The main reasons seemed to be related to loss of identity and feeling useless/ignored and living without purpose in retirement. Also their 'friends' were only at their place of employment so lack of social contact/loneliness helped drive them back.
For the most part, retirement does increase people's sense of wellbeing, according to the survey. About 67% of retirees who are 15 years or less into retirement said they're happier since retiring, and 82% said they're more relaxed on a typical day.
Retiree Regrets
Meanwhile, nearly 7 in 10 retirees (69%) say they did as much as they could to prepare for retirement, according to the findings. That said, they also indicated there were some things they wished they had done differently. 76% agree they wish they would have saved more and on a consistent basis.
More than two-thirds of retirees wish they would have saved more and on a consistent basis — and half wish they hadn't waited so long “to concern themselves with saving and investing for retirement,” according to the researchers.
About 26% of people between 65 to 74 are continuing to work, and that number shrinks to about 7.3% for people over 75, according to census data. "We can recognize that these folks are indeed not representative of the underlying cohorts that they're born into," he said.
On average, 63 is the ideal age for retirement according to both retirees and pre-retirees. While current retirees are hitting close to that mark with an average actual retirement age of 62, there are signs that future retirees could have more difficulty retiring at their ideal age.
Returns were particularly poor in 1966, 1969, 1973 and 1974. "Notably, after 1982, or about halfway through the 30-year retirement that started in 1966, the markets actually did really well," Pfau observes.
According to our research, retirees who live “near or close” to at least half their children are five times more likely to be happy. If you're not close to them geographically and it's feasible, consider moving.
According to their table, for instance, the average remaining lifespan for a 65-year-old woman is 19.66 years, reaching 84.66 years old in total. The remaining lifespan for a 65-year-old man is 16.94 years, reaching 81.94 years in total.
Senior Citizens' Saving Scheme
SCSS is arguably the first choice for most retirees.
Reorientation: Often considered the hardest stage, this is when you're most likely to start re-evaluating your retirement lifestyle. It involves asking the hard questions and relearning what does and doesn't work for you, so you can get the most out of your retirement.
For example, Some research studied data from multiple US public opinion surveys and found that retirement will make the older person feel more satisfied with their quality of life, and the impact on men is significantly greater than that on women (19).
Retirement is supposed to be a wonderful time when you can finally relax and enjoy your golden years in peace. However, many retirees struggle with boredom and a lack of purpose. No longer working can make you feel irrelevant and unproductive.
Indeed, that education appears as the number one regret of Americans is a remarkably consistent finding across these studies (e.g., should have stayed in school, should have studied harder, should have gotten another degree).
In examining why we have regret, and why it's so hard to let go, we can see a couple of root causes that we can address: We compare past choices to an ideal. We have an ideal identity that conflicts with the idea of the bad choice.
You're Likely to Live Longer If You Retire After 65.
Someone between the ages of 51 and 55 should have 5.3 times their current salary saved for retirement. Someone between the ages of 56 and 60 should have 6.9 times their current salary saved for retirement. Someone between the ages of 61 and 64 should have 8.5 times their current salary saved for retirement.
Conclusions. We did not find an association between early retirement, compared with continued work participation, and mortality. On-time retirement, compared with working beyond retirement, was associated with a higher risk of mortality.
According to data from the BLS, average 2022 incomes after taxes were as follows for older households: 65-74 years: $63,187 per year or $5,266 per month. 75 and older: $47,928 per year or $3,994 per month.
The research backs up previous research about the typical retirement age, with the nonprofit Employee Benefit Research Institute finding earlier this year that the median retirement age for Americans is 62.