You may grieve the loss of your old life, feel stressed about how you're going to fill your days, or worried about the toll that being at home all day is taking on your relationship with your spouse or partner. Some new retirees even experience
Some of the top emotional signs you might be ready to retire include: Becoming resentful of your work, or daydreaming about retirement during work hours to the extent that it distracts you from getting your work finished. No longer identifying who you are with what you do (your job).
The longitudinal findings confirm the notion that retirement has a positive impact on psychological health. Individuals retiring between waves demonstrated a positive change in psychological health, such as increase in life-satisfaction, quality of life and autonomy and a decrease in depression.
A four-phase model for retirement consists of pre-retirement (age 50 to 62 or so), the early period of retirement (age 62 to 70), middle retirement (age 70 to 80), and late retirement (80 and up).
Retirees enjoy over seven hours of leisure time per day, according to 2019 data from the American Time Use Survey. They use their newfound free time in a variety of ways, including taking up new hobbies, relaxing at home, watching TV and lingering over daily activities. Many retirees also continue to work or volunteer.
You may grieve the loss of your old life, feel stressed about how you're going to fill your days, or worried about the toll that being at home all day is taking on your relationship with your spouse or partner. Some new retirees even experience mental health issues such as depression and anxiety.
When asked when they plan to retire, most people say between 65 and 67. But according to a Gallup survey the average age that people actually retire is 61.
Adapt and Evolve
The first three to six months of retirement may be an exciting period in which retirees check off all the activities they have longed to pursue for years, Black says.
After looking forward to this stage for so long, many retirees must deal with a feeling of letdown, similar to that of newlyweds once the honeymoon is over. Retirement isn't a permanent vacation after all; it also can bring loneliness, boredom, feelings of uselessness, and disillusionment.
When they looked at the sample of 2,956 people who had begun participating in the study in 1992 and retired by 2010, the researchers found that the majority had retired around age 65. But a statistical analysis showed that when people retired at age 66 instead, their mortality rates dropped by 11%.
“Continuing to work for as long as possible will absolutely give you more choices and financial freedom in retirement,” Duran explains. “Working for a longer period of time not only gives you more savings and builds your safety net, but it also provides health benefits which you don't have to pay for personally.”
Probably the biggest indicator that it's really ok to retire early is that your debts are paid off, or they're very close to it. Debt-free living, financial freedom, or whichever way you choose to refer it, means you've fulfilled all or most of your obligations, and you'll be under much less strain in the years ahead.
Depression after retirement is also common. It's estimated that almost one-third of retirees in the United States develop symptoms of depression at this stage of life.
While it's common to have money-related retirement concerns, the good news is that these worries don't have to linger. A few steps in the right direction can help calm your mind and establish a smart financial strategy for retirement. Sources of retirement anxiety include: Running out of money.
Average Retirement Income in 2021. According to U.S. Census Bureau data, the median average retirement income for retirees 65 and older is $47,357. The average mean retirement income is $73,228.
Housing is likely to be your biggest cost in retirement, but there are a variety of ways to significantly reduce your monthly housing bills. Paying off your mortgage can eliminate a major monthly expense, leaving only the cost of taxes, insurance and maintenance.
Consumer spending actually decreases – significantly – as you age. Data from the Bureau of Labor Statistics shows the average retired household spends 25% less than the average working household.