My Must-Have Luxuries for Retirement – What Can’t You Live Without?

One of the most important things people want to do in retirement is to enjoy themselves. This is the whole point of the FIRE movement, especially ChubbyFIRE, when someone looks to set aside enough money to retire early without giving up some of their favorite luxuries. 

Not giving up luxuries is precisely what one Redditor is thinking about with a post in r/ChubbyFIRE. Their question is all about what luxuries other people in the same financial situation as them don’t want to give up. Whether a housekeeper, lawn service, or something else, he wants to know what fellow ChubbyFIRE people will keep. 

Must-Have Luxuries

There is no question this Redditor is very curious about what people want to keep around while living with a Chubby FIRE lifestyle. Given that Chubby FIRE typically refers to a net worth of at least $3 million to $5 million, there is a good chance these individuals can afford quite a bit. 

This is why it’s no surprise that many commenters argue that things like first-class or business-class are staples. The same applies to activities like eating out, which very few commenters indicated they would be unwilling to give up. 

Of course, you have a host of other considerations, such as Botox, a pool guy, sushi at least once a week, gym memberships, hand car washes, and so much more. Unsurprisingly, most people argued in favor of things like first-class seating while flying internationally, and anything over three hours domestically. 

At the very top of everyone’s list, travel is definitely not going anywhere. One of the primary benefits of retiring early is the opportunity to travel the world. It’s for this reason that travel came up more than anything else for those who have achieved a multimillion-dollar portfolio. 

How to Live Luxuriously

One of the most important things to do, even with millions in the bank, is to maintain a budget. It doesn’t have to be exact to the penny, but knowing how much money is being spent each month is critical. There is no question that whether you work with a financial advisor or create a budget using an app, it’s super important to track all of your spending. 

Separately, and this is going to be a toss-up for most people who want to leave work early, is finding some passive income streams. This might mean shifting some investments to dividend investing or purchasing real estate and renting it out. If you have sufficient disposable wealth to make some purchases without impacting your lifestyle, it might be a good way to maintain income outside the market. 

Another option that is often overlooked is moving into a retirement community. For many of the comments here, amenities such as pool cleaners, housekeeping, and the ability to eat out would be provided at luxury living communities. 

There are plenty of options like this that are not just for 55 and over. However, for the 55 and over crowd, some of these communities offer resort-style amenities with multiple restaurants, pools, and parking. In other words, you rarely have to leave. The primary goal of retirement is to enjoy a more relaxed life, and these communities provide exactly that. 

Don’t Forget Healthcare

Another consideration is to ensure that, even with your luxury dreams and goals, you don’t overlook healthcare costs. The rising cost of healthcare as you get older can and will impact your lifestyle. As it stands, it’s said that for those over 55, the cost of healthcare expenses can be as high as $400,000 for two. 

Of course, this is out-of-pocket money, so while Medicare may cover plenty, there are other things it doesn’t cover. Failing to plan for these costs will come as a big surprise if any health issues arise during your retirement. The best path might be to use some of your wealth to set up a Health Savings Account that receives a yearly deposit, allowing it to grow through investments.