Whether it's a sailboat, motorcycle, vintage car, or other long-awaited splurge, many seniors view retirement as the perfect time to buy that big-ticket item. Before making a major purchase, Rob De Lessio, Director of Lead Advisors of Strategic Wealth Designers, spoke with Parade about why it's important to understand what you're really buying.
Boats: A Retirement Dream for Water Lovers
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Although boats are assets that lose value over time and generate extra costs like fuel, maintenance, and docking fees, that doesn't mean your dream watercraft is a bad purchase. It simply means buyers should view it as a lifestyle investment rather than a financial one. "If it's something you've dreamed about for years and you can comfortably afford it, I say go for it."
Motorcycles: A Lower-Cost Adventure With Real Tradeoffs
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Retirees should also consider the risks and physical demands of riding. According to the National Highway Traffic Safety Administration, riders 50 and older went from just 3% of all motorcyclist deaths in 1975 to 33%. Proper training, protective gear, and choosing a bike that matches your physical capabilities can mean all the difference when enjoying the open road.
Vintage Car: The Best Chance of Holding Value
Among traditional retirement toys, vintage cars may have the greatest potential to appreciate from an initial investment. However, De Lessio cautions against assuming every classic vehicle is an opportunity to grow your money.
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Related: Dave Ramsey Warns Retirees Mobile Homes Aren't the Money-Savers They Appear to Be
The best retirement purchase isn't always the one with the highest return. Sometimes it's the one that helps create the memories you've been waiting years to make. As De Lessio puts it, "If you're buying one of those items, buy it because it brings you joy, creates memories and fulfills a lifelong goal—not because you're expecting it to improve your balance sheet." After all, retirement is about enjoying the life you've spent years saving for.
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