You may grieve the loss of your old life, feel stressed about how you're going to fill your days, or worried about the toll that being at home all day is taking on your relationship with your spouse or partner. Some new retirees even experience mental health issues such as depression and anxiety.
Retirement greatly improves personal happiness, and its impact is significant and robust. Second, we found that retirement brings more happiness to those who have a college degree or less and have multiple children. The better the health status, the smaller the effect of retirement on happiness.
So those retirees who take care of themselves in retirement and maintain a healthier lifestyle are generally happier than those who do not. Happy retirees are fans of what Moss calls the “ings.” These are low-cost forms of exercise such as walking, swimming, biking, and hiking.
Research shows a connection between the early stages of retirement and cognitive decline, and numerous studies indicate that retirement can exacerbate a slew of mental health challenges, including anxiety and depression.
You may worry about managing financially on a fixed income, coping with declining health, or adapting to a different relationship with your spouse now that you're at home all day. The loss of identity, routine, and goals can impact your sense of self-worth, leave you feeling rudderless, or even lead to depression.
Among those looking ahead to retirement, many expect to step away from work at age 65, according to the 2023 Retirement Confidence Survey. Although 65 is the anticipated median retirement age, workers report retiring at a median age of 62, the survey found.
The 3 R's of a Successful Retirement Transition: Resiliency, Resourcefulness, and Renaissance Spirit. Individuals and retirement planning experts alike are recognizing that a successful and satisfying retirement experience depends on more than a healthy nest egg.
According to research from the National Institute on Aging in Washington, D.C., retirement after decades of being in the workforce can also be accompanied by anxiety, a low-level depression and even a sense of boredom, all of which can be expressed as fatigue.
The worst time to retire since 1929 turns out not to be the Great Depression, as most people would believe. In fact, the worst time to retire in history was 1966, followed by the Great Depression year of 1929.
How much do I need to save to retire? A good rule of thumb is that your retirement income should equal about 80% of your pre-retirement income, says Steve Sexton, financial consultant and CEO of Sexton Advisory Group, a retirement-planning company.
Overspending, investing too conservatively and veering away from your plan — these are some of the most common traps you can fall into on the way to retirement. The good news is that you have the potential to avoid them with a little discipline and forethought.
There's an emotional process that most people go through when adjusting to retirement. At first, there's a feeling of freedom. It's like you're on a vacation that's going to last forever. That sense of novelty wears off, however, and you will settle into a slower lifestyle.
Depression after retirement is also common. It's estimated that almost one-third of retirees in the United States develop symptoms of depression at this stage of life. Managing depression is possible, though, and self-care and support can make a difference.
Research shows most American seniors regret at least one aspect of their retirement planning. Saving for retirement is all about preparing for the future. But once they reach retirement age, many Americans find themselves regretting the past.
67-70 – During this age range, your Social Security benefit, if you haven't already taken it, will increase by 8% for each year you delay taking it until you turn 70. So, if your benefit will be, say, $2,500/month if you start at your full retirement age, it would be more than $3,300/month if you can wait.
Life Expectancy
If you retire at 65, you have a 76 percent chance of living ten more years, a 38 percent chance of living 20 more years, and a 5 percent chance of living another 30 years.
In the first year of retirement, there's a 30% reduction in short-term memory, said Mitch Anthony, author of “The New Retirementality” and retirement coach.
1. The Greatest Retirement Fear: Running Out of Money.
Most older adults have some fears of retirement — the worry about not having enough money, the idea of sitting around all day with nothing to do, or if your health will serve you. In fact, for many people who do fear retirement, it's more terrifying than death.
Many factors can affect someone's ability to acclimate to retirement, including financial status, health status, personality, and proximity to loved ones. But every case shares a central focus.