- December 16, 2018
- Posted by: Ethica Private Wealth
- Category: Blog
Getting ready for retirement can be an exciting and uncertain time. When you retire, you’ll probably be blessed with an abundance of free time and when you’ve never had this before it can sometimes be hard to find meaningful ways to fill it. In terms of financial planning, too much free time can be detrimental to your budgeting, as boredom is one of the main reasons people spend too much money. If you’re heading towards retirement in the next few years, it may be time to start thinking about how you’re going to fill your time, as this can help you to ensure your savings are enough to fund the lifestyle you envisage. In this article, we’ll take a look at some of the most popular retirement hobbies, and how much they will cost to fund.
Travelling is without a doubt one of the most popular hobbies that retirees engage in. For many people, their careers cause them to be unable to fulfil their travel goals in their younger years, and so they dedicate their whole retirement years to exploring the globe. If you’re considering travelling during your retirement, the good news is that it can be tailored to fit any budget. If you’re on a tight budget, you can consider emigrating to a country that has a lower cost of living in order to save a few dollars. Alternatively, if you have a lot of hard-earned cash to enjoy, you can jet set, cruise or luxury travel your way around the world at whatever pace you choose.
Volunteering is an extremely popular and fulfilling way to enjoy retirement. For a lot of retirees, retirement is the first time they don’t have to consider the financial impact of their life choices. This is why volunteering is popular, as it allows people to experience new things, give back to society, and enjoy the fulfilment of knowing that they are making a difference, without being a financial burden. For those on a tight budget, volunteering can also offer an opportunity to travel and enjoy new experiences, without making a huge dent in your savings. Businesses, charities, and individuals across the world are constantly on the hunt for helpful hands, free of charge, and they will often offer food, accommodation, and a chance to meet new people in return.
3. Family Time
Spending time with family is one of the things that most people look forward to when they retire. Depending on your family circumstances, this can either be cheap or extremely expensive. If you live near your family, family time is often free and in abundance. For people that live far away from their close family, spending time with them can create more of a financial burden. When planning for retirement, consider how much you will spend on travel to visit your family and factor it into your budget. If you think that the cost of regular travel is too much, it may be a good idea to consider relocating closer to your family as this could save money in the long run.
For some people, retirement doesn’t signal an end to work, but rather a change in the way that they work. Retirement can offer the time and financial security required to finally pursue business ideas that have been on the back burner for a long time. If you’re considering pursuing a business venture, think about how your earnings will impact your pension when you begin planning. If you’re thinking about investing your retirement fund in order to see returns, then you should also be wary of risky investments, as it’s quite easy to fall victim to retirement investment scams.
5. Arts and Crafts
As most artists will tell you, pursuing creative tendencies can be a long and drawn out process. For people that work full-time jobs, it can often be difficult to fit in artistic pursuits around their regular schedule. That’s why arts and crafts is one of the most popular ways to fill your time during retirement. In terms of the financial impact of arts and crafts, the amount it will cost really depends on what type of art you choose to do. Art supplies like paints, canvases and other materials usually don’t cost that much but really specialist items can become pricey. If you’re retiring on quite a tight budget, you could also consider supplementing your retirement fund by selling your pieces in your local area or online.
6. Exercise Classes
When they retire, many people find that they have a lot less social interaction than they used to when they were working full time. For this reason, there are a lot of clubs specifically aimed at the 60+ age range for exercise and other activities. Exercise classes can be a good way to stay in shape and make friends who also have a similar schedule to you. If you’re taking part in exercise classes regularly, it can be a good idea to find out if you can pay for memberships or package deals in order to save money. Gyms and exercise clubs will often have off-peak memberships available, which are perfect for retirees who are happy to take part in the daytime activities and save a bit of cash.
7. Baking and Cooking
Baking can be a great way to fill your time and learn a new skill. If you have grandchildren or family members, share your treats with them and test out new bakes. If you’re concerned about the cost of the ingredients, you can always offset some of it by selling your fresh-baked products at local farmers markets to make a little extra spending money. Even if you decide not to sell your products, baking is usually a cheap hobby that is quite affordable, whatever your retirement budget may be.
Retirement can be a great opportunity to pursue your favourite hobbies, as long as you are properly prepared
If you need a hand in ensuring that your savings can stretch far enough to cover your hobbies when you retire, why not contact a professional like the advisors at Ethica Private Wealth Specialists on the Sunshine Coast for help and advice about your retirement planning.