Retirees Say Transition Takes Time, Preretirees Have Misconceptions About Social Life and Purpose

Preretirees expect a smooth, quick transition to retirement but retirees say adjusting took over a year. Retirees cite loss of identity and routine as top struggles.
Preretirees worry about finances in retirement more than retirees, who worry about health, politics, economy.
Many preretirees expect social connections to increase in retirement but most retirees see declines.
Preretirees and retirees agree that loss of purpose/direction is a top concern in retirement.
Surveys suggest financial advisers and HR should help more with nonfinancial aspects of retirement transition.

marketwatch.com

Relevant topic timeline:

9/8/2023

Back to Work: Retired Boomers 'Unretire' as Inflation Erodes Savings

Nearly half of current retirees in the US are considering reentering the workforce due to financial reasons, impact of inflation on savings, and a desire for social connections and a sense of purpose, according to a study. This trend, known as "unretirement," has been driven by a booming labor market and rising inflation, and is likely to continue as more offices reopen. However, older workers often face ageism and judgment from coworkers and hiring managers. Despite these challenges, many retirees feel happy, energized, and excited about returning to work.

9/10/2023

The Pros and Cons of Retiring in Your 50s

Retiring in your 50s can have benefits like more energy for travel and hobbies, but it also comes with challenges such as penalties for early withdrawal of savings, finding healthcare coverage, and waiting a long time to access Social Security benefits.

9/29/2023

5 Ways to Save More for Retirement By Cutting Expenses, Maximizing Deductions, and Using Available Funds

Almost half of U.S. households headed by someone 55 or older have no retirement savings, but there are three key steps individuals can take to catch up, including cutting expenses, maximizing contributions to retirement accounts, and considering alternative sources of retirement income such as home equity or insurance policies.

10/6/2023

Working Longer Has Biggest Impact on Retirement Income, Not Market Returns: Study

Delaying retirement until age 70 has the biggest impact on the ability to sustain a preretirement standard of living, according to new research from Vanguard.

10/6/2023

Millennials Outpace Boomers in Retirement Savings Despite Debt, Says Vanguard Study

Millennials, despite facing challenges such as student debt and the absence of traditional pensions, are actually better positioned for retirement savings compared to baby boomers, according to a study by Vanguard.

10/8/2023

Study: Wealthy Americans Better Positioned for Retirement Due to Investing, While Lower Income Groups Struggle to Build Cash Reserves

Top earners who hold a larger portion of their wealth in investments are more likely to be financially prepared for retirement, while lower-income workers who hold a greater share of their assets in cash may struggle to meet their retirement needs.

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Posted 9/27/2023, 4:54:00 PM

Retirees Say Transition Takes Time, Preretirees Have Misconceptions About Social Life and Purpose

Preretirees expect a smooth, quick transition to retirement but retirees say adjusting took over a year. Retirees cite loss of identity and routine as top struggles.
Preretirees worry about finances in retirement more than retirees, who worry about health, politics, economy.
Many preretirees expect social connections to increase in retirement but most retirees see declines.
Preretirees and retirees agree that loss of purpose/direction is a top concern in retirement.
Surveys suggest financial advisers and HR should help more with nonfinancial aspects of retirement transition.

marketwatch.com

Relevant topic timeline:

9/8/2023

Back to Work: Retired Boomers 'Unretire' as Inflation Erodes Savings

9/10/2023

The Pros and Cons of Retiring in Your 50s

9/29/2023

5 Ways to Save More for Retirement By Cutting Expenses, Maximizing Deductions, and Using Available Funds

10/6/2023

Working Longer Has Biggest Impact on Retirement Income, Not Market Returns: Study

Delaying retirement until age 70 has the biggest impact on the ability to sustain a preretirement standard of living, according to new research from Vanguard.

10/6/2023

Millennials Outpace Boomers in Retirement Savings Despite Debt, Says Vanguard Study

10/8/2023

Study: Wealthy Americans Better Positioned for Retirement Due to Investing, While Lower Income Groups Struggle to Build Cash Reserves