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Before you worry about what hobbies to engage in IMO you'd better deal with that elephant in the room that is cause for unspoken concern.
Trust me, we don't just side-step the piles of elephant poop in the room.
Her hobby is field trialing (a form of dog training for those unfamiliar), and it is very expensive to compete on a national level. We make compromises now, and will continue to make them, and I am very supportive because she enjoys it so much and I like watching the dogs. My wife works hard and is definitely earning enough now to pursue this hobby, albeit on a limited basis. Most of our discussions revolve around projecting a future budget, including inflation for her to become more involved when she transitions to retirement. Also, managing expectations is a challenge due to her peer group. Most of her friends are rich and retired. Working full-time and competing on limited resources is difficult. That's more than enough about me. I really posed the question to learn more about how people transition their fun activities in retirement.Most of the threads on this forum are focused on how you transition from work and loss of work income, but very little on changing leisure patterns.
Since I am the OP, let me try to better explain my question. I was wondering if people spent 5% of their income now on a hobby, would that balloon to 25% when they retired and had more time for leisure activities, or would they have to switch hobbies due to expense? Do you modify the intensity or frequency at which you pursue the hobby? Are dwindling finances on a fixed income causing anyone to abandon their hobbies? or return to work? Has anyone decided to work part-time and delay "full" retirement as a method of funding their hobby?
Finally, I just have to ask, with a nom de plume such as "Tightwad", do you spend ANYTHING on hobbies?
Trust me, we don't just side-step the piles of elephant poop in the room.
Her hobby is field trialing (a form of dog training for those unfamiliar), and it is very expensive to compete on a national level. We make compromises now, and will continue to make them, and I am very supportive because she enjoys it so much and I like watching the dogs. My wife works hard and is definitely earning enough now to pursue this hobby, albeit on a limited basis. Most of our discussions revolve around projecting a future budget, including inflation for her to become more involved when she transitions to retirement. Also, managing expectations is a challenge due to her peer group. Most of her friends are rich and retired. Working full-time and competing on limited resources is difficult. That's more than enough about me. I really posed the question to learn more about how people transition their fun activities in retirement.Most of the threads on this forum are focused on how you transition from work and loss of work income, but very little on changing leisure patterns.
Since I am the OP, let me try to better explain my question. I was wondering if people spent 5% of their income now on a hobby, would that balloon to 25% when they retired and had more time for leisure activities, or would they have to switch hobbies due to expense? Do you modify the intensity or frequency at which you pursue the hobby? Are dwindling finances on a fixed income causing anyone to abandon their hobbies? or return to work? Has anyone decided to work part-time and delay "full" retirement as a method of funding their hobby?
Finally, I just have to ask, with a nom de plume such as "Tightwad", do you spend ANYTHING on hobbies?
i always say with my wife and i time is money and just the mear fact that in retirement we will have lots of time we expect our early retirement years to cost a bundle. i cant really put a percentage on what we spend on our hobbies as we never really added it up. i think if we did we would cringe...lol
the truth is if we couldnt afford our hobbies and enjoyments id just keep working... why bother we feel.
we will try to start a little photography business when we retire.
but hot news flash,... i was going to retire next year but an opportunity just presented itself this week in the form of a new exciting business venture and early retirement is now on hold.....
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
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I utilize volunteer activities to help 'support' my hobbies. Using equipment and supplies from the 'non-profit' or agency, to provide THEM with my results. I don't need any more junk myself. It is rewarding to come home empty handed for a change! I would rather work off my horticultural desires in a public park, instead of my yard, my cooking desires at a bi-weekly potluck or homeless shelter, and craft stuff for donation to orphans or the needy.
I also do hobbies as PT work so get a few bucks to do stuff I enjoy.
A 91 year old friend of mine helped build an airplane the last 2 yrs (for a mutual friend), so all the COSTS were covered by someone else, and the fun and enjoyment was a bonus.
It's like having grandkids, to be able to 'walk-away' from your hobby project and leave the clean-up for others!
My expensive hobby is taking classes, I will need to find a way to mitigate that by teaching / volunteering on campus.
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I was wondering if people spent 5% of their income now on a hobby, would that balloon to 25% when they retired and had more time for leisure activities, or would they have to switch hobbies due to expense? Do you modify the intensity or frequency at which you pursue the hobby? Are dwindling finances on a fixed income causing anyone to abandon their hobbies? or return to work? Has anyone decided to work part-time and delay "full" retirement as a method of funding their hobby?
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Disposable income is now substantially less than it was while working so while the percentage of income spent on hobby activities is still in the ~5-8%, the dollar amount is lower.
Have clearly changed intensity/type of some activities... used to take the car to the track regularly (requiring tires, brakes, fees, etc.) and now still participate in the car club but for pleasure drives and social activities; the competition events are just too expensive.
I doubt I would go back to work to support hobby activities.
When I worked, I had no time for hobbies; I had no need for hobbies; I had no desire for hobbies. I just engaged in all the leisure activities that would take me away from the stress of the workplace. That was hiking, walking, biking, swimming, cooking, reading, dining, meeting people etc. I did not define these as hobbies but just part of a daily life.
Now that I do not work, I have no time for hobbies; I have no need for hobbies; I have no desire for hobbies. I just engaged in all the leisure activities that I always were involved, as much as my physical condition and aging will allow; I still have the daily normal activities of life that is shopping, cooking, cleaning and house maintenance. So I do the same activities I did during my working years and they do the same--take me away from stress. Most of the activities were not very costly and most were free. Today these activities cost less because of senior discounts and most are still free. The old adage applies, the best things in life are free. I do not define them as hobbies and I do not have a need to budget for these activities, as I have enough money for what I want and desire; and what I want and desire is less. If a activity is expensive then it has to compete against so many free and low cost activities, so it just is not part of my life.
Many people find when they retire, they have so many activities in their lives, that it is difficult to fit them all in a day. It seems when I worked, I ignored or did not have the energy for extended activities that was pleasurable. Today, those pleasures of life are so many, it is hard to have enough time. I also see that most people do not do new activities when they retire, they just spend more time on the activities they always enjoyed; it would already been budgeted and the initial cost for buying into the "hobby" would have already been spent.
Since I am the OP, let me try to better explain my question. I was wondering if people spent 5% of their income now on a hobby, would that balloon to 25% when they retired and had more time for leisure activities, or would they have to switch hobbies due to expense? Do you modify the intensity or frequency at which you pursue the hobby? Are dwindling finances on a fixed income causing anyone to abandon their hobbies? or return to work? Has anyone decided to work part-time and delay "full" retirement as a method of funding their hobby?
Finally, I just have to ask, with a nom de plume such as "Tightwad", do you spend ANYTHING on hobbies?
In response to this part of your post.
In line with my nom de plume of Tightwad ALL of my cost for hobbies, and such, are fixed at a certain amount and when that money is gone the hobby must be either completed or in process with no further demand for additional funds. No hobby ,or activity, will be engaged in that requires endless funds to facilitate.
I find this to be possible by careful planning, deep research as to what will be needed to implement the hobby, and a careful calculation of monies needed to support the effort with a go or no go choice at the end.
Doing this I found that , with care, I can enjoy my hobby of limited cycling, shortwave radio listening, CB radio use, and limited trips to visit my grand kids plus my hobby of pipe smoking. I also enjoy audio books and several magazines and some limited yard work. Finally there is computer time which we enjoy greatly on our Mac computers.
At the end of the day IMO most retired folk's can do anything they want as long as they don't have unrealistic expectations of limitless funds or physical abilities. Life is full of activities that one doesn't have to throw money at to enjoy them. It just take a savvy mind to figure out what YOU like to do.
Some people dream of playing golf or going fishing 7 days/week once they retire. Personally, I have almost no hobbies, so thinking up something to do will be a different challenge for me, although my wife's hobby costs enough for both of us.
However, my question is, "How much are you planning to budget for hobbies when you retire?" or for those with experience being retired, "Is the amount going to hobbies what you planned? Is it enough? Will you be financially able to support your hobbies 5 to 10 years from now?
I never budgeted for hobbies. I actually have more discretionary money in retirement with less income. Going to work, I discovered, was an expensive activity.
Maybe figure out how much it costs you to go to work every month. How much do you spend on commuting? How much do you spend on clothes/shoes for work? How about dry cleaning/alterations? Eating out for lunch or buying it in a cafeteria? Coffee? Vending machines? Parties/gifts?
If your hobbies are done locally, your gasoline costs will probably be a lot less when you fill the tank less frequently. The wear and tear on your car may be less and your insurance rates may drop as the mileage you do, drops. Or, you may be dropping 5 day a week public transportation costs. If you live in cheaper than work, play clothes in retirement, that get tossed in the washing machine, that's a huge savings. Jeans/tee shirts/polos - washing machine. Ever figure out what you spend for lunch every month? You'll still eat out on occasion but I doubt if it will be 5 days per week. Bet you drink less coffee, too, that you now probably purchase by the cup, 5 days a week. Vending machines or chipping in for parties/gifts...nah. I'm telling you, going to work is expensive.
I expect to convert my commuting costs, probably about $300/month, from work expenses to travel for fun and hobbies. Unfortunately I don't see much else for work related expenses. My work uniform is basically dockers or a grade up, dress shirt and tie. I only wear wash and wear stuff. In fact it has been years since I have sent anything for dry cleaning. I will not see much of a clothing cost reduction. In fact I need to upgrade some of my outdoor clothing and will probably see increased costs for a year or so. My workplace provides free coffee and I have been bringing my lunch to work.
My savings are going to comes from relocation. The mortgage will go away and overall costs will drop another 30% or more.
Another big source of savings will be taxes. Little or no taxable income means little or no taxes. I should "save" a good 20 or 30% on taxes. Unfortunately my healthcare insurance costs will get worse, not better.
I never budgeted for hobbies. I actually have more discretionary money in retirement with less income. Going to work, I discovered, was an expensive activity.
Maybe figure out how much it costs you to go to work every month. How much do you spend on commuting? How much do you spend on clothes/shoes for work? How about dry cleaning/alterations? Eating out for lunch or buying it in a cafeteria? Coffee? Vending machines? Parties/gifts?
If your hobbies are done locally, your gasoline costs will probably be a lot less when you fill the tank less frequently. The wear and tear on your car may be less and your insurance rates may drop as the mileage you do, drops. Or, you may be dropping 5 day a week public transportation costs. If you live in cheaper than work, play clothes in retirement, that get tossed in the washing machine, that's a huge savings. Jeans/tee shirts/polos - washing machine. Ever figure out what you spend for lunch every month? You'll still eat out on occasion but I doubt if it will be 5 days per week. Bet you drink less coffee, too, that you now probably purchase by the cup, 5 days a week. Vending machines or chipping in for parties/gifts...nah. I'm telling you, going to work is expensive.
LauraC makes an important point here that once relieved of "The Cost of Working" the new retiree will suddenly have money they didn't expect to have. It really is kind of amazing how much money people invest in a job just to work there.
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