Yahoo Finance 25 Cheap Things to Do in Retirement
In this article, we will take a look at the 25 cheap things to do in retirement. If you wish to skip our detailed analysis on how to enjoy life after retirement and 101 cheap things to do, check out 10 Cheap Things to Do in Retirement.
How to Enjoy Life After Retirement?
About 1 in 6 retirees are considering a potential reentry into the workforce, notes CNBC. Having been out of the workforce for an average of 4 years, these retirees want their jobs back now that inflation levels have risen and a comfortable retirement now costs $1.27 million. However, the study highlights that needing more money and inflation aren't the only things pushing retirees into "un-retirement." In fact, 52% of the respondents highlighted that they were "bored" and wanted to return to work.
While many retirees can return to work and un-retire when they want, only some seniors get the chance to. Reasons such as health concerns, lack of skills, and even age bias can hinder getting them jobs. Therefore, the first thing to do when you retire is plan how to spend your retirement years. A 2019 survey by the British National Citizens Service found that, typically, retirees grow bored only a year after retirement. For such people, it is important to come up with fun and cheap things to do that can keep them busy and entertained throughout their retirement years.
Some cheap things to do after retirement include getting an aquarium, learning a musical instrument, carving soap, and even making candles. Getting an aquarium is reasonably affordable and requires less maintenance. Seniors can keep themselves busy changing the water, cleaning the tanks, and feeding the fish. Buying a musical instrument such as a harmonica can cost as much as $20, and learning it is also pretty easy. Candle-making and carving soap are also hobbies that can be pursued under $30-$40.
101 Things to Do When You Retire
Retirees looking for unique stuff to do after retirement can engage in activities such as beekeeping. Making honey requires dedication and patience, costing about $400-$600 in the process. However, raw honey is said to have 4.3 times more antioxidants than store brought ones, a healthy endeavor to take on considering the ample time at a retiree's disposal. Some other unusual things to do in retirement are brewing your own beer, roasting specialty coffee, and baking bread.
For empty nesters and retirees surviving on social security only, there are many free things to do as well. Some free things for retirees to do include bird watching, exercising, participating in paid online surveys, and surfing the internet. For those wishing to go a step further, there are many fun hobbies that can make get you paid as well. Some retirement hobbies that make money include babysitting, beekeeping, or starting a business on eBay Inc. (NASDAQ:EBAY) or Amazon.com, Inc. (NASDAQ:AMZN). There is a huge chance that seniors have an antique collection of record albums, toys, or clothing they wish to sell out. If they do, they can do so at eBay Inc. (NASDAQ:EBAY). Even better, they can buy low and sell high to make profits on other items.
Another option for seniors is to search flea markets and thrift stores for books and CDs, and then sell them on Amazon.com, Inc. (NASDAQ:AMZN). Those wishing to go a step further can also learn and build a sustainable dropshipping business on Amazon.com, Inc. (NASDAQ:AMZN). Seed money costs as much as $500, and tools and training can cost an additional $500, too. Once you scale, your Amazon business can turn out to be quite profitable. 20% of sellers report having a profit within three months, yet it can take as much as two years for others to profit from this venture.
Copyright: auremar / 123RF Stock Photo
Methodology
In order to compile the list of easy and cheap things to do in retirement, we surveyed plenty of forums on Quora, Reddit, and others to explore the various activities retirees consider cheap and fun to do in retirement. We also checked out various retirement articles to see what they were recommending on platforms such as Money Talks News, Retirement Tips and Tricks, and Grip Room.
Next, we began assigning scores to each activity based on the number of times they were recommended. Each time an activity was recommended on a forum or a source, it was awarded a point. Activities are then ranked in ascending order from the lowest to the highest scores.
Here are the 25 cheap things to do in retirement:
25. Grow a vegetable garden
Insider Monkey Score: 4
Reconnect with nature and reap the benefits of good health by growing your own vegetable garden. This cheap retirement activity requires an ideal location which receives at least 6-8 hours of sunshine. The average cost of a vegetable garden can be anywhere between $200-$300, yielding about $600-$700 worth of vegetables and fruits. Retirees who wish to take it slow can start with only one vegetable. A tomato seedling or plant comes as low as under $5.
24. DIY art projects
Insider Monkey Score: 6
DIY art projects is among the best cheap things to do in retirement years. One senior on Reddit shares her experience of painting her walls with $30 worth of spray paint and ending up loving the experience. Similar to this user, retirees can take up numerous DIY arts and crafts projects to help turn on their artist mode and keep them stimulated. Some other craft ideas seniors can take up include painting terracotta pots, glass painting, pebble or stone painting, and creating holiday wreaths.
23. Learn a musical instrument
Insider Monkey Score: 10
According to research, playing music can decrease anxiety and depression. Seniors especially benefit from playing music as it helps them bring back old memories, improve cognitive processing speed, and even slow age-related cognitive decline. Some of the easiest musical instruments to learn for retirees are the Djembe, tambourine, and harmonica. Harmonicas cost between $30-$90, tambourines are cheaper, and the Djembe can cost $100-$200. Seniors can also enroll in a music class to enhance their social circle and look forward to learning music.
