Personal Finance Choices I Plan to Change in Retirement

Like it or not, there are just some things that need to change as one ages -- I just hope I'm cognizant of this fact when the time comes. Whether it is health, travel, or finance related, some areas of our lives need to be modified as we age to protect not only ourselves, but others too. Maybe I should post this article on my refrigerator when I'm an old codger, just to remind my ornery old self that I did say these things once, because I'm sure that in my age induced stupor I'll probably try to deny it.

But here they are, plain and simple, the things I plan to change relating to my personal finances in retirement. If I forget I've committed to them in 40 years, please feel free to shoot me an email or leave a comment. Thanks!

Moving

I may or may not plan to remain in one location my whole retirement. I see nothing wrong with exploring and living in a variety of places. You never know what's just around the next corner, but that's not the point. Up until now, I've always packed and moved myself (with the assistance of family and friends occasionally). It's been a great way to save money and get a little much-needed exercise in the process, however; I think I'll save the hernias in retirement for someone else and just suck it up and pay the professionals to haul those boxes for me.

Driving a Used Car

We won't even get into the topic of the elderly driving in retirement. All I will say upon the subject is that I have no problem with letting someone else drive me around once I become too dangerous to be on the road and behind the wheel of a vehicle.

That being said, I will probably still be driving for at least a few of my retirement years as long as it is safe. And while I can't guarantee I won't be driving a used vehicle, what I hope to guarantee is that the level of quality, care, and maintenance of that vehicle will be a bit better than some of my previous used cars.

With lesser used vehicles, I find that I tend not to maintain them as well since they aren't really worth the cost of all those regular maintenance checkups. I typically make sure the oil is changed, fluid levels are full, tires are okay, and everything sounds relatively decent. I'd rather just buy another clunker if there is a major issue.

At age 70 or 80 however, I don't really want to be breaking down on the side of the road somewhere, although I guess there is a chance of that occurring with any vehicle, new or old. So I think a new or newer used vehicle is the way to go, or I'll just find a good driver to cart me around. Spending a little more money on a better car and upkeep is worth it to me to avoid being a stranded octogenarian wandering aimlessly down the side of the interstate.

Conducting My Own Maintenance and Repairs

I like the exercise involved in conducting my own home maintenance work as well as the feeling of accomplishment and money saving aspects of completing this type of work. However, as I enter retirement (depending upon where I'm living at the time of course), I hope to avoid all those activities that you always hear about people of age hurting themselves trying to do. Things like shoveling snow, mowing the grass, painting the house, cleaning gutters, etc. will hopefully be left to someone else. Even I will suck it up and pay someone to do these things. It would be cheaper than the hospital bills when I fall off the ladder or slip on the ice and break my hip or worse.

Doctors Visits

I've been to the doctor once in the last ten years, and that was mainly for a meet and greet with my doctor of choice who promptly retired three months later. I know, I know, bad me. I should probably go on a regular basis, and I would if something were wrong or I wasn't feeling quite right, but knock on wood, health wise, things have been okay lately. I don't see a need at age 32 to be wasting my time (as well as my money) and the healthcare system's time with unnecessary checkups. That's just me though. I am more of the attitude, "If it ain't broke, don't fix it". I am also lucky enough to have a wife who works at a hospital and who can answer many of my health related questions.

This doesn't mean, however, that my attitude won't change as I age. I've never understood people who obviously have something wrong with them yet refuse to visit a health professional. A small co-pay every now and again is not a bad investment in one's health, especially in retirement at an age when health issues are more prone to start popping up.

Going Out to Eat

My wife and I don't go out to eat that often since it's just not something we have a lot of extra time or money for right now, but if there is a little wiggle room in the retirement budget, it would be nice to do a bit more often. My wife loves going out for dinners, and I have to admit that it is nice to get out and about, and let someone else cater to us once in a while. Therefore, I would try to work a big more money into the budget for going out on a regular basis in retirement.

More From This Contributor:

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Disclaimer:

The author is not a licensed financial or retirement professional. The information provided in this article is for informational purposes only and does not constitute legal or financial advice. For financial advice, readers should consult a licensed financial advisor. Any action taken by the reader due to the information provided in this article is solely at the reader's discretion.