6 FUN BABY BOOMER RETIREMENT ACTIVITIES THAT ARE BOLSTERING THE ECONOMY

Baby boomers are the wealthiest generation in America. Despite being only 20% of the population, they own more than 52% of the country’s wealth, according to Federal Reserve data. The youngest baby boomers are currently 60, and many of them are choosing to retire or are actively retirement planning.

With substantial life savings and pensions, boomers are well-positioned for retirement, and they’ll now have the free time to spend their wealth. This combination of time and financial resources means that boomers can significantly impact the economy through their spending habits. According to the Bureau of Labor Statistics, out of all generations, baby boomers currently spend the highest percentage of their income on entertainment, food and household furniture and equipment.

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Whether it’s traveling, pursuing new hobbies or simply enjoying entertainment and sports, retirement activities can contribute to a wide range of economic sectors, making baby boomers a key demographic in driving market trends.

Here are a few activities for retirees that can boost the economy.

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Traveling

Many retirees now have both the time and the resources to travel, so it’s a great opportunity to see more of the world. Traveling will be a personal bucket list item for many, but it can also be great for the economy. Tourists can boost several sectors, including airlines and hotels as well as local businesses and restaurants.

The cost of travel varies widely depending on the destination and the type of travel experience one seeks. For instance, a typical domestic flight might cost anywhere between $100 and $500, but round-trip international fares can easily exceed $1,000.

For those looking for a more structured travel experience, package tours present a cost-effective solution. These packages often bundle various elements, such as accommodations, guided tours and meals, which can streamline expenses and simplify planning.

Fitness and Wellness

Maintaining one’s health through physical activity is essential for retirees, many of whom may join gyms, participate in yoga classes or attend wellness retreats. These activities not only support personal health and wellness but also benefit the economy by increasing the demand for health clubs, personal trainers and wellness tourism providers.

The financial commitment can vary widely. A typical gym membership might cost $20 a month or more, and retirees can expect to pay $15 to $25 per yoga session. Wellness retreats, offering more comprehensive health services, can vary in cost from hundreds to thousands of dollars, depending on the location and length of stay.

Spending Time Outdoors

Retirees might choose to engage in outdoor activities like cycling, golf or hiking. These activities provide both physical benefits and the chance to enjoy social interactions. They can stimulate the sporting goods and outdoor recreation sectors through the purchase and rental of equipment and services such as lessons and tours.

The costs associated with these hobbies can vary. A new bicycle may cost anywhere from $100 to over $1,000, and golf course fees can range from $25 to $100 or more per round, not including the price of the equipment or a membership.

Learning Something New

Workshops and hobby classes can be engaging ways to enhance your skills and fill your leisure time. Local community centers, libraries and hobby shops often host sessions on a variety of topics, from pottery and painting to cooking and woodworking. These workshops provide practical, hands-on experience and a chance to meet other people with similar interests.

In addition to informal workshops, retirees can also explore options for continuing education. Community colleges and adult education centers offer courses ranging from creative arts to practical technology skills. These courses are designed to be accessible and cater to retirees. Continuing education courses are a great way for older adults to stay intellectually engaged and keep up with modern trends and technologies.

The costs for these activities can vary, but they generally include a fee for the workshop itself, which covers materials and instruction. For those interested in more in-depth exploration, private lessons can be found in nearly any field, including music, photography and even digital skills like coding or graphic design.

Many retirees may enjoy joining clubs or groups focused on specific hobbies, such as knitting circles, gardening clubs or book clubs. These groups often have minimal costs associated with membership or materials, providing a cost-effective way to learn, socialize and enjoy new activities. The investment in these activities not only supports local businesses and educators but also enriches retirees’ lives with new skills and friendships.

Enjoying Live Entertainment

Attending live entertainment events such as concerts, theater productions and comedy shows can be a great pastime for many retirees. Live entertainment boosts the local economy by increasing patronage at theaters, concert halls and other venues, as well as benefiting nearby restaurants and parking facilities.

The cost of attending live entertainment varies based on the type of event, the venue and the seating arrangements. Tickets for a community theater might be quite cheap, while seeing a Broadway show might cost around $150 or more.

Supporting Sports Teams

Many retirees enjoy supporting their local sports teams, whether by attending high school games, college matches or professional sporting events. Cheering on a local team boosts your community spirit and stimulates the local economy through ticket, sports merchandise and concession purchases at the games.

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