Hobbies are seldom about what you need and almost always about what you want. Sometimes you really don't know if you like one aspect of the hobby until you try it as in do you want to buy a top end embroidery machine and/or a LA machine. So many have given conflicting advice that it is obvious this is a very personal issue and depends a lot upon what your income will be after you retire. If you will be living on SS your needs are very different than if you are going to be able to travel, go to quilt shows, send your quilts to a LA, etc and perhaps take a quilting cruise. If your income is going to have a big change I would consult a financial planner before I spent a large amount of money - or saved a large amount. Financial times are changing as we speak!