Whatever you are motivated to do frequently and for a long time and is also weight-bearing, is going to do the most good.
If you enjoy it so much you forget how long you've been doing it, it makes it easier. But swimming takes the weight off your joints, so it is easy on your body and you can tone up, but you don't lose much weight with it. It can still do important strengthening that could help you progress to weight-bearing exercises. So it's whatever you will do. If you can stand to jump rope, that's a huge calorie burner.
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