The Luxurious Purchase A Retiree Could Immediately Regret Buying

Many retirees try to avoid making certain mistakes before retirement. However, others might 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. Whether it is a hot tub, whirlpool, or Jacuzzi, this big purchase can lead to serious buyer's remorse when additional costs like installation and maintenance are factored in on top of starting prices.

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. 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. Plus, things like materials, special features, and even the brand name can all affect starting prices.

Among the many considerations that can drive up the price of a hot tub is the shell, which can come in a variety of materials — with acrylic being the most common and also, the most expensive. An entry-level hot tub made of plastic can range from $3,799 to $6,469, while mid-tier tubs with high-gloss acrylic shells range from $7,069 to $8,999, per Great Atlantic Hot Tubs, Swim Spas & Saunas. Meanwhile, cabinet materials (which encase the tub) can also add to the cost. Another factor is a tub's energy efficiency — which can impact its insulation strength. A tub that doesn't keep its heat well 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, with flagship luxury tubs featuring advanced jets going for between $10,019 and 19,719. 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.