Four in 10 retirees say their enjoyment of life and happiness have improved since they left the workforce, according to a new report released by the nonprofit Transamerica Center for Retirement Studies in collaboration with Transamerica Institute.
At the same time, financial frailty is common among retirees, the survey found.
The report is based on an online survey conducted within the U.S. by The Harris Poll between Sept. 11 and Oct. 17, 2024, among a nationally representative sample of 10,009 adults, including 2,690 people who are retired.
The survey found that 89% of retirees consider themselves to be generally happy. Two-thirds said enjoying life and being healthy and fit were their top priorities in life. Six in 10 retirees reported that they spend more time with family and friends, while 44% travel and 39% pursue hobbies.
Three-quarters of retirees expressed concern about their health in older age. Most said they seek medical attention when needed and get routine physicals and health screenings, which top the list of healthful activities they consistently engage in.
“Retirement is a major life change,” Catherine Collinson, president and chief executive of Transamerica Institute and TCRS, said in a statement. “It brings freedom and time for personal pursuits and, unfortunately, it also comes with aging-related health issues and financial constraints.”
Having given up employment income, retirees have limited financial resources, Collinson said. They are especially vulnerable to economic uncertainty, inflation, rising health care costs and market volatility that can erode their buying power.
“Many retirees are getting along and living within their means, but they may have difficulty withstanding a costly financial shock, for example, the need for long-term care,” Collinson said.
The survey found that relatively few retirees are very confident that they will be able to maintain a comfortable lifestyle throughout their retirement. Social Security will be the primary source of income for many. Some risk running out of savings, or have none.
See the gallery for 12 glimpses at how Americans are experiencing retirement.
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