regret

One of the joys of retirement is enjoying the fruits of your lifelong labors, and that includes buying the things you've always wanted. But just because you've dreamed about buying certain big-ticket items and can finally afford them doesn't make them a good idea. One such item, one that many older adults buy and instantly regret, is a boat.

Retirement is the time when all your dreams are supposed to finally come true; after all, you've worked really hard to get there and set yourself up to live life on your terms. And if you've planned carefully, worked hard, and have a healthy sense of self-discipline, that is definitely possible, but even if you avoid making mistakes along the way in your retirement planning, no one can predict the future. There's no way to know how long you will need that retirement income to last you and no way to predict what unexpected expenses might arise along the way, so making big-ticket purchases that aren't exactly practical, like buying that boat you've always dreamed of, is one mistake that is best avoided.

Plenty of things lose value quickly after you buy them, like cars that quickly depreciate after purchase, and boats are no exception. But unlike a car, which most people purchase to use regularly, it's important to think of how much you will use a boat before you make the decision to get one. If you live on a lake or at the beach or fish often, you're more likely to get value from that purchase.

You can expect to spend anywhere from $10,000 to several million on a boat purchase, depending on the type and size you're looking for. And once that money is spent, it's gone, leaving you with little more than an expensive status symbol. But that isn't the end of the costs involved in owning a boat. There are insurance and registration fees, maintenance fees, cleaning fees, storage fees (unless you're lucky enough to own your own waterfront property complete with a boathouse), and docking fees. And the list goes on.

Retirement can be a scary thing, with many pitfalls along the way. It's important to make sure big purchases (especially boat-sized purchases) are a wise choice. So, unless you're planning on using that fancy, expensive boat enough to make it worth the price and have more than enough set aside to pay for the upkeep of that expensive toy, you may want to consider spending that money on other investments and renting a boat the few times a year you feel like hitting the water. (These are 12 things frugal people will always refuse to buy.)

Whether you're already retired or preparing for the big day, big purchases — specifically which ones you plan to make and if they're a good idea — should be part of your planning process. If you're making those purchases for investment purposes, consider something that has more potential to maintain its value, if not appreciate, like real estate. As long as the market and the terms are in your favor, real estate isn't only a fairly safe investment but also one that can provide income in your retirement.

If your heart is set on owning that boat, there's no reason you can't enjoy it. Just be sure to do your homework beforehand and know what you're getting into. Educate yourself on the expenses involved, buy within your means, and be sure owning a boat will suit your lifestyle. If not, make adjustments to your retirement plans and know that it's okay to do so.

If you find yourself in possession of a boat you wish you hadn't purchased, don't let your regret keep you up at night. Instead, reassess your goals and your situation to make the best decision for you moving forward. Consider selling your boat, and don't allow yourself to feel bad about it. The key is to identify the problem and change the situation before things worsen, rather than beat yourself up over a retirement plan that didn't turn out as you hoped.