Full Article Link: https://www.the-independent.com/us/money/retirement-purchases-regrets-finance-b2922226.html
Quote from Deon Strickland, Ph.D.
“Instead of buying something, rent it. If you think you want a mountain house, rent a mountain house for a year. Test it. Experiment before you make a big leap.”
— Deon Strickland, Ph.D., Financial Advisor at Scholar Advising
Key Takeaways
Second homes often sound better than they work.
Vacation homes and mountain retreats can feel like a dream in retirement — but ongoing taxes, insurance, upkeep and potential dual mortgages can quickly turn them into financial burdens. Renting first allows retirees to experience the lifestyle without committing capital permanently.
Retirement leaves less room for recovery.
Without a paycheck to offset mistakes, large purchases carry greater risk. Preserving liquidity and flexibility is often more important than owning additional property.
Impulse decisions create long-term regret.
From timeshares to speculative investments, many retirees look back wishing they had paused before making a major financial commitment. Testing an idea before fully funding it reduces emotional risk.
Flexibility is the real asset.
In retirement, protecting downside risk matters more than maximizing upside. Experimenting before making permanent decisions helps safeguard long-term income and financial stability.