Upticks: 5 Things to Buy Before You Retire… Or Do You?
By Luke Sullivan on May 8, 2025
They aren’t what you think. Well, at least some of them aren’t. Have you considered buying your health? You can’t really do that directly, but it’s important to think about before you retire! What about setting up a home office or hiring the right professionals to help you? Then there’s the most popular question, should you pay off your mortgage before you retire? Jake and Cory spend the next thirty minutes breaking all of this down for you.
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Read an overview of the conversation below:
Professional Relationships
One of the first ‘things to buy’ recommended by Cory is establishing professional relationships with a wealth advisor, a CPA, and an estate planning attorney. These professionals can help map out a comprehensive retirement plan, manage cash flow, and set financial goals. Cory emphasizes the importance of having these professionals to lean on, stating, “Without a financial plan, without the professionals that you could lean on through retirement, it just could be a recipe for a bit more stress.”
A wealth advisor provides individual guidance on managing investments, understanding market trends, and helping ensure that your portfolio aligns with your financial plan. Similarly, a CPA offers crucial guidance on tax planning, helping you minimize tax liabilities. An estate planning attorney helps ensure that your estate is structured according to your wishes, helping you protect your assets and provide for your loved ones. These relationships are about building a support system that can guide you through the complexities of retirement.
Health Investments
Jake highlights the importance of prioritizing health before retirement. He suggests scheduling doctor’s appointments, getting physical check-ups, and investing in exercise equipment or gym memberships. Jake passionately argues, “The budget on your health should be close to unlimited.” He stresses that maintaining good health is crucial for handling the stress and excitement of retirement. By investing in health, retirees can enjoy their post-work years with vitality and energy.
Investing in health means adopting a holistic approach to wellness. Regular exercise, a balanced diet, and mental health care are important components. Joining a gym or purchasing home exercise equipment can help maintain physical fitness. Consulting with a nutritionist can provide personalized dietary plans that cater to your specific health needs. Mental health practices like meditation, yoga, and mindfulness can reduce stress and improve overall well-being. Jake’s advice underscores the idea that health is a lifelong investment and prioritizing it before retirement could lead to a more fulfilling and active life.
Home Office Setup
Transitioning from a work environment to retirement often means losing access to work-issued technology and resources. Cory recommends setting up a reliable home office with essential equipment like a computer, printer, and scanner. He notes, “Having a reliable computer, a way that you can scan documents, a way that you can print documents, a way that you can shred documents without spending a bunch of money on it is something that’s very useful for people to have in their home in retirement.” This setup helps retirees manage their personal affairs efficiently and stay connected.
A home office setup is about maintaining productivity and organization. As you transition into retirement, you may find yourself handling various personal and financial tasks that require reliable technology. A good computer can help you manage your finances, stay in touch with family and friends, and pursue hobbies or interests. A printer and scanner are essential for handling paperwork, whether it’s medical documents, financial statements, or personal correspondence. Investing in a shredder helps ensure that sensitive information is disposed of securely. This setup can also support new ventures or hobbies, such as writing, researching, or even starting a small business. This all comes in handy especially if all the technology you used before was at your office or owned by your company.
Major Purchases and Loans
Jake suggests potentially making any major purchases or securing loans before retiring. He explains that it can be easier to get a loan with a W-2 paycheck than when living off retirement savings. Jake points out, “If you’re going to make a major purchase, I would argue to do that before you retire. Just the underwriting and all of the logistics can be so much easier.” This strategy helps avoid the complexities of securing financing post-retirement.
Whether it’s buying a new home, a car, or making significant home renovations, having a steady income from employment can make the process smoother. Lenders typically prefer borrowers with regular income, theoretically making it easier to qualify for loans and get favorable terms. Jake’s guidance is practical; it helps retirees avoid the stress of navigating financial institutions with retirement income, which can be more complex and less predictable. Additionally, planning these purchases ahead of time allows retirees to budget more effectively.
Aligning Spending with Values
Cory discusses the importance of aligning spending with personal values and financial plans. He cautions against buying expensive items that may not be necessary or beneficial in the long run. Cory shares, “I’ve met with so many people that have just reached the point in their life where buying more stuff is not what gives them satisfaction.” Instead, he suggests focusing on experiences and meaningful investments that help enhance quality of life.
Aligning spending with values means prioritizing what truly matters. For many retirees, this shift involves moving away from material possessions and focusing on experiences that bring joy and fulfillment. Cory encourages retirees to evaluate their spending habits and make conscious decisions that reflect their values. This might mean investing in travel, hobbies, or activities that foster personal growth and happiness. It could also involve supporting causes or charities that are meaningful to you.
Preparing for retirement involves more than just financial planning; it includes thoughtful investments in professional relationships, health, technology, and aligning spending with personal values. By following the suggestions shared by Jake and Cory, retirees can help ensure a smooth transition and a rewarding post-work life. As Jake aptly puts it, “Retirement is no longer trading your time doing something you don’t want to do.” With the right preparations, retirees can look forward to a phase of life filled with purpose, health, and happiness.
Thank you for tuning in, we hope you have a great week!
