12/19/2012 9:00 PM ET|
7 misconceptions about retired life
Expectations don't always match reality, according to a recent poll that identified several potential areas of disappointment.
Many people are postponing their current wants to save for retirement. And perhaps retirement will bring little stress and plenty of time for hobbies and travel. But some retirees say they are not enjoying retirement as much as they thought they would.
A quarter of retirees think life in retirement is worse than it was before they retired, according to a recent poll of 1,254 individuals age 50 and older by NPR, the Robert Wood Johnson Foundation and the Harvard School of Public Health. And 44% of retirees think their overall quality of life is about the same as it was while they were working. Only 29% of retirees say leaving the workforce made their life better. With that in mind, here are seven misconceptions about life in retirement.
You will have less stress
More than half (55%) of workers age 50 and older expect retirement to be less stressful than it was when they were working. But only 39% of retirees report having less stress in their lives than they did when employed full time. "There are some false expectations about what life in retirement is going to be like," says Gillian SteelFisher, a research scientist and the assistant director of the Harvard Opinion Research Program. "The stress may be related to a decline in health or finances." More than a third (35%) of retirees say their stress level is about the same, and almost a quarter (24%) say they now face more stress than they did while employed.
Travel and hobbies will fill your days
Exploring new places is a common retirement goal, with 59% of older workers expecting to do more of that in retirement. But 34% of retirees say they currently travel to places they want to go less than they did in the past, and 35% fit in vacations about as often as they did while employed.
"There is a common expectation that this will be a time to get out and do all the things you want to do, and then we find out, in reality, not only are they not taking these exotic cruises, but they are spending less time traveling in retirement than they did in the five years before," says SteelFisher. "There may be health issues that may be making travel more difficult than they might have anticipated, and it may be that the cruise was a little bit more expensive than they anticipated."
And while 68% of people over age 50 who are not yet retired expect to have more time for sports, hobbies and volunteering, many retirees say they have the same amount (43%) or less (20%) time for activities they like.
You will take better care of yourself
Almost half (48%) of older workers say they will exercise more in retirement than they do now. But just because you have more time to exercise doesn't mean you will. Some 34% of retirees say they get less exercise than they did while employed, and 41% get about the same amount. You probably won't start eating healthier in retirement either, even if you have plenty of time to cook. Most people's eating habits stayed the same in retirement (52%), and 12% of retirees say they now eat less healthfully than they did while in the workforce.
Your health will hold up
"People envision that retirement will be a chance to do a lot of things that they haven't done before, and they haven't really thought about the health issues they will run into as they age," says Robert Blendon, a professor of health policy and political analysis at the Harvard School of Public Health.
Most older workers (69%) expect to maintain their current level of health in retirement. But only 43% of retirees say their health is now similar to what it was five years prior to retirement. Some 39% of retirees say their health is now worse than it was before retirement.
"As retirees start to need long-term care for themselves or their spouses, they experience stress because of the concern about what options are going to be open to them," says Risa Lavizzo-Mourey, the president and CEO of the Robert Wood Johnson Foundation. "The retirees who are experiencing more health issues than they anticipated, or having difficulty paying for things like long-term care, are feeling like retirement is not like they thought it would be."
You can maintain your current standard of living
The majority of employees age 50 and older (62%) expect to be able to maintain their current standard of living in retirement. But unless you saved very diligently, you may have to make some spending cuts in retirement. More than a third (35%) of retirees say their financial ability to live comfortably is worse than it was while they were working.
"A lot of people retire and they discover that the amount they thought they would need to live comfortably is not the amount that their investments and Social Security and their house end up yielding them," says Blendon. "People are not looking forward enough in terms of the health issues they will face and the actual financial income they are really going to have."
Most retirees (63%) say you need an annual income of $50,000 or more to live comfortably in retirement, and more than a third (35%) admit they do not currently have their target level of income. Health care expenses are a major problem, with one in five survey respondents saying he or she will have trouble paying for health care. (Are you saving enough for retirement? Find out with this MSN Money calculator.)
You'll improve your relationship with family members
Many current workers expect their relationship with their spouse (45%) and other family members (40%) to get better in retirement. But only just over a third of seniors report an improved relationship with a partner (34%) and other family members (35%). Most retirees say their relationship with family members (61%) and their spouse (62%) stayed the same in retirement.
Retirement is a choice
We like to think that we will be able to retire when we hit a certain age or savings goal. Most current workers (60%) expect to retire at age 65 or later, often because they need the money or health benefits from their job, but also because they enjoy working and want to make a difference. But only about a quarter (26%) of retirees held on to their jobs that long. Retirees (58%) generally say they left their jobs at the same or an earlier age than they initially thought they would, perhaps due to a layoff, buyout or health problem.
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