An increasing number of people are quitting retirement, with nearly 2 in 5 retirees returning to work, at least part-time, after realizing that retirement can become monotonous and boring. Many people do not anticipate how much time they will have in retirement, with an average of 8,000 or more days to fill. The habituation effect can set in, causing retirees to feel unfulfilled and seeking a return to work for social interaction and a sense of purpose.
MassMutual’s 2024 Retirement Happiness Study highlights the importance of managing expectations and preparing emotionally for retirement, in addition to financially. The study shows that 77% of pre-retirees believe they will be happier in retirement, compared to only 67% of current retirees who report being happy. Many retirees experience feelings of boredom and dissatisfaction, leading to a return to work as a choice rather than a financial necessity.
While pre-retirees often have grand plans for retirement, such as travel, pursuing hobbies, and volunteering, the reality is often different. Retirees report spending more time watching movies and television, rather than engaging in the activities they had anticipated. The study reveals a gap between expectations and reality in retirement, highlighting the need for a longevity planning approach that focuses on overall well-being and fulfillment.
To avoid falling into a rut in retirement, individuals are encouraged to collect ideas, curate options, compare plans, and confirm alternatives. By exploring interests and activities that bring joy and fulfillment, retirees can create a meaningful and engaging retirement lifestyle. Testing out potential retirement scenarios, such as volunteering or trying out part-time work, can help individuals determine what will truly make them happy in retirement.
Ultimately, retirement is a personal journey, and what works for one person may not work for another. By taking a proactive approach to retirement planning and focusing on both financial security and overall well-being, individuals can ensure a fulfilling and satisfying retirement experience. Whether it’s finding a balance between work and leisure or exploring new hobbies and interests, retirees can create a retirement lifestyle that brings them joy and fulfillment.
