Most pre-retirees know they can retire and start collecting Social Security at age 62. But even if you’re not ready to take that step, early retirement age is a good time to review financial behaviors that could impact your nest egg.
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I recently took that step with my own spending. Despite being a 62-year-old personal finance journalist who practices what she preaches when it comes to money, I have a few spending regrets from the last two years.
Buying Gold-Level Health Insurance
Health risks increase with age, and to mitigate those risks, I purchased pricey, low-deductible health insurance through my state’s marketplace. That makes sense for people with chronic conditions who need a lot of care. But for those of us who use few medical services besides preventative care, a high deductible health plan can be a better choice.
HDHPs have lower premiums and are eligible for health savings accounts (HSAs). According to Fidelity, HSAs allow pretax contributions of up to $4,400 in 2026 ($5,400 if you’re 55 or older). The limit increases to $8,750 for family plans. The money grows tax-free, qualified withdrawals are tax-free, and you can use the money for anything you want, without penalty, once you turn 65. What’s more, HDHP and gold-plan maximum out-of-pocket costs aren’t much different.
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Here’s how two actual plans compare, according to Maryland Health Connection. The UHC Gold Value Plan and CareFirst BlueChoice HDHP option were used as reference points.
| Plan Type | Monthly Premium | Deductible | Maximum Out-of-Pocket Costs | Tax Savings | Total Annual Insurance Cost |
| High-Deductible Health Plan | $761 | $6,100 | $9,300 | $0 | $18,432 |
| Gold Plan | $969 | $1,000 | $8,500 | $1,290 (22% tax bracket) | $18,838 |
Buying Better Than I Need
It usually makes sense to prioritize value over price. But that strategy can backfire when you’re buying big-ticket items in your 60s.
That’s the case with some furniture I’ve purchased in the last couple of years. They’re quality pieces likely to outlive me — overkill, considering they won’t fit in a smaller home than I have now. Less expensive pieces I wouldn’t mind leaving behind if I downsize would’ve been a better choice.
Including Non-Family Members on My Wireless Plan
I made this mistake several years ago, and to really drive the point home, repeated it again the year I turned 60.
Lest you be tempted to welcome your kids’ significant others onto your plan, remember this: You can cut off their service when they part ways with your family, but you’ll be stuck with your plan until they — or, more likely, you — pay off their phone.
Spending Money for Fear of Missing Out
I don’t spend money I don’t have on things like performance tickets and restaurant meals. But until recently, I sometimes splurged on entertainment that didn’t excite me for fear of missing out on the fun. These days, I’ll go out for a cheap meal or free show for a routine night out and save the splurge-level spending for truly outstanding experiences.
Saving money isn’t the only benefit. The delayed gratification makes the experience feel even more special.
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This article originally appeared on GOBankingRates.com: I’m a Retiree: My 4 Biggest Regrets About Spending in My 60s
