BOOMERS ARE HAVING A RETIREMENT REINVENTION
Retirees are living lives their younger selves would be jealous of, according to a recent study.
More than a quarter of retirees say their younger self would love to live their current life.
The survey was commissioned by IHG Hotels & Resorts and conducted by Talker Research. It surveyed 2,000 Americans who have retired, or will retire, between 2020—2029.
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Retirees said they're aging backward and feeling more vivacious than ever—as most respondents (60%) plan to, or already have, done a "retirement reinvention"—stepping into a completely new version of themselves during retirement.
A big theme in retirement plans is travel: with two in five retirees taking or plan to take a trip to celebrate retirement.
Three in five plan to travel more than they traveled during their working years.
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This may be due in part to 36% of retirees regretting how much they worked during their careers, compared to how much time they spent doing other things.
Three quarters of respondents had a trip planned in the next 12 months.
Of those who have or will take a retirement celebration trip, top stops are a destination within the U.S. (59%), Europe (31%) and a North American locale outside of the U.S. (23%).
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A few adventurers are even trekking to Antarctica for their retirement trip.
"It's incredible to see how many people are taking advantage of their retirement to enjoy things they didn't have time for in their working years," said Connor Smith, vice president of masterbrand at IHG Hotels & Resorts.
"The reality is, people put their careers and families first. So, in their retirement era, it's inspiring to see them live their best lives."
Retirees were also keen to take up an old hobby or start a new one.
76% of respondents had picked up a skill, with gardening, reading and cooking the top choices.
One retiree had started raising chickens and ducks, while another spent their time painting rocks to look like animals.
Hobbies were diverse: retirees turned to model railroads, day trading, genealogy, fantasy football and building a house to fill their days.
Dating was also on the cards: nearly one in six (15%) want to find love during retirement and are planning to spend more time dating to find "the one."
"One of people's biggest fears when heading into retirement is being bored," said Smith.
"But now we're seeing that retirees have countless ideas on how to make the most of their hard-earned time. Whether that's traveling, starting a side hustle or picking up a hobby, retirement can be an opportunity for adventure and reinvention, and anything but boring."
However there are concerns that many retirees will struggle with income after they give up work.
A recent survey by Harris Poll on behalf of NerdWallet of 2,096 U.S. adults between July 11 and 15 showed that 31% of Americans said they don't or won't have a retirement account to draw from when they leave the workforce.
Three in 10 Americans are counting on Social Security benefits to support themselves through retirement, according to the poll, despite dwindling fund reserves that could mean cuts to their checks in the next decade.
Meanwhile, some retirees have expressed unease over retiring with a stable income and making lavish plans, while their children struggle to make ends meet with low income jobs and widespread unaffordability.
One dad took to Reddit to explain how his excitement over retirement has been tarnished by the feeling that he and his wife are "screwing over" their children.
Despite making plans to travel after leaving the work world, the dad said that he "can't enjoy a single minute" of it because he feels remorseful for his adult kids.
2024-08-27T14:12:18Z dg43tfdfdgfd