What’s one of the biggest perks of retirement? For many, it’s having a flexible schedule – and more time for the things you love. According to research, retirees are expected to spend a collective 2.5 trillion hours of leisure time1 over the next two decades. So, how are they planning on spending this time? You might have guessed it – entertainment. After all, retirement years are called the ‘golden years’ for a reason!
But it’s no secret that entertainment comes at a cost – with data revealing that people ages 65 and older spend an average of $2,282 annually on entertainment activities2.
In adjusting to a fixed-budget retirement, balancing these costs with your lifestyle can present challenges. And if you could use another source of cash flow to supplement your retirement income, tapping into your home equity with a reverse mortgage may be a viable option.
1 https://agewave.com/media_files/05%2012%2016%20PlanAdvisor_Boomers%20Have.pdf
2 https://www.sofi.com/learn/content/typical-retirement-expenses/
