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You can take into account all the Social Security benefits and retirement income you want, but when it comes to retirement planning, there are a few key things every boomer retiree should always shop for. Why are these items essential for boomers?
Denis Shirshikov, a professor at the City University of New York who specializes in finance, economics and accounting, explained it this way: “Each of these items addresses basic aspects of aging, from financial security and health to maintaining social relationships and independence. Retirement should be about maintaining quality of life, and these purchases support that goal in different ways.”
Here are 10 things boomers should always buy in retirement.
1. Comprehensive Health Insurance
Boomers are coming of age to be more focused on health and health care costs. Make sure you have health insurance to cover those costs, as basic Medicare may not be enough.
“Boomers should always invest in good quality health care insurance to ensure they have access to quality health care when they need it and avoid large medical bills,” said Michael Collins, CFA, founder and CEO of WinCap Financial.
“As health needs increase with age, strong health insurance becomes indispensable,” Shirshikov said. “This goes beyond basic Medicare; supplemental plans that cover additional expenses like prescriptions, dental and vision care can significantly reduce potential out-of-pocket health costs.”
2. Long Term Care Insurance
Collins pointed out that according to the U.S. Department of Health and Human Services, 70% of people over the age of 65 will need some form of long-term care in their lifetime.
“Boomers should always invest in long-term care insurance to cover the costs of assisted living, nursing homes and home care,” Collins said.
“Given the high cost of long-term care, whether in the home or a facility, this type of insurance can protect retirees’ savings and provide more choices for care settings. It’s a prudent purchase given the peace of mind that it provides,” Shirshikov explained.
3. Annuities
According to Shirshikov, to reduce the risk of depleting their savings, boomers – and all other age groups obviously – should consider purchasing annuities.
“These financial products can provide a steady income stream for life, aligning well with the need for financial stability in retirement,” Shirshikov explains.
4. Updated Technology
“Investing in current technology – such as smartphones, tablets or emergency alert systems – can improve daily life, maintain social interaction and ensure quick access to emergency services,” Shirshikov said.
“As the world becomes more dependent on technology, Boomers must always invest in the devices and Internet access needed to stay connected with loved ones, manage finances and access important information,” Collins said.
5. Home Modification
“Since mobility has become limited, investing in home modifications can significantly improve quality of life and independence,” Shirshikov explained. “Things like stairlifts, walk-in tubs and ramps aren’t just amenities; they’re essential to safe aging in place.”
“Boomers should always prioritize these modifications to ensure they can comfortably and safely stay in their place,” suggested Collins.
6. Vehicle Customization
“For those who continue to drive, vehicle adaptations such as pedal extenders, seat cushioning or hand controls may be necessary to maintain independence and safety on the road,” Shirshikov said.
In addition to modifying the existing car they own, Boomers should probably also look into purchasing a vehicle that they know can always be on hand and ready for use – if not by them, then by a family member, friend or neighbor they trust.
“Boomers should always make sure they have a reliable method of transportation,” Collins recommended. “This could mean buying a new car with modern safety features or investing in regular maintenance on an older vehicle.”
7. Legal and Financial Advisory Services
“Regular consultation with financial advisors and legal experts can help boomers navigate the complexities of estate planning, tax strategies and retirement savings management,” Shirshikov said.
Collins suggested that estate planning should be a top priority for boomers looking to buy, just in case the worst happens.
“It is important for Boomers to create proper estate planning to protect their assets and ensure that their wishes are carried out after they pass away,” Collins said. “This may include making a will, setting up a trust, and designating beneficiaries for retirement accounts.”
8. Travel
Retirement is when you have all the time in the world for relaxation, rest and fun – especially for the generation that prioritizes work and career. Use some of your hard-earned income to go somewhere you’ve never been or somewhere you’ve always loved going.
“Boomers should always budget for travel and leisure activities to stay physically and mentally active and create lasting memories with loved ones,” Collins said.
“Often overlooked as a ‘luxury’, travel can be an essential aspect of retirement, providing relaxation and cognitive and social stimulation,” Shirshikov said. “Planning trips and exploring new places can be incredibly enriching.”
9. Community Classes or Club Membership
“Participating in community events, taking classes or maintaining a club membership can provide social connectedness, which is essential for mental health and well-being,” Shirshikov said.
This is especially true of fitness and wellness programs beneficial for the boomers’ post-work life.
“It’s important to stay active at any age, especially in retirement. Programs designed for older adults can help maintain mobility, strength and mental health,” Shirshikov said.
10. Emergency Fund
Just because someone is retired does not mean that accidents will not happen and life will go smoothly from that point on. A lot of emergencies can come up, so it’s important to stay ahead of the game financially with some quick money on hand.
“Unexpected expenses can arise at any time, and having an emergency fund in retirement can provide peace of mind and financial stability,” Collins said. “Boomers should always have a designated emergency fund to cover any unexpected costs.”
Caitlin Moorehead contributed reporting to this article.