Retiring in Florida? 15 Worst Hobbies for Your Wallet

Retirement is a great time to take up new hobbies. After all, you probably have more time on your hands. So why not learn a new skill or start a collection of something you’ve always admired?

While starting a new hobby in retirement has many benefits, it can also be full of financial pitfalls. Few hobbies are free to take up, and often, the more you get into something, the more it costs.

As this list reveals, some hobbies are more expensive than others. If you’re thinking of moving to Florida and buying a boat, taking up golf, or collecting art, proceed with caution!

1: Boating

If you’re looking to sink your money into a hobby, buy a boat. Whether you’ve always dreamt of learning to sail or have a sudden urge to fish in a nearby lake, buying a boat is almost always a financially bad choice.

While boats can be enjoyable, they tend to be money pits. They’re not cheap to buy, and the maintenance costs are often sky-high.

According to Bankrate, boats cost between $10,000 and $900,000 (up to $15 million for a yacht). You can expect to spend at least 10% of the purchase fee on yearly maintenance. In addition, you’ll need to factor in dock fees, trailer fees, and winter storage costs.

2: Golf

Want to hand over vast amounts of green for a few frustrating hours a week? Try golf.

The sport is appealing to retirees because of its benefits. You get plenty of outdoor time with a built-in community of friends, and it’s a great way to get your daily recommended steps in.

Although golf is known for being a fun sport, it isn’t cheap. A set of clubs and regular green fees are only the beginning of the costs. More often than not, golfers end up joining expensive clubs, signing up for lessons with pros, and entering tournaments, all of which can get very expensive.

3: Horses

Horseback riding has huge benefits. The bond between humans and horses is unmatched, and spending a day in the saddle can be an incredibly rewarding experience.

But, if you’re trying to live frugally in retirement, anything equestrian is probably a bad idea. Horseback riding lessons aren’t cheap, and costs jump significantly if you decide to own your own horse.

On top of the cost of the horse, Horse Illustrated notes that you’ll have to pay boarding fees (unless you own enough property to keep a horse), the cost of food, and the price of veterinary care. Altogether, horses as a hobby are exceptionally expensive.

4: Classic Cars

For some retirees, tinkering with a car in the garage all day would be a dream come true. Unfortunately, getting into classic cars is a high-cost hobby that might not make sense in retirement.

According to JD Power, buying a classic car can be a good investment as some retro vehicles increase in value by as much as 20% as time goes on. However, maintenance and insurance costs about 20% of the car’s value on average. You’ll also have to factor in the cost of any restoration work.

5: Photography

During retirement, you might find you have more time to observe the world. A beautiful sunset, the first spring blooms in your garden, and, of course, your grandchildren are all worthy of a photo.

If you decide to get into photography, though, beware. Photography isn’t an inexpensive hobby. A quality DSLR camera can cost over $1,000, and you’ll also need lenses, a tripod, and editing software.

6: Skiing

Few retirees decide to learn to ski after age 60, but many have been skiing on and off throughout their lives. Those who have might decide to immerse themselves further into the ski-bum lifestyle when they leave their jobs.

Unfortunately, skiing is an expensive and risky hobby for a retiree. Lift tickets cost over $140 per day on average, and according to a 2009 study, the risk of tearing your ACL is high. Out of every 100,000 skiers each day, 30 to 70 of them will tear an ACL on average.

7: Cruises

If you’ve always wanted to see the world, taking a cruise, or seven, might be tempting. After all, you can hit multiple destinations in one relaxing trip.

But, as far as seeing the world goes, taking a cruise isn’t the most economical way to travel. Though packages may look tempting, there are often extra fees for each off-boat excursion, any alcohol you want to consume, and specialty meal choices.

8: Poker

Playing poker can be a fun game, and the occasional poker night with friends usually isn’t a big financial deal, even during retirement. However, if you make poker one of your regular hobbies, you could run into problems.

As one Cornell study showed, poker players who win more games typically lose more money. Researchers theorized that a number of small wins increase the likelihood of an occasional but substantial loss. So, even if you win a lot, playing poker regularly probably isn’t a good decision.

9: Art Collecting

Art can be an investment tool, but that doesn’t mean collecting it is a good way to spend your retirement. While the uber-rich could become richer by purchasing a Van Gogh or a Picasso, most retirees don’t have enough in savings to make that sort of investment.

Even if you do have enough to buy a big-name piece of art, you’ll find artwork is very illiquid. If you need to sell it during your retirement, you might run into difficulties. As MasterWorks explains, selling art “relies on personal relationships, followed by hefty legal negotiations that bring to light every issue that was overlooked when you bought the piece.”

10: Wine

Enjoying a glass of wine is one thing. Storing it up in your wine cellar as a show of wealth is another.

Though getting into wine as a retirement hobby might seem like a fun venture, it can quickly become an irresponsible financial choice. Good wine is often pricey, and the biggest oenophiles easily sink hundreds of thousands into their collection.

11: Home Brewing

At first glance, home brewing seems like a great hobby, especially if you’re a beer drinker. Once you have the equipment, brewing a 12-pack at home is typically cheaper than buying a pack at the store.

However, home brewing has hidden costs. It’s hard to get your brewing technique correct, so you can expect your first few ventures to end up down the drain.

Homebrewing can also be bad for your health. Having a beer isn’t a big deal, but it’s easy for one beer to become two or three. Doing that every day, especially after age 65, could lead to serious problems.

12: Pet Adoption

Your kids have fled the nest, and you don’t have a job to attend to, so retirement seems like a great time to adopt a pet. While pet adoption has many benefits, don’t trick yourself into thinking that it’s a financially good decision.

According to the American Kennel Club, the lifetime average cost of owning a small dog is over $15,000, but it could be far higher depending on the breed. Plus, owning a pet could limit your options during retirement. Downsizing your home, moving to a retirement community, or traveling is all much harder when you have a pet to consider.

13: Woodworking

Woodworking is a fun hobby, and it could even be lucrative if you’re good at it. Selling custom-built pieces is a great way to supplement your income in retirement.

However, most retirees who tinker with woodworking aren’t selling their projects. The cost of materials and necessary tools is high. Plus, you’ll need a large garage or shop to work in, which makes it hard to downsize during retirement.

14: Playing Music

Whether you play the drums, a guitar, or the piano, music as a hobby isn’t cheap. If it brings you joy and you already know how to play, then continuing throughout your retirement isn’t a bad decision.

That said, if you’re trying to learn a new instrument in your retirement, you might be surprised at the cost. Most instruments are expensive, and you’ll need to maintain them with tuning, rods, and strings. You’ll also need to pay for lessons.

15: Coin Collecting

Rare coin investing can be a profitable venture, but few amateur coin collectors do a good job. Typically, if you’re collecting coins for fun in your retirement, you’re going to spend more than your collection’s worth.

Like other assets, coins are subject to market fluctuations. Their value will rise and fall based on demand.

Investing in coins can also be unpredictable. Two of the exact same coins can be worth vastly different amounts because of near indiscernible differences that only experienced coin collectors can detect.