The transition to retirement isn't always easy, especially
the emotional adjustments, a new survey of retired Baby Boomers shows. About
two-thirds (69%) say they had challenges adapting to this change in their
lives, according to a survey of 1,000 people, ages 60 to 73, who retired in the
last five years from their primary profession and who have at least $100,000 in
investable assets. The survey was commissioned by Ameriprise Financial.
The toughest parts of retiring include missing the
day-to-day social connections with colleagues (37%); getting used to a new and
different routine (32%); and finding ways to give meaning and purpose in their
days (22%). That said, 76% say they felt in control of their decision to
retire; 52% say they were emotionally prepared. More than half (65%) say they
got adjusted to their new routine fairly quickly. In fact, 97% say they are
"somewhat" or "very" satisfied with their retirement
lifestyle.
Respondents said that making the decision was a process for
them. Other survey findings include:
• 35% say the main reason they decided to retire was because
they wanted more time to do the things they really love; 17%, felt financially
ready; 16%, no longer wanted to work; 16% were forced to retire by their
employer, were offered early retirement incentives or lost their full-time
jobs.
• 63% say they felt stressed about retirement leading up to
the decision; 25% say they still feel stress after being retired for some time.
• 47% said they felt ready to retire but had mixed emotions
about it; 25% said about one year before retirement their mindset was that they
"couldn't wait"; and 21% said they felt uncertain or not ready.
• 22% say they are spending more money in retirement than
they thought they would; 24% believe they underestimated their income needs;
28% are not spending as much as they had planned.
• 40% are volunteering.
• 11% have gone back to some kind of paid employment, with
5% doing something totally different than they did before; 5% are consulting or
doing something related to what they did before; and 1% started a new business.
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