The majority of baby boomers who retired within the past five years felt in control over their decisions to stop working and many today are quite content.
That's according to a survey by Ameriprise Financial of 1,000 Americans ages 60 to 73 who have retired in the last five years with at least $100,000 in investable assets.
According to the survey, 76 percent of baby boomers polled reported feeling "in control" of their choice to retire, with 53 percent citing physical health and 52 percent citing emotional preparedness as the reasons for their senses of control over the decision.
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The deciding factors in why respondents chose to retire when they did varied.
Fifty-one percent cited that it was time to enjoy life, or that they no longer wanted to work as a prime motivation. Seventeen percent said that they had reached their retirement savings goal or were helped by a financial advisor to understand that they could retire, while 15 percent said they were forced into retirement, were offered early retirement incentives or lost their full-time jobs.
Along with a sense of control over the decision, a large portion of those polled also reported a sense of contentment with post-retirement life thus far, with 75 percent reporting feeling "very satisfied."
Some, however, said they were experiencing a bit of difficulty adjusting to the non-working world. Thirty-seven percent reported losing connections with colleagues and other emotional adjustments as being the hardest aspect of retiring, 32 percent cited getting used to a new routine and 22 percent cited finding purposeful ways to pass the time.
While there may be some road bumps, the positives seemed to outweigh the negatives among those surveyed, with 65 percent saying they fell into a new routine quickly, 52 percent saying they have less free time than they thought they would and 43 percent saying they are having more fun than expected.
Only 11 percent of those polled have returned to work, with most in that camp saying that they did so not for the money, but for the intellectual stimulation or to pