Imagine selling your home, buying a beautiful RV, and hitting the road. No grass to cut, no snow to shovel, and no more babysitting the grandkids. Just you and the open road.
While that may sound fantastic, there are some disadvantages to owning an RV that you need to consider before making the decision.
After all, you don't want to throw your money away only to find that there are far too many limitations for you.
Some people may not want to buy an RV for retirement. Could you be one of them?
Earn cash back on everyday purchases with this rare account
Want to earn cash back on your everyday purchases without using a credit card? With the Discover®️ Cashback Debit Checking account (member FDIC), you can earn 1% cash back on up to $3,000 in debit card purchases each month!1 <p>See website for details.</p>
With no credit check to apply and no monthly fees to worry about, you can earn nearly passive income on purchases you’re making anyway — up to an extra $360 a year!
This rare checking account has other great perks too, like access to your paycheck up to 2 days early with Early Pay, no minimum deposit or monthly balance requirements, over 60K fee-free ATMs, and the ability to add cash to your account at Walmart stores nationwide.
Don’t leave money on the table — it only takes minutes to apply and it won’t impact your credit score.
Apply for a Discover Cashback Checking account today
You like your neighborhood
/images/2023/01/04/smiling-senior-man-waving-hand.jpeg)
Chatting with your neighbor in the middle of the afternoon or talking about the latest news with a friend across the street is enjoyable and valuable for social engagement.
If you want to be a part of a neighborhood, you may find yourself a bit overwhelmed and alone on the road, even with a spouse or companion, unless you decide to stay in one place for a longer period of time.
Want to learn how to build wealth like the 1%? Sign up for Worthy to get ideas and advice delivered to your inbox.
You love being a part of the community
/images/2023/01/04/happy-senior-asian-woman-standing-in-balcony.jpeg)
Do you enjoy the community festivals in your town? Do you want to be able to participate in a religious organization or local nonprofit important to you? That's harder to do when you're not around.
Right now, it could seem like these activities are less important and more of a hassle than they're worth. However, you could find yourself missing holiday events and the relationships you have at the local farmer's market, especially with more time on your hands.
Spending that much on an RV is overwhelming
/images/2023/01/04/stressed-senior-woman.jpeg)
Even if you've paid off your home and plan to sell it, RVs are expensive. A Class A motorhome typically starts around $60,000 and can go over $1 million, while a Class B runs between $30,000 and $150,000.
Then there's the need to upgrade and modernize. Most RVs aren't designed to accommodate full-time living and may need upgrades to get them to the point where you can be comfortable.
You may also want to re-upholster the furniture, add blinds, or modernize the appliances to meet your needs. Bigger projects — such as having to insulate the RV — will cost even more.
If you’re over 50, take advantage of massive discounts and financial resources
Over 50? Join AARP today — because if you’re not a member you could be missing out on huge perks. When you start your membership today, you can get discounts on things like travel, meal deliveries, eyeglasses, prescriptions that aren’t covered by insurance and more.
How to become a member today:
- Go here, select your free gift, and click “Join Today”
- Create your account (important!) by answering a few simple questions
- Start enjoying your discounts and perks!
You’ll also get insider info on social security, job listings, caregiving, and retirement planning. And you’ll get access to AARP’s Fraud Watch Network to help you protect your money, as well as tools to help you plan for retirement.
Important: Start your membership by creating an account here and filling in all of the information (Do not skip this step!) Doing so will allow you to take up 25% off your AARP membership, making it just $15 the first year with auto-renewal.
Staying on the road can get expensive
/images/2023/01/04/man-refilling-gas-in-rv.jpeg)
Gas prices across the country are still high right now, and RVs use a lot of fuel just to stay on the road and run the heat and electricity while you trek across the country.
And then there are fees for parking, emptying sewage, and insurance. If you don't have a lot of flexible income to put towards your operating costs, your "open road" may become a lot more closed in.
You tend to be cold often
/images/2023/01/04/senior-woman-lost-in-thoughts-while-holding-cup.jpeg)
RVs don't typically have a lot of insulation. If you're the type of person that tends to run on the cooler side, that could be a problem.
RV walls are thinner, and that often means you'll feel the weather conditions throughout the year, especially the cold fronts.
Hot weather can be bothersome to some people too, and running the AC all of the time really adds to fuel costs.
Trending Stories
You have health care issues
/images/2023/01/04/senior-couple-worrying-on-couch.jpeg)
Health care costs while you're on the road can be higher than if you're living at home. That's because your insurance may not cover doctors and medical facilities throughout the country or out of network.
Policies with nationwide coverage could cost more if they're even available to you. Even if you're healthy, a simple illness or accident could become expensive to pay out of pocket.
As you age into Medicare, you may find some more flexible policies and supplemental plans to help cover those costs.
You want privacy and space
/images/2023/01/04/senior-african-american-man-reading-book-on-couch.jpeg)
If you're one of those people who enjoy taking a book into a quiet area of the house to be left alone, that's not going to be easy to do in an RV.
And when you're parked next to other RV users, there's also not a lot of privacy, even with blinds.
Many people live in a home over 1,500 square feet or larger. By comparison, an RV may have around 300 square feet of living space, making for some tight, uncomfortable, and less private areas.
You don't do well when things break down
/images/2023/01/04/senior-man-receiving-shocks-from-jumper-cables.jpeg)
The more you take to the open road, the more your RV is going to need repairs and maintenance. It's just the way it works.
If you're the type of person who becomes irritated and frustrated when breakdowns occur, or you don't like it when your plans are disrupted, RV living isn't going to be ideal. You'll also need to put money put aside to handle these costs.
Bottom line
/images/2023/01/04/senior-woman-driving-rv.jpeg)
Selling it all and hitting the road sounds romantic, and no doubt you've worked hard for this freedom. But think it through. Retirement life in an RV may not be the best for you.
Don't forget that you need to be active, a problem-solver, and someone who doesn't mind meeting new people often. If that doesn't sound like you, you may want to find a different way to retire early.
On the other hand, RV life can be a great way to spend retirement, and some people love it. Just be aware that the RV lifestyle and costs may not be for you.
FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment. Our partners do not influence our ratings.
LendingClub LevelUp Savings Benefits
- Earn up to 4.50% APY2 <p>LevelUp Rate of 4.50% Annual Percentage Yield (“APY”) is applied to the full balance of LevelUp Savings accounts that receive a total of at least $250 in deposits during the Evaluation Period. Otherwise, accounts will earn the Standard Rate of 3.75% APY. Interest payments, account bonuses, account credits and reversals or refunds from the bank are not considered deposits for rate evaluation purposes. All LevelUp Savings accounts earn the LevelUp Rate at account opening and continue to earn the LevelUp Rate until the First Evaluation Period, to provide an opportunity to set up deposits. </p> <p>An Evaluation Period is a statement cycle. The First Evaluation Period will be the third statement cycle after you open your account, with any rate change becoming effective the next statement cycle. For example, if you open in August, the first Evaluation Period would be October with any rate change effective in November. Any rate changes will take place on the second business day and will be based on deposits in the previous statement cycle. </p> <p>APY accurate as of 2/12/2025. Rates are variable and subject to change at any time without notice, at the sole discretion of the bank. Fees may reduce earnings. $0 minimum opening deposit.</p> with LendingClub’s LevelUp Savings when you deposit $250+ per month. Member FDIC.
- $0 monthly maintenance fee; $0 minimum balance and no minimum to open required.
- Download the LendingClub app to seamlessly manage your account.
- You can choose to get an ATM card for fast access to your money.
FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment. Our partners do not influence our ratings.
Subscribe Today
Unlock the Best Banking Deals and Bonuses
From high-yield savings accounts to cashback checking and sign-up bonuses, we bring you the best banking offers to grow your money smarter.