Retirement Means Freedom, Flexibility and Fulfillment

The Hartford and MIT AgeLab’s Age of Opportunity Study surveyed nearly 2,000 retirement-age adults to gain a better understanding of their aspirations, anxieties, attitudes and opinions as they transition into the next phase of their lives.

Retirement Means Freedom, Flexibility and Fulfillment

How Do You Feel About Retirement?
Most Say 'Hopeful' or 'Peaceful'

The Hartford, which is a founding partner of the MIT AgeLab, worked with the AgeLab to arrange for GfK Roper to conduct a survey in October 2011. The Age of Opportunity study found many similarities – and noteworthy differences – in the retirement mindset of those planning to retire in the next 10 years and those already retired. When it comes to sentiment about retirement, pre-retirees are twice as likely to describe their feeling about retirement as “hopeful,” while those who are already retired are twice as likely to say retirement, for them, is "peaceful." Interestingly, perhaps given the still-challenging economic environment, only 13 percent of either group feels "confident."

Retired life is good! Retirees are much more likely to say, "I am happier now that I am retired" than pre-retirees are to say, "I will be happier after I retire."

Feelings About Retirement Chart

Pre-Retirees Have Big Plans,
Retirees Are More Laid Back

While both pre-retirees and retirees relish the idea of spending more time with their family and friends, pre-retirees plan to do more traveling and spend more time pursuing leisure and recreational activities than their retiree counterparts. They also plan to work part-time for money and/or benefits once they retire. Retirees, in turn, are significantly more likely than those who have yet to retire to spend more time watching TV, reading or relaxing now that they are retired.

Both pre-retirees and those who have retired say having a more flexible schedule and more free time are the two biggest changes in retirement.


Planning Retirement Chart

A Healthy Retirement Is More
Important Than a Wealthy One

Managing Retirement

Most people believe that taking care of your health is just as important as taking care of your finances – and that poor health can have a significant impact on retirement. Virtually all pre- and retirees agree with the statements "being healthy after retirement is my number one concern" and "you can live comfortably in retirement even if you are not rich." The vast majority in each group want to live as long as they are healthy – far more than say as long as their money lasts.

Most Americans at or near retirement age see themselves living well into their 80s or beyond. In fact, 29 percent of pre-retirees and 35 percent of retirees expect to live past the age of 90.


When to Start Planning?
That Is the Question

Financing Retirement Chart

The years leading up to and during retirement represent the age of opportunity for many Americans – a time for pursuing both emotional and financial fulfillment. For those nearing retirement and retirees alike, a variety of life events triggered serious financial planning for retirement. A 'milestone' birthday, such as the big 5-0, and a realization that retirement was on the horizon were the main instigators of significant planning for retirement.

Starting to plan early financially appears to pay off: more affluent retirees are twice as likely to say they began serious financial planning for retirement when they got their first job.


The Downside to Retirement?
It Didn’t Come Sooner!

For both pre-retirees and retirees, the least appealing aspect of retirement is that it did not or will not happen as early as they would like. Other than wishing they could retire earlier (or could have), most recent and soon-to-be retirees see very few negatives about retiring, and they aren't worried about filling their free hours. Among those who did find something less-than-positive about the next phase of their lives, medical or health issues were cited most often.

The majority of pre-retirees and retirees both indicated they want to be like Betty White when asked which celebrity they would most like to emulate or are most like in retirement.


Enjoying Retirement Chart
Whatever your goals or aspirations, The Hartford can help — with a range of products to help you prepare for and live in retirement.
Visit HartfordInvestor.com to learn more.

*Source: The Hartford-MIT AgeLab Age of Opportunity Study.

 

“The Hartford” is The Hartford Financial Services Group, Inc. and its subsidiaries. Distributed by Hartford Securities Distribution Company, Inc., a broker/dealer affiliate of The Hartford. The MIT AgeLab and Gfk Roper are not subsidiaries or affiliates of The Hartford.
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