The Luxurious Purchase A Retiree Could Immediately Regret Buying

Many retirees try to avoid making certain mistakes before retirement. However, many might also feel the pull to spend money on special purchases to mark their newfound freedom. For example, one mistake in particular that could make retirees run out of cash quickly is purchasing a hot tub. However glorious and luxurious that hot tub might be, this big purchase can lead to some serious buyer's remorse. Hot tubs, whirlpools, Jacuzzis –- a rose by any name would smell as sweet. 

Retirees have likely dipped at least a toe in a hot tub before. Maybe retirees have spent a night laughing under scenic stars while in a hot tub, or perhaps retirees have even experienced therapeutic benefits from the hydromassage aspects of a hot tub. Regardless of why a retiree might want their very own retirement hot tub, there can be a lot to consider before making the purchase. For starters, the initial expense of the hot tub itself can be considerable. Plus, things like materials, installation considerations, special features, energy and maintenance costs, and even the brand name can all affect our total costs. Plus, the bigger the tub, the higher the cost (and also usually the higher the electricity bills). 

New hot tubs can cost anywhere from $2,000 and $20,000, with some models even priced as high as $35,000, according to This Old House. Among your many considerations is the tub shell, which can come in a variety of materials — with acrylic being the most common and also, the most expensive. Meanwhile, cabinet materials come in a range of materials that can also add to the cost. So will a tub's energy efficiency, which impacts its R-value or the tub's insulation strength. A tub with low R-value doesn't keep its heat as well, and will cost more in energy bills, while a tub with better energy efficiency — and therefore lower electric bills — may cost more up front. Adding jets to a tub can also add to your costs, usually in the low thousands. Similarly, if you want saltwater for your tub, expect to pay hundreds more, along with needing a special filtration system.

Retirees should also consider installation costs, which can vary widely depending on the kind of tub. Installation costs generally start at $3,000 for above-ground tubs to $16,000 for in-ground models. Not to mention yearly maintenance costs, which are generally between $500 to $1,000, and energy costs which can range between $20 to $60 per month. Plus, repairs and replacement parts can also be pricey. All of these expenses can, and do, add up to making hot tubs just one of several purchases that retirees may regret buying.