4 Worst Hobbies Financially For Retirees
Retirement is a time when you can finally relax and enjoy your hobbies. However, some hobbies can be quite expensive, and your pastimes could do a number on your retirement budget.
Learn More: 10 Expenses Most Likely To Drain Your Checking Account Each Month
Know: 5 Genius Things All Wealthy People Do With Their Money
Here are the four worst hobbies financially for retirees and what they cost annually.
1. Golfing
While golf can be a great way to stay active and social, the costs associated with the sport can quickly add up. One of the biggest expenses is the cost of membership and green fees, which range from hundreds of dollars to over $1 million. Even public courses can be expensive to play at, with some charging hundreds of dollars per round. If you want to get coached by a professional, that will cost you too.
Even one-time expenses associated with the sport, such as clubs and dress-code appropriate athletic wear, will set you back hundreds if not thousands of dollars. If you’ve always dreamed of golfing in retirement, you’re probably looking at around $5,000 to $10,000 annually for this hobby.
2. Boating or Sailing
Even if you already own a boat before retirement, there are high maintenance costs associated with cruising around on the water. Marina and storage fees can add up quickly, especially for larger boats. Annual marina fees can range from $18 to $22 per foot per month, or $3,000 to $4,000 just for the summer season. This doesn’t include not including off-season storage costs, which will run you another $500 to a few thousand dollars.
Routine maintenance such as oil changes, bottom cleaning, and replacing worn parts can cost about 10% of the price of the boat annually, so usually $1,000 to $2,000 per year. Larger repairs such as engine overhauls or hull repairs can cost $10,000 or more. Insurance will cost 1.5% of the boat’s value, costing a few hundred dollars a year. Fuel costs can range from $1,000 to $5,000 per year, depending on the size of the boat and how often it is used. These expenses make boating or sailing a retirement hobby that will cost you $6,000 to $10,000 (or more) per year.
3. Equestrian Sports
Horses are majestic, but they’re also expensive. Since horse riding and equestrian sports are hobbies that involve live animals that require special care, there are high costs associated with horse ownership and horse riding. Riding lessons will run you $45 to $100 per lesson, which is $2,300 to $5,200 yearly for weekly lessons. But even before that, you must pay for your horse’s upkeep.
First, your horse will need a place to live, and if you are boarding them somewhere, expect to pay around $6,000 to $10,000 per year just for the equine equivalent of rent. Then, horses require specialized feed, supplements, and water, which costs $1,000 to $1,700 per year. Health care, including dental care and hoof maintenance, runs $1,500 to $3,000 per year. Overall, a single horse will cost $5,200 to $13,000 per year to take care of, and that does not include the cost of riding lessons or memberships.
4. Car Restoration and Collecting
Restoring vintage cars or collecting classic cars can be popular retirement hobbies, but you better have a chunk of your retirement set aside just for the associated costs. Restoring vintage cars can be costly, with annual expenses varying depending on the extent of restoration and the specific needs of the vehicle.
These costs include parts and materials, labor, storage, insurance, and registration fees. The cost of parts and materials can be significant, especially for rare components. Additionally, skilled labor for specialized restoration work can contribute to your annual expenses. It is estimated that restoring a single classic car can cost between $40,000 and $60,000. If you’d rather purchase a restored model instead of putting in the elbow grease, your costs can easily exceed six-figures.
Cheap Hobbies That Earn You Money
Not planning to blow your retirement savings on pricey hobbies like golfing, boating, equestrian sports, or classic cars? Check out these six cheap hobbies that will make you money.
More From GOBankingRates
This article originally appeared on GOBankingRates.com: 4 Worst Hobbies Financially For Retirees
