What retirement purchase do people regret the most?

I saw an article recently on this, and it was pretty interesting. The issue basically comes down to "dreams" clashing with reality. In our minds, dreams are perfect. It's all sunshine, rainbows, and unicorns. The reality is not so perfect, but it usually takes a costly purchase to realize it.

For retirement purchase that cause the most regret, I'll give you 3 -

1. Boat - The quintessential "sailing off into the sunset" is a common dream for most people. I've grown up on boats and owned a boat and loved it. But man, boats are expensive. Not only do they cost a lot, gas and maintenance can be very expensive as well, especially if you are an aspiring salt-water fisherman in your retirement years. I also ran into issues of finding friends to hang out on my boat. Not that they didn't want to, but life gets in the way and they just didn't have time. So before you buy a boat, be thoughtful of how much ongoing costs are, what you'll be using it for, and who will be along for the ride. (hopefully they'll give you some gas money)

2. RV - Similar to a boat, costly to buy and you get about 6 miles to the gallon if you get a big one. RVs can be great, my grandparents had one, and mom and dad got one too. However, they can be a money pit. And surprisingly, between gas to get to the campground and daily site fee, you might not be actually saving that much relative to just getting a hotel, not to mention the maintenance. Like a boat, you would be better off RENTING one several times (or always) before buying to see if it's actually something you want to take on.

3. The Dream House - Finally, the kids are gone, and you've saved enough to buy/build your dream home. You get the fancy kitchen and the big bathroom. About six months in, you start to realize you actually don't need all of that square footage. And it takes a lot of work to clean that many rooms and mow that big yard. And wow, those utilities are much more than you were thinking they would be. The good news for this one is you can probably get your money back, but maybe not.

I'm not saying all of these things are bad, and you shouldn't buy them. I'm saying that you should just be careful in what you are committing to, especially in retirement.

HOW MUCH money you spend is the biggest driver of whether or not you will have a "successful" financial plan, so just be thoughtful about doing a reality check on your "dreams" before taking the plunge.