Don’t forget to budget for “accessories “.
I retired a year ago, you’ll love it. I spend my summers in the garage working on cars and reserve the cold weather for basement tinkering. I spend a fair amount of time 3D drafting then turning them into things... Have you considered CNC and 3D printing? If I had the money, I would own a Small CNC machine. Turning wheels is very rewarding and develops artesian skills, but cutting a steel, 40 tooth gear can get tedious and wears on my wrists and trigger finger. I would also buy a good, variable speed, metal saw.
I rebuilt my dad’s 1940s, 10” Atlas lathe, it’s rough, but with a new chuck it now runs true. I added a Grizzley G0704 mill. I cut steel, but I just use light cuts and feeds below the chatter point. Both machines serve me well.
Grab a machinist tool catalogue and start circling tools then add up the prices.
Dividing head / 3 and 4 jaw chucks
End Mills, 2,3,4 flute / Fly cutters / Collet set /Gear cutters
Tap and die, std, metric and mini sizes
Machinest drill index, HSS, Cobalt, Titanium / Starter bits, center drills
Steel rulers/ Digital calipers / Micrometers /edge and center finder / dial gauge
Boring bars, indexable turning tools / carbide, HSS, cobalt lathe tools
Machinest vices / quick change tool post holders
Many of these items I purchased as I discovered I “needed” them, and as my allowance dictated. But, it’s always nice to have a tool when you need it.
I added a DRO to my mill pretty cheap, but nice ones can get expensive.
I love this site and learn a lot from these guys. I read the new posts daily. Try looking at their shops and spotting what they hang on the walls. Good luck.
Here are a few things I managed with my humble machines...