Stay flexible, dream big, plan ahead: How to retire right
“I’m busy doing what I love.” These words can motivate anyone putting money away in a 401(k) and envisioning how they want to live out their golden years. But beyond savings, retiring right requires a few steps and mindset shifts once they decide it’s time to walk away from the workforce.
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The average American will spend 18 years as a retiree, according to data from the U.S. Census Bureau. For many, the reality of retirement may look different from what they originally envisioned. Pre-retirement, 65% of people dream of traveling, while 59% hope to spend more time with family and friends, according to a 2022 survey by the TransAmerica Center for Retirement Studies. Additionally, more than half planned to pursue new hobbies.
However, fears around having enough money to last through retirement, as well as declining health, are two major concerns for retirees, the survey found. Yet overall, individuals are generally satisfied with their circumstances in retirement, as 76% of retirees consider themselves to be happy, and 71% say they’re relaxed, according to a study from Age Wave and Merrill Lynch.
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To see what retirement is really like, a few current retirees shared what they’re up to today, how they stay healthy in mind and body, and why retirement is a great time to embrace the unexpected.
