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You might even be making plans for what to do with your money besides covering the essentials.
But you may want to think twice before you go out and buy that luxury car or bespoke vacation.
These are the topexpensive purchases you should avoid after retiring, according to experts.
This includes buying into cryptocurrencies, complex derivatives and other speculative schemes that never quite deliver on their promises.
With some exceptions, many seniors live on a fixed income.
Thats why I always advise my clients to avoid anything that seems too good to be true.
Erika Kullberg, the founder ofErika.com, an attorney and personal finance expert, also weighed in on this.
You should focus on stable, secure, dependable investments.
Theres always another site to see, a trip to join and of course, fine dining.
Travel, especially dream holidays, typically eats into your retirement savings.
Extravagant vacations are fun but a spend that you could come to regret.
Boat maintenance costs add up very quickly and the up-front costs arent cheap either.
Most boats just arent worth it.
As for RVs, Lieberman suggested that renting one might be more financially sound than buying one.
As years advance, individuals may find the level of maintenance overwhelming and resent buying the property.
The same goes for high-priced retirement homes.
The problem is that timeshares can be extremely expensive annual maintenance feescan easily be in the thousands.
It seems like a great idea to get a cheap place that you enjoy visiting, said Lieberman.
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