Retirement is a significant milestone for many Americans, a time to relax after years of hard work. While it’s often seen as the reward for years of effort, the reality can be a mix of freedom and changes. In fact, many retirees would change how they planned their retirement if given the chance. According to a survey by Lincoln Financial Group, 60% of retirees say they’d approach their retirement planning differently if they could go back.
When you retire, some things you might miss, but others will certainly bring you joy. Let’s explore what you might leave behind and what you can look forward to in your golden years.
1. Saving for Retirement
In theory, you should have saved enough money for retirement during your career. However, the switch from saving money to spending it can be challenging, both mentally and emotionally. According to David John, senior strategic policy advisor at the AARP Public Policy Institute, this shift from saver to spender can be “almost physically painful.” For many, learning to live off their savings takes time and adjustment.
2. Dress Pant Shopping
Once retirement comes, the need to buy professional office clothes, like dress pants, fades away. After years of working in an office, dressing up is no longer a necessity. The constant need to iron shirts and find matching ties disappears too! Some may miss dressing up, but for others, this is a welcome change.
3. Impromptu Coworker Outings
One of the things you may miss in retirement is the ability to quickly grab a coffee or take a walk with a coworker. Those impromptu outings and venting sessions will become less frequent unless you actively make plans with friends. Your social circle may change, and you’ll have to find new ways to stay connected.
4. Space from Your Spouse
Living with a spouse who is also retired means you’ll spend a lot more time together. While this can be great, it may also feel like a bit much. According to Psychology Today, couples who give each other personal space often have stronger relationships. You may need to actively make space for personal time, which can help both partners grow individually.
5. Frequent Trips to the Gas Station
Retirement often means fewer trips to the gas station, especially if you aren’t commuting to work every day. Unless you’re planning to travel extensively, you may find yourself driving less often and avoiding regular refueling stops. The same goes for electric vehicles—unless you’re going on long road trips, you won’t need to worry about frequent recharging.
6. Packing Lunches
After retirement, the days of packing a lunch box for work every morning are over. You no longer have to worry about soggy sandwiches or planning your work lunch. Instead, you can enjoy home-cooked meals, which might also save you some money compared to buying lunch every day.
7. The “Excuse” of Working
When you’re retired, you lose the excuse of “I’m too busy with work” when someone asks you to help them out. This might be tough for some, as the excuse of being “tired from work” or “busy with office commitments” is no longer valid. You’ll have to be more direct or find other reasons to say “no.”
8. Ultra-High Taxes
In retirement, you’ll likely experience a drop in your annual income, which means your tax rates will also decrease. Once you reach the age of 65 to 67, you could qualify for tax breaks, including exemptions, credits, and rate freezes, depending on your state. The days of paying the highest tax rates might be behind you.
9. Routine
While routine is essential for maintaining health, retirement often brings an end to the structure of daily work life. According to Northwestern Medicine, having a routine helps with stress management, sleep, and healthy eating. As you transition into retirement, it’s essential to establish a new routine to stay healthy and engaged.
10. A Portion of Your Identity
Many people tie their identity to their jobs. When you retire, the question “What do you do for a living?” changes to “What did you do for a living?” The transition from saying “I’m a (insert job title)” to “I used to be a (insert job title)” can be tough. Finding new ways to define yourself, whether through volunteering or picking up a hobby, can help ease the transition.
11. Paying Full Price
The perks of being a senior! Many businesses offer senior discounts once you reach a certain age. You might not even have to wait until you’re 67—some stores offer discounts to those as young as 55. McDonald’s, Kohl’s, Ross Dress for Less, and Rite Aid are just a few of the companies that offer discounts to seniors. You’ll be surprised at how much you can save just by showing your age!
Retirement is a time of change, and while it may involve letting go of certain aspects of your life, it also brings many new opportunities and experiences. Whether it’s less stress about work attire, fewer trips to the gas station, or more time for personal growth, retirement can be a fulfilling and exciting chapter. The key is to embrace the changes and find joy in the newfound freedom.
