Maintaining an active lifestyle also helps to enhance retirement success. Three quarters of retirees who participate in more than 10 or more activities responded that they were satisfied with their lives, while 52 percent of those who participate in one to four activities said they were satisfied.
Women and men tend to spend their retirement time in different ways—woman respondents were more likely to volunteer or act as caregivers in retirement than the men, who were more likely to pursue personal hobbies, sports or continue working.
The study also noticed a decline in retirees’ activities after the age of 80, which TIAA says might signal another life transition in late retirement that a client’s advisor and support group can plan for.
Living an active retirement doesn’t necessarily mean becoming a social butterfly—most active retirees said that they spend the majority of their time alone pursuing personal interests and hobbies. TIAA notes that solitude in retirement represents a “big shift” from a client’s working life that they will need to prepare for psychologically.
Nevertheless, almost all retirees report that their familial relationships and friendships became stronger after retirement, or at least remained steady. Ninety-seven percent of respondents said that their relationships have improved or remained steady, 96 percent said the same for relationships with their children, and 93 percent said the same about their friendships.
Retirees who achieve a level of financial security tend to give back to their community, says TIAA. Nearly two-thirds of the respondents, 65 percent, said that they regularly spend time volunteering or working with charitable organizations.
TIAA also asked retirees about their concerns, which largely revolved around cognitive decline and the other health and social implications of aging. More than half of the respondents, 53 percent, worried about becoming a burden to others, and almost as many, 46 percent, worry about a spouse or partner dying. Similar numbers were worried about a deteriorating mental status, 44 percent, and mobility issues, 43 percent.
Relatively few retirees reported insecurity related to running out of money in retirement—29 percent of women said that running out of money was their greatest concern, versus 15 percent of men.