Boomer beware: 5 big-ticket buys seniors regret in retirement — and what you can do to avoid making these mistakes

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One surprise that often hits retirees in their first few years is that even without the costs of working and contributing to retirement accounts, they end up spending more than when they held down a job.

Some financial planners cite three retirement phases: Go-Go, Slow-Go and No-Go. In the Go-Go years, typically 65 to 75, many healthy, young retirees spend big to check lifelong dreams off their bucket list — and make big purchases they may end up later regretting.

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A study from AARP (1) found that there are five spending categories retirees tend to regret splurging on, which you should be mindful of if you're in (or approaching) retirement.

Here's what you should watch out for and what you can do to benefit your wallet instead.

For many, middle age is a time to drive sensible cars and SUVs that can handle the daily commute and carpool lane. But when retirement is on the horizon — and teen drivers are in the rearview mirror — you might decide the time is right for an upgrade to the car of your own teen dreams.

Unfortunately, the value of any car declines as soon as you drive it out of the dealership. And taking on monthly car payments can be tricky now that your income is probably lower than it was during employment. Not only that, but the costs of gas, maintenance and insurance are typically higher for luxury cars.

If you do decide to treat yourself to a fancy ride, you could save yourself a few bucks by shopping around for better insurance rates.

According to Experian data, the national average cost of car insurance is $2,290 annually, or $191 per month (2). But luxury and antique cars come with much steeper premiums, making it incredibly valuable to comparison shop for the best rate.

By using a comparison platform like Insurify , you can instantly view quotes from top-rated providers to ensure you aren't paying a hidden 'loyalty tax' to your current insurer.

Just answer a few basic questions and Insurify will show you the most affordable deals in as little as 3 minutes.