Many baby boomers are reluctant to give up their jobs, but new research indicates retirement could hold the secret to happiness.
Many baby boomers dread the day they can no longer work, but new research from Spectrem’s Millionaire Corner indicates the secret to happiness may lie in retirement.
Baby boomers’ plans to postpone retirement are based partly on financial necessity, but the generation expresses an even stronger need to stay busy and fulfilled. These concerns may be alleviated by the results of our February survey, which finds that retirees enjoy extremely high levels of satisfaction with every aspect of life. Working Americans, not so much.
What do ultra wealthy retirees worry about? Click here to find out.
Both working Americans and retirees believe the secret to happiness lies primarily in a happy marriage or committed relationship, and good health. Retirees give slightly more weight to these factors, while working Americans tend to be more focused on their children and financial security. Regardless of how they define happiness, retirees seem to feel life is pretty darn good. Folks in the workforce aren’t quite there yet. Here’s a closer look at how retirees and working Americans rated their levels of happiness and satisfaction on a 10-point sliding scale, with 10 equalling very happy or satisfied and one, very unhappy or unsatisfied.
· Overall Happiness: More than 45 percent of retirees indicated that overall they are very happy, compared to 28 percent of working Americans.
· Marriage or Committed Relationship: More than three-fourths (77 percent) of retirees say they are very satisfied with their marriage, compared to 53 percent of working Americans.
· Relationship with Your Children: Nearly two-thirds (65 percent) of retirees indicate they are very satisfied with their relationships with their children, compared to 54 percent of working Americans.
· Social Life: More than 44 percent of retirees indicate they are very satisfied with their social life, compared to 28 percent of working Americans.
· Financial Situation: The majority of retirees (54 percent) say they are very satisfied with the financial situation, compared to 27 percent of working Americans.
· Job Satisfaction (Previous Job if Retired): The majority (52 percent) of retirees reported being satisfied with their job, compared to 30 percent of working Americans.
· Leisure Activities: Close to half (48 percent) of retirees indicate they are very satisfied with their leisure activities, compared to 29 percent of working Americans.
The results may hearten baby boomers who fear the plunge into retirement. For many older Americans, retirement can be the secret to happiness.
Click here for a few simple steps for retirement planning.