Everyone's retirement is different, but people share some
common hopes and dreams for their golden years.
Donna Freedman • December
31, 2021
Ask five people what they
think retirement means, and you might get five completely different answers.
However, the 2021 Transamerica Retirement Survey of Workers indicates
that certain hopes are universal.
The top three retirement
dreams are common to baby boomers, Gen Xers, millennials and Gen Zers alike. To
all four groups, concepts like “freedom,” “enjoyment” and “stress-free” are
retirement ideals.
The study, from the
nonprofit Transamerica Center for Retirement Studies, was based on surveys of
more than 3,100 full- or part-time workers from all four of those generations,
plus a few who are even older (born prior to 1946) or younger.
Read on to learn the
things that workers most commonly dream of doing in retirement.
No retirement dreams at all
Sad but true: Of the
workers surveyed, 5% say they have no dreams for their retirement. The survey
didn’t cite any reasons why.
8. Continuing to work in the same field
Workers who dream of
doing this in retirement: 14%
Some 13 million Americans
age 65 or older are projected to
be in the workforce by 2024, according to the U.S. Bureau of Labor Statistics.
That’s not surprising:
Among other advantages, continuing to work lets you set more money aside for
retirement and delay dipping into your retirement accounts. In fact, good
arguments can be made as to why you should work for as long as you live.
7. Pursuing an “encore” career
Workers who dream of
doing this in retirement: 17%
An encore career is one
undertaken later in life. Often, this is for personal as well as financial
reasons. For example, someone takes a job that enables them to “give back” or
chooses a new career in a field that always interested them. And, of course,
some people decide to work in retirement for the extra cash, sense of purpose
and social engagement.
Not sure where to get
started? “20 Great Part-Time Jobs for Retirees” has
ideas you may never have considered.
See Also:
How to Supersize Your Retirement Nest
Egg
6. Starting a business
Tyler Olson /
Shutterstock.com
Workers who dream of
doing this in retirement: 20%
Some people who dream of
working in retirement also want to be their own boss. According to a 2019
report from the Kauffman Foundation, more
than 25% of new entrepreneurs were between the ages of 55 and 64.
In fact, many seniors
have specific advantages in terms of start-ups, including — but not limited to
— robust credit histories, cash savings, and personal and professional
networks. They’re likely to own homes, which can be tapped for equity or used
as collateral for small business loans. What’s more, they can support
themselves with Social Security and/or retirement funds while they get their
businesses off the ground.
To jump-start your own
entrepreneurial dreams, see “Retirement Business Ideas: 12 Ways to Get Started
After 50.”
5. Taking care of grandchildren
Workers who dream of
doing this in retirement: 21%
One of every four kids
under the age of five is cared for by a grandparent, according to the National Council on Aging.
Sounds ideal, doesn’t it? Elders get loads of time with their beloved grands,
and parents can work or go to school feeling secure that their children are
cared for and safe.
Child care can be
exhausting, though, and sometimes it’s hard to discern the line between
offering advice and trampling on parental boundaries. A nonprofit called Zero to Three suggests
that grandparents and parents talk in advance about topics like work hours,
payment (if any), feeding, naptime, use of technology and limit-setting (aka
discipline).
4. Volunteering
Workers who dream of
doing this in retirement: 26%
Volunteering doesn’t just
keep you busy. It also makes your community a better place.
Maybe you could take on
more responsibility in a service organization or place of worship. Or, you
might cast an even wider net by teaching adult literacy, leading a 4-H club,
becoming a master gardener, building houses with Habitat for Humanity or
working at a pet shelter. The list is virtually endless.
As a bonus, giving back
to your community is likely to give you something in return: a sense of
purpose. Giving back is a common source of purpose for retirees, as we detail
in “8 of the Greatest Sources of Fulfillment for Retirees.”
3. Pursuing hobbies
Workers who dream of
doing this in retirement: 51%
The word “hobby” covers a
broad range of activities – indoor or outdoor, solo or group-based,
intellectual, athletic or just pure fun.
Some hobbies (yoga, tai
chi, swimming) can help reduce physical pain and help you relax.
Geocaching, hiking and
birdwatching get you outdoors and are accessible to people of varying energy
levels.
A book club gets you
reading and discussing. Writing (memoir, poetry, essays or even letters to the
editor) lets you share your thoughts with the world. Joining a chess, bridge or
Scrabble club keeps your brain synapses firing.
Could you even turn your
post-retirement hobby into a moneymaker? Learn more in “21 Hobbies You Can Turn Into a Business.”
2. Spending more time with family and friends
Workers who dream of
doing this in retirement: 59%
Retirement means your
visits with loved ones will no longer be limited to the vacation time offered
by your employer. Now, you can drive or fly to see family or friends near and
far whenever you like. You can invite them to visit you, too, since you’ll have
the time to be a gracious host.
Don’t rely on loved ones
to fill all of your socialization and emotional needs, though.
They have lives too. Keep busy in a variety of ways, including those hobbies,
volunteer hours, or that encore career or part-time gig.
1. Traveling
Workers who dream of
doing this in retirement: 65%
Maybe the last time you
were in Europe you carried a backpack, stayed in hostels and hiked everywhere
you went. In retirement, you might want less physical strain and more travel
amenities. Pre-pandemic, cruise ships were ready and waiting to serve all your
take-it-easy travel needs. Although cruise companies are sailing once more,
the Centers for Disease Control and Prevention suggests certain
groups (including older adults) avoid cruises like, well, the plague.
Fortunately, there are
still plenty of ways to enjoy travel. For example, the nonprofit Road Scholar creates “learning
adventures” via trips all over the world, including in the United States.
Toward the end of 2021, Road Scholar reported an uptick in solo senior trips:
The number of elders traveling alone was almost 5% higher than
usual.
Disclosure: The
information you read here is always objective. However, we sometimes receive
compensation when you click links within our stories.
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