Have you ever considered the costs of paying for your hobby during retirement? We recently came across some interesting numbers to help put this question into perspective for our readers.
A 60 year old retiree, who plays three (3) rounds of golf per week, would need to set aside a lump sum amount today of $138,000 to cover their green fees over the next 22 ½ years. This assumes that he or she pays an average fee of $36 per round, incurs a 4% inflation rate, experiences a 3% annual rate of return on the money saved and never loses any balls or replaces any equipment.
These statistics are not only fun to see but interesting in their magnitude…..$138,000 for golf! When you are seeking financial security in retirement, diligent planning is critical to your success. Just think about how big the number would be if you lost a few balls along the way!
Source: Center for Disease Control and BTN Research
