This is probably not the news you want to read. But facts are facts. And these are the cold, hard and unfortunate facts: Fewer and fewer American retirees say they are “very satisfied” with their retirements, and a growing number report that they are “not at all satisfied” with their retirements, according to research recently published by the Employee Benefit Research Institute (EBRI).
What’s more, the decrease in retirees saying they’re very satisfied with retirement is not limited to any particular economic group or gender: Rich and poor, men and women and those with pensions and those without are increasingly unhappy. And what’s worse, it’s not yet clear why this trend is happening, according to Sudipto Banerjee, EBRI research associate and author of the study.
To be fair, Banerjee noted in the report that, as might be expected, net worth and health status continue to be strongly correlated with retirement satisfaction: “Higher net worth is associated with higher levels of satisfaction, and poorer health is associated with lower levels of satisfaction,” he wrote.
But in general, happiness in retirement is proving elusive. “The relationship between retirement and life satisfaction is a complicated one,” says Karl Andrew Pillemer, a professor at Cornell University and author 30 Lessons for Living. “People who retire because of health problems, for example, or because they were forced to do so may have a difficult time. On the other hand, a well-planned retirement with a smooth transition can lead to an improved quality of life.”
So, what can pre-retirees and retirees do to “have a great time in retirement”? Recent research offers some important insights — some of them unexpected.
• Determine what is most meaningful in your life. Ask yourself: What would bring the greatest satisfaction, delight, pleasure and purpose ASAP? Ask that question long before retirement or, if you find yourself now in a meaningless retirement, right now, says George Kinder, president of the Kinder Institute of Life Planning and author of Life Planning for You.
One tool to try: LifePlanningForYou.com. “Life-planning questions cut through the issues of money and health that are perceived as the largest blocks to satisfaction in retirement, by being deep and profound questions about what you want most to accomplish and most to be in your life,” says Kinder.
• Develop a positive attitude toward retirement. Research has found that viewing retirement as a sign of growth and having positive views of physical and mental health have profound effects, says Pillemer. “In fact, people with negative retirement stereotypes have been found not to live as long as people with positive attitudes toward retirement,” he says. “So make thinking positively about your future as a retiree part of your preparation.”