There’s a reason they call the first few years of retirement the “go-go years.” The initial days of your retirement will likely be the most active and eventful. Once freed from the constraints of your career, you begin checking items and experiences off your bucket list and spending is at an all-time high. However, watch out for a few big purchases that most retirees almost always regret. Let’s take a look! A LARGE HOUSE Throughout your life, you likely grew accustomed to upsizing your home along the way. Now, at the peak of your net worth, you may have your eyes and goals set on your dream home. Retirees may be attracted to spacious properties or even vacation homes, only to find the upkeep and expenses are more than they can handle down the road. When the benefits don’t outweigh the cost, a large house often becomes a regret. RETIREMENT REGRETS: BIG PURCHASES THAT CAN HAUNT YOUR GOLDEN YEARS
LAVISH TRAVEL Retirement should be all about travel and bucket list items, right? Right! But, if you spend a large chunk of your savings on an amazing around-the-world vacation right out of the gate, you may cripple your financial health later into your golden years. Many retirees often regret paying for expensive airfare, accommodations, meals, and other expenses. Opt for local wonders of the
world to explore instead. EXPENSIVE GIFTS
It’s only natural to want to spoil your loved ones — especially as grandchildren come into the picture. However, many retirees often regret the extravagant gifts they generously gave early in their retirement because of the financial strain it created later. Your golden years should be a time of fulfillment and happiness, unburdened by financial stress and regrettable decisions. So, before you make any large purchases, whether it’s a luxury car, home, or vacation, be prudent with your spending and remember that your nest egg must last you for decades. Before you swipe the card or hand over the cash, make sure you have a long-term view in mind: no regrets.
A REMARKABLE RECOVERY Client Story: Tim Dunlap
Our friend, Tim Dunlap, was born and raised in Washington Courthouse.
For nearly all of his adult work life, Tim worked as a machinist. On Aug. 29, 2019, he was working on a manual lathe on which a safety guard had been removed. His glove got caught, pulling his hand, wrist, arm, and chest into the machine, nearly severing his arm. Photos taken by the trauma center doctors at Riverside Hospital in Columbus, where Tim was life-flighted, are horrendous. When Tim and I first met, I thought he’d likely lose the arm; it’s a miracle he didn’t. It is a testament to his skilled doctors and nurses that Tim’s arm, hanging by the smallest threads of tissue, was reconnected and is still usable. Hospitalized and then in a skilled nursing facility for nearly six months, Tim received the obvious injuries to his left arm; was contaminated by machine residue; had fractured ribs repaired with plates; fractured his wrist, elbow, fingers, shoulder blade, and lumbar vertebra; suffered a collapsed lung; an ischemic stroke; and atrial fibrillation. His surgeries were numerous.
Tim and his granddaughter Izzy
All things considered, Tim’s recovery has been remarkable. Though he remains unable to work, he’s generally in good spirits and enjoys getting out of the house more often to visit friends and family. Through it all, Tim’s daughter, Tesa, and her husband, Bryan, have been there to encourage and help with the endless paperwork and doctor visits. In 35-plus years of practice, Tim’s injury is among the worst I’ve seen. I’m grateful we’ve been able to walk alongside him through this often- frustrating workers’ compensation process and introduce you to him.
A year later, he suffered a second stroke as a residual from the first, requiring further hospitalization.
Understandably, he required treatment for major depression and anxiety resulting from his violent injury and cognitive impairment from the head injury and strokes. He has total loss of use of his left thumb and part of his left fourth finger.
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