Retirement might still feel pretty far off for Gen Xers, but it’s actually much closer than it seems. If you’re in your early 50s or creeping toward 60, you’ll want to start preparing for retirement as soon as you can and making purchases that could make your golden years much easier (even if you’d rather not spend the money).
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If you’re a proud part of Gen X, born from 1965 to 1980, here are seven things to consider investing in before leaving the workforce.
Also see the top six assets Gen X should downsize before retirement.
A Reliable Used Car
If you’ve been driving your car for decades and it’s starting to make weird noises, you might want to replace it now with something that’ll last.
You don’t have to buy a brand-new vehicle, though. Low-mileage used cars from reliable brands like Toyota, Honda or Subaru can most likely last you the next 10 to 15 years without the monthly payments that come with a new one.
Check Out: I Asked ChatGPT When I’ll Be Able To Retire Based on My Current Finances — Here’s What It Said
A Long-Term Care Insurance Policy
Spending money on something you might never need is never fun, but better safe than sorry. Plus, if you invest in long-term care insurance now, you may qualify for better rates than those in their 60s or 70s since you’re relatively younger. A long-term care insurance policy could help pay for expenses that Medicare doesn’t fully cover.
A Comfy Mattress
When you get older, not having a comfortable mattress can affect your sleep quality, which could then negatively impact your recovery time, joint support and mental clarity. So if your mattress is old and causing you back pain, you’ll want to upgrade to something orthopedic or adjustable that can help you sleep better.
Energy-Efficient Home Upgrades
You don’t necessarily need to do a full remodel of your home, but upgrading certain parts of it now can save you thousands in energy bills once you retire. If you haven’t already, you could consider investing in solar panels, better insulation, a smart thermostat, or energy-efficient windows and appliances.
Some of these upgrades can be pretty expensive, but some of them might eligible for federal tax credits or local rebates.
Dental Work
Dental procedures can put a dent in your wallet as you age and have more dental problems. Plus, Medicare doesn’t usually cover them. So if you’ve been putting off a crown, root canal or implants, take care of them now while you still have good coverage through your employer.
Backup Power System
If you’re planning to age in place, consider installing a backup power system or home generator to keep the lights on, appliances running and medications refrigerated during power outages. It’s a pricey one-time expense, but it could protect you from emergencies and help you stay independent if you’re retiring alone.
A Financial Advisor or Retirement Planner
If you’re a bit confused about your retirement plans, you might want to invest in a financial planner to help you figure out how to optimize your Social Security strategy, minimize taxes and decide when to draw from retirement accounts. It might feel unnecessary if you’ve been managing your money solo, but having a second opinion can sometimes make a big difference.
Your Future Self Will Thank You
Preparing for retirement sometimes means doing the boring (and expensive) stuff now so you can enjoy life later. Many of these purchases may be costly now, but they could help you cut future costs and protect your health during your golden years.
Start with the items that matter most to you and work your way down the list. Even if it’s begrudgingly, your future self will thank you.
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This article originally appeared on GOBankingRates.com: Top 7 Things Gen X Should Always Buy Ahead of Retirement — Even If It’s Begrudgingly
