The Household Item Every Soon-To-Be Retiree Should Buy

If you're nearing retirement, you have a lot to think about. From how much money you might need to retire wealthy to whether you should downsize and rent, considering every possible angle for optimizing retirement savings can be overwhelming. Plus, as you plan your retirement, it can be easy to overlook some of the things you might need to do before you actually leave the workforce. In fact, retirees might want to actually make a few expensive purchases before retiring, especially with items that can be harder to acquire once on a fixed income. One item in particular that every soon-to-be retiree should consider purchasing is high-quality home appliances. Since you can expect many new appliances to last between 10 and 20 years, replacing them just before retirement means you won't have to worry about buying them again anytime soon, if ever.

According to Homeguide, new appliances can cost anywhere from a few hundred dollars to over $5,000, depending on the brand and quality. With that said, Warren Buffett's shopping advice avoid wasting money is to go with high-quality options that offer good value. Most high-end home appliances tend to cost over $1,000, with some larger appliances setting you back even more. Waiting to purchase these large-ticket items until after retirement can put you at risk of depleting your emergency funds, or even having to take on high-interest debt.

Some major home appliances that soon-to-be retirees should consider buying preemptively include refrigerators, ovens, range, freezers, and washer and dryer units. That said, it might not be necessary to replace all your appliances before you retire, especially if you've purchased any in the last couple of years. However, waiting until older appliances break before pre-emptively replacing them can lead to unnecessary emergency expenses. Plus, some retailers might offer discounts if you decide to purchase a large appliance package — which could save you anywhere from 10% to 30%. These packages typically include several major appliances and can range anywhere from $1,200 to $2,100 for a basic package to $5,400 to $13,000 for high-end model packages, per Homeguide.

Another consideration is purchasing energy-efficient appliances, which can have a more significant upfront expense. However, over time, you would likely see significant savings on your energy bills. Eartheasy suggests that switching to energy-efficient appliances throughout your home could save you as much as $400 per year on utility bills. Also, using appliances more efficiently — by doing things like adjusting the temperature in your refrigerator or keeping the dryer exhaust vent clean — can help extend the lifespan of an appliance while also making it more efficient.