22. Learn wood crafting
Insider Monkey Score: 12
There’s no time to learn a new craft like retirement. With ample time on your hands, learning something new can help you have fun and keep yourself occupied too. Like other hands-on crafting hobbies, woodworking is a brain-stimulating activity that seniors can start. They can enroll themselves in a woodworking class near their home. Basic woodworking projects can be started with a few hundred dollars.
21. Participate in online surveys
Insider Monkey Score: 13
Would you like to share your opinion with others? Chances are, you might even get paid. Seniors can be an excellent source of information based on their wealth of experience. Researchers are always looking for such people, and paid surveys can be a good chance of sharing opinions and getting paid for them.
20. Rescue abused animals
Insider Monkey Score: 16
Rescuing abused animals is a fulfilling and fun hobby to pursue in retirement. Anyone can pet an animal, but it takes dedication and passion to help out such furry friends in need. If you're not sure where to start, begin by volunteering at rescue shelters and similar organizations. These animals need to be fed, groomed and provided with much-needed companionship that they have been deprived of.
19. Roast your coffee
Insider Monkey Score: 17
Roast your coffee and create specialty coffees for friends and family. Not only is this a great way to keep yourself occupied, but it also allows you to make coffee that is full of flavor. Roasted beans can begin losing flavor over time. However, green coffee beans can be stored longer without any flavor loss. Incorporate different varieties of green beans to concoct flavors that will make you never want to go to Starbucks again. Roasting coffee can cost $5-6 per pound, with exceptional flavors costing as much as $30.
18. Play board games
Insider Monkey Score: 19
Buy a board game you love and never get bored in your life again. The average price of board games can be anywhere between $20-$45, making it one of the cheapest things to do in retirement. Considering it's a one-time purchase, it is certainly worth it for all the fun times you will have playing it with your friends and family. Some popular board games you can try are chess, scrabble, monopoly, and snakes, and ladders.
17. Go on an adult camp
Insider Monkey Score: 20
We all know about the summer camps they have for kids but have you tried out one as an adult? Adult camps can be a fun way to explore nature, connect with people, and keep yourself busy as a bee. Sleep in bunks, go on canoe trips and eat some tempting camp food along the way. Day camps cost $200, on average, while night ones can be a little expensive.
16. Home renovation
Insider Monkey Score: 22 Home renovations don't always have to be costly. In fact, the internet is filled with home renovation ideas that empty nesters and retirees can try to renovate their homes. Some cheap home improvement ideas include refreshing your walls with paint, adding senior-friendly features, and decluttering and re-organizing your closet. Clothes that you no longer wear can be sold on marketplaces such as eBay Inc. (NASDAQ:EBAY).
15. Start a plant business
Insider Monkey Score: 23
Everybody grows a few plants for fun, but have you considered starting a business out of it? Not only can a business keep you occupied, but also help in generating an income to supplement your social security. Succulents are a hot favorite right now. Grip Room reports that you can buy them on wholesale for as low as $2 and sell them for at least $10.
14. Get an aquarium
Insider Monkey Score: 25
If furry friends aren’t your thing, consider getting an aquarium instead. Cleaning the tank, changing the water, and feeding those little fish can be a very satisfying hobby to pursue. Watching fish is also a way seniors can reduce their anxiety and reap other health benefits, such as lowering heart rates and blood pressure. This pastime is reasonably affordable too. According to the American Society for the Prevention of Cruelty to Animals, keeping a dog costs $1,500 a year, while a tiny fish costs only $200.
13. Brew your beer
Insider Monkey Score: 26
More than just a DIY project, home beer brewing is an incredibly rewarding and satisfying hobby to pursue. The ample time at the disposal of retirees grants them the opportunity to unleash their inner brewmasters. A wide array of recipes can help them create unique concoctions they can serve to family and friends. The basic home brewing kit costs about $200, and the average cost per kit is around $30. The major draw of brewing your own beer is that it saves hundreds of dollars spent on store-bought ones.
12. Bike
Insider Monkey Score: 28
Another cheap thing to do in retirement is riding a bike. Bike riding can be an exciting opportunity to connect with nature, explore the outdoors, and give your body some much-needed, low-impact exercise. Seniors can get together for bike-a-thons, cool scenic tours, and other community events that will get them up and cycling for hours.
11. Carve soap
Insider Monkey Score: 29
Do you watch those satisfying soap carving videos that are a rage these days? You may be pleased to know that you can make this your pastime, too. The internet is filled with oddly satisfying techniques for carving different designs of soaps, such as lotuses, leaves, and other beautiful designs. Carving a soap to perfection can take many hours; you must be careful not to break the soap.
Click to continue reading and see the 10 Cheap Things to Do in Retirement.
Suggested Articles:
Disclosure: none. 25 Cheap Things to Do in Retirement is originally published on Insider Monkey.