A new study in the Journal of Financial Planning looks at how retirees spend their time as opposed to people who are still working, and the results are pretty enlightening. Full-time workers spend an average of 447 minutes per day (nearly seven and a half hours) working. Where does that time go in retirement?
A full hour - exactly 60 more minutes - goes to sleeping. Television and movies pick up even more time, an additional 126 minutes, or more than two hours. In addition, household activities like cooking and gardening consume a lot of that extra time. Retirees spend an average of a half hour per day on "lawn, garden and houseplant care."
The upshot is that expenses tend not to rise very much if at all for retirees, who tend to add low-cost activities to their schedules to make up for the work hours. That's one reason retirement can be less expensive than many people expect.
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