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8 Investments Retirees Often Regret – GOBankingRates

Some seniors have the idea that once they retire it’s the perfect time to splurge on a big “dream house.” After all, the reasoning goes, you have worked hard your entire life, and it’s finally time to get that multi-bedroom…….

Some seniors have the idea that once they retire it’s the perfect time to splurge on a big “dream house.” After all, the reasoning goes, you have worked hard your entire life, and it’s finally time to get that multi-bedroom entertainer’s home with a custom kitchen, pool and to-die-for views.

But the reality is that, for most seniors, this type of house doesn’t mesh with a retirement lifestyle. By the time you’re in your 60s, your kids likely have moved out and you may even be single yourself, meaning you don’t need a huge place to live.

You may start to travel more in retirement as well, meaning you won’t be around as much to enjoy your home. Even if you plan to stay in one place and entertain as much as you can, taking on a huge amount of mortgage debt that may outlive you isn’t always a prudent move when you’re on a fixed income.

There are, of course, exceptions to every rule, and very wealthy retirees may enjoy living in a large place. But for the average retiree who draws just a $1,657 monthly Social Security check, taking on a big mortgage after retirement is often a regrettable financial decision.

Source: https://www.gobankingrates.com/retirement/planning/investments-retirees-always-regret/

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