Five Essential Replacements for Boomers to Make in Retirement

Many retirees should consider replacing outdated items – from insurance policies to vehicles – to protect their health, safety, and finances, experts say.

Outdated life insurance policies are a common area for review, as policies without long-term care coverage can create a significant financial gap when it’s most needed. “A retiree who is still healthy can often get a hybrid life and long-term care insurance policy that has the same death benefit but also offers long-term care built into the policy or through a rider to the new policy,” explained Evan Farr, a certified elder law attorney. Updating these policies can safeguard both savings and future independence.

Home safety is another critical area; traditional bathtubs and showers pose fall risks for aging individuals. Experts recommend upgrading to walk-in tubs or showers, which can cost between $5,000 and $8,000, but can prevent serious injury and substantial medical bills. Similarly, upgrading home security systems is vital, as older models are often vulnerable to hacking and may not reliably connect to emergency services. According to SimpliSafe, many older systems are also difficult to modify or move. Beyond the home, replacing gas-powered lawn tools with lightweight electric or battery-powered alternatives – costing $200-$600 per tool – can reduce the risk of injury and exhaustion. You can find more information about aging in place resources at the AARP website.

Finally, older vehicles lacking modern safety features like automatic emergency braking and blind-spot monitoring present a heightened risk. AAA has demonstrated that these features significantly reduce crash risk, yet millions of older cars remain on the road without them. This is particularly concerning as older adults are more vulnerable to serious injuries in vehicle accidents. Considering a newer, safer vehicle can be a crucial step in protecting oneself and others. For financial planning assistance, explore resources at GOBankingRates.

Officials encourage retirees to proactively assess their needs and make these replacements to ensure a safe and financially secure retirement.