Most retirees find retirement doesn't live up to their expectations

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  1. BMF

    BMF Bad Mother....
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    If all goes as planned, I'm about 5 years away from 'retiring' (although I may do part time work). I hear people say all the time "I won't be bored when I retire!" or "I'll have no problem finding something to do". I have retired military and firefighter friends who have told me multiple times, "have a plan" and "you can get bored really quick". I rarely play golf or fish, I don't hunt, I don't play video games, and don't have 'card night' or anything like that, so I often worry about what will keep me busy - besides going to the gym, running, exercise. This article is interesting and talks about some of the concerns I have:

    Most retirees find retirement doesn't live up to their expectations

    Most retirees find retirement doesn't live up to their expectations

    After saving decades for their golden years, it turns out that retirement isn’t at all what people expected, according to a recent survey, with seniors wrestling with spending worries, forced retirement, and an identity crisis.

    “We expect retirement is going to be one thing and then when you actually get into retirement, as your priorities have changed, you're not as excited about doing things that you thought you were going to be excited about,” said Lori Lucas, president and CEO of Employee Benefit Research Institute.

    Fewer than 1 in 4 Americans think their current retirement lifestyle aligns with what they planned for their retirement to be, according to EBRI’s survey of 2,000 retirees from ages 62 to 75 conducted online in September.

    'Sudden fear and uncertainty about preparation'

    For instance, pre-retirement dreams of travel take a back seat as retirees’ focus recenters once people hit their third act. The leading priority is maintaining their health and wellness with 81% of retirees citing this, followed by quality time spent with family and friends at 68%. Traveling takes a distant third with less than half reporting it as a top goal.

    “You're more excited about the quality of your relationships, and things that are not going to cost as much as we thought they were going to cost,” Lucas said, noting retirees often struggle with the shift from a lifetime of saving to finally reaching the stage where they can spend freely.

    “Retirement is something people have worked for for their whole life and they prepare for it, but often leading into retirement there's this sudden fear and uncertainty about preparation,” Rob Williams, vice president of financial planning at Charles Schwab, told Yahoo Money. Retirees wonder if they have enough money and what’s a reasonable amount to live on, he said.

    For instance, nearly 6 in 10 of respondents wanted to spend down only a small portion of assets, spend none at all, or grow their assets.

    “They just want to have that nest egg in case anything happens,” as Lucas put it.

    'Retirement could come much sooner than they anticipate'

    A forced retirement also upends plans to continue working and ability to save — and it’s a common occurrence. EBRI found in a separate study that almost half of workers retire before they planned to. Be it layoffs, health issues, or other reasons, the timeline disconnect is a costly mistake for people who thought work was guaranteed.

    “Retirement doesn't always happen as we picture it,” said Stein Olavsrud, a certified financial planner and executive vice president at FBB Capital Partners. “Somebody going into their early 60s should be fully prepared that retirement could come at any time and it could come much sooner than they anticipate.”

    Retirement — whether forced early or not — can also trigger an “identity crisis” when transitioning out of a career, said James Ciprich, certified financial planner and wealth advisor with RegentAtlantic Capital. Take, for example, how people introduce themselves by mentioning what they do for a living when meeting others for the first time.

    “If somebody says, ‘I'm retired,’ then that answer is, ‘oh, what did you do when you were working?’ and it almost makes it seem like a less important existence,” said Ciprich, who suggests exploring how you’ll spend your time.

    'More of a phased retirement'

    “You want to have things that fill your time with meaningful activities to give yourself that sense of purpose that you might lose,” he said.

    Others may instead want to do a slow fade into retirement, replacing the old-guard cliche of being gifted a gold watch at a big retirement bash. Options for a phased retirement include consulting, professional mentorships, or working part-time to provide a happy medium of time to pursue passions and hobbies outside of work while still earning an income.

    “Making that transition to part-time work is much more common than it used to be,” Williams said. Modern retirement is “more of a phased retirement where you might be working full-time and not in an executive position or something, if you're fortunate.”
     
    • CGgater

      CGgater Gainesville Native
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      I don't have a "plan," but I have several ideas that will depend my financial position when the time comes.

      -My wife and I enjoy DIY renovations.
      -I hope to dive a little deeper into woodworking. Maybe make money, maybe just an expensive hobby.
      -Maybe buy a lake house or mountain cabin for airbnb investment. More DIY work there.
      -Community service opportunities at a VFW, Habitat for Humanity, etc.
      -Senior PGA Tour... jk, try to shoot better than 90 once a week.
      -oh yeah, continue to deal with you chuckleheads here at Ox's online madhouse.
       
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      • NVGator

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        Find something you love doing and do it over and over and over.

        Take up golf. You’ll meet some new friends and it’s something you can work to perfect.
         
        • BMF

          BMF Bad Mother....
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          One of the things I'm looking into is becoming a HS football referee and a baseball umpire (and possibly softball). It obviously wouldn't be for the money (although it would be beer money), but more for giving something to do and look forward to. I was considering getting into coaching, but that seems like a huge obligation. Whereas being a ref/ump you can decide to do a game or not.

