We retired last year at 65 with $1.1 million, and our $6K monthly Social Security covers most of our expenses. I want to spend $80K on a pool so it’s more fun for the grandkids to visit. My husband says it’s a waste and we can’t afford it. Who’s right?
When you have grandchildren , your mindset tends to shift. Things you never would’ve spent money on for yourself, or even your own kids, are suddenly purchases you’re willing to seriously contemplate.
Here, we have the example of a couple who can’t agree on whether a pool is a sound investment. With $1.1 million saved and an estimated cost of $80,000, a pool would eat up a little under 7.5% of their portfolio.
Is that too much to spend? Let’s see what our experts have to say.
The actual math probably works
Spending your entire retirement nest egg on a pool probably isn’t wise. Spending a portion of it is a different story.
Derilyn Freeman , a financial planner with Prudential Wealth Advisors, says, “If you were my client, I would tell you the question at hand is: ‘Can you buy an $80,000 pool without it negatively affecting your retirement plans?'”
If the answer is “yes,” then that answers the math problem.
Since our couple covers most of their expenses with Social Security , they’re probably withdrawing minimally from their savings. So the question is, what sort of pressure does the pool place on their nest egg going forward?
“Let’s assume you withdraw the $80,000 for the pool, so now you have $1,020,000 left,” says Freeman. “Let’s also assume you need an additional $1,500 per month for maintenance. That’s $18,000 per year, or about 2% that you’re withdrawing from your $1,020,000 in savings annually.”
Freeman says high-yield savings accounts and CDs are paying 3% or more these days, which means even if all of your money was in savings and/or CDs, you could still see your account grow annually after withdrawing $18,000 for pool maintenance (assuming taxes and inflation don’t outpace your conservative yields). And while these rates probably won’t stick around forever, you can shift into other stable assets, like bonds, that could offer comparable returns.
“This tells me that you can afford a pool for $80,000 without it negatively impacting your retirement,” she says.
To argue that case even more, pool rental marketplace Swimply puts the average annual cost of owning a pool at $3,000 to $6,000. If you’ll be outsourcing everything, you might need to estimate at the higher end of that range. But that’s well below Freeman’s much higher number, which may be more relevant to upscale pools.
So clearly, the math works. But another issue may be whether your husband can part with the money mentally.
“You and your husband are not alone in struggling to spend for enjoyment in retirement,” Freeman says.
Prudential just released a survey on retiree spending confidence, and it found that most respondents feel guilty spending their savings on things they enjoy. Your husband’s pushback may stem more from fear or guilt than from worries about the math.
It’s also possible that your husband just doesn’t want a pool as much as you do. If so, you’ll need to find ways to compromise. For example, you could opt for a cheaper above-ground pool that, with a custom deck, can be attractive. If your grandchildren are older and you live in a colder climate, they may be just as happy with an outdoor hot tub for winter chats and cold plunges in the summer.
Is a pool the best way to spend your “fun bucket” savings?
With the math problem out of the way, Freeman says the next thing to focus on is whether a swimming pool aligns with your values and priorities.
“Think of your savings as a tool that you can use to build a life that reflects what matters most to both you and your husband,” she says. “To me, this purchase reflects a priority on spending quality time with family and creating fun for the grandkids.”
In other words, is a pool the best use of money you’ve set aside for family fun and bonding?
Freeman says, “There are other ways you could prioritize quality time with your grandkids, too, that do not include purchasing a pool.”
If maintaining a pool, or making sure young children don’t fall in it, feels overwhelming, you could put some of that money toward more flexible uses. For example, you could fund annual family vacations or cruises , stays at upscale national park lodges , or even an RV so you can visit the grandkids.
Also, just because you can afford pool maintenance doesn’t mean you want to deal with it. And you should also know that, from a resale-value standpoint, a pool isn’t necessarily a smart investment . You’ll need to weigh additional swimming pool issues such as higher home insurance costs, safety fencing and energy bills for heated pools.
As Steve Azoury , a Chartered Financial Consultant and owner of Azoury Financial, explains, “The $80,000 pool cost could be a good investment if it adds value to your home. However, sometimes pools in certain areas make homes harder to sell and can actually decrease a home’s value.”
Geography could play a role in your decision. If you live in an area where you can use a pool year-round, it could be a smart purchase. But if you’re in a part of the country where the swimming season is only three months long, a pool may not be worth it. And it won’t solve the problem of what to do with your grandkids for the majority of the year when they visit.
That’s why Azoury, like Freeman, says you should think about what you really want. If the goal is to get your grandkids to come over more often, you can find other activities to entertain them that could do the job at a fraction of the cost, without forcing you to maintain a feature you don’t otherwise use much.
But if you both decide a swimming pool is the backdrop you want for your family’s memories, go for it. You’ve earned it.
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