RETIREMENT IS A TIME TO pursue new passions, says Lisa Odoski, vice president and partner for advisory firm TFG Wealth Management in Newtown, Pennsylvania. “It’s the second phase of your life. It’s the best one,” she says.
That often means trying new activities that, depending on your interests, could get expensive. “The trick is to make sure your hobby is at least revenue neutral,” says Joseph Conroy, author of “Decades & Decisions: Financial Planning At Any Age” and financial advisor with advisory firm Synergy Financial Group in Towson, Maryland. The way to do that may be to look for hobbies that make money as well as fill your time.