          Wife wants a few airbnbs (we have one now, which we're selling soon when we move back to Florida), so that will keep me a little busy w/ handyman work (what I can do).

          I want to get a boat also....so we'll see where that goes.

          62 months and 18 days until retirement.....
           
          • deuce

            deuce Mentally Challenged
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            I retired in 2010..... hated it, went back to work and will never retire again unless my body just completely falls apart.

            Turns out, my hobby is working, who would have guessed.., LOL
             
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            • TheDouglas78

              TheDouglas78 Well-Known Member
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              This is kind of what I worry about for me. I'm an admitted work-a-holic... Working hard to break that for my daughter, but I get it "honest" from both sides of my family.
               
              • BMF

                BMF Bad Mother....
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                Not to pry into your age - but did you retire 'young' (i.e. well under the usual retirement ages of 60-65)? If my plan works out, I'll be under 56....and like you, I'm worried about what's going to occupy my days. As I said previously - sure, I'll go to the gym, mess around w/ the house, hopefully the boat (if I do get one), maybe play golf, travel, etc. But that's what every retiree thinks....then reality sets in.
                 
                • TLB

                  TLB Just chillin'
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                  This is where I'm aimed, something 'volunteer' with youth, done at my pace and choosing. Stay engaged with youth to feel alive.

                  Wife and I have always wanted to travel, but we've seen that plan fall apart for our parents as they retire and their bodies aren't up to the friction associated. We'd likely have the money for it, but I also would be concerned how long that would last. More concerned with are we healthy for it.
                   
                  • NOLAGATOR

                    NOLAGATOR Deep Behind Enemy Lines
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                    I'm about 9 years out...but 5 will work if the house is paid off.
                    My wife will retire next year.
                    We plan on downsizing again...closer to the Grand kids
                    I plan on keeping my business but doing more of what I want to do

                    Suggestions:
                    More active with church...they can keep anyone busy
                    More one on one with the Grand Kids...especially with school (Science Fair, Social Studies Fair, Assistant Coaching)
                    Substitute/Coach/Volunteer with schools
                    Traveling w/Grand Kids...Grand Canyon, DC, The Ark...
                     
                    • -THE DUDE-

                      -THE DUDE- This is the year!!!

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                      I’m about 20-25 years away...can’t come fast enough. I’ll never miss work that I can guarantee...maybe the travel part of my job but I can’t golf or boat enough for me to ever miss work
                       
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                      • Gator By Marriage

                        Gator By Marriage A convert to Gatorism
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                        Grand Canyon....check.
                        DC......................check.
                        The Ark...............wtf is “the Ark?” Do you mean the state or the actual “Ark” as in Noah’s?
                         
                        • g8r.tom

                          g8r.tom Well-Known Member
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                          • Gator By Marriage

                            Gator By Marriage A convert to Gatorism
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                            I’ll be .... I did not know about this.

                            Always wondered about the Ark. What did they feed the predators? Think about what a job cleaning out the stalls was. How did one clean out the stalls of the Lions, Tigers, and Bears (oh my)?
                             
                            • CDGator

                              CDGator Well-Known Member
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                              It’s under an hour away for me but sadly I’ve never been there. Tebow was there recently.


                              Interesting note: it took Noah 120 years to build the ark.
                              Guess you could always retire and start building a boat.
                               
                              • I Have No Friends :(

                                I Have No Friends :( F$U fans support rape
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                                If you can't find enough to do in retirement to be happy, then what the hell are you even living for? I could never work another day of my life and die the happiest mofo that ever lived.
                                 
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                                • deuce

                                  deuce Mentally Challenged
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                                  I was 62, healthy and idealistic....... Tried all the "normal" retiree activities and didn't find Fulfillment. I wanted, no needed, for my opinion and experience to be important to someone, anyone. Being the "Senior Citizen" in the room wasn't enough for me. I'm happy working, for myself and at my own pace. I can take off whenever I want but usually I'd rather be on a project rather than Golfing. "Nothing against golfing...." LOL
                                   
                                  • G8trwood

                                    G8trwood Well-Known Member
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                                    Just wrong :) must have been written by someone who didn't have to manage a bunch of children:headslap:
                                    My blood pressure dropped 10pts and I fish way more. Try it. I recommend moving far from Florida though, the boat ramps are crowded.
                                     
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                                    • TheDouglas78

                                      TheDouglas78 Well-Known Member
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                                      Don't you have to work a day in your life, before you make this kind of statement?
                                       
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                                      • NOLAGATOR

                                        NOLAGATOR Deep Behind Enemy Lines
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                                        Ark Encounter Tickets

                                        As in Noah's
                                         
                                        • NOLAGATOR

                                          NOLAGATOR Deep Behind Enemy Lines
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                                          Come to Louisiana...PLENTY of awesome fishing. The beaches ain't white and no $1Mil+ waterfront houses but the fish don't seem to mind.
                                           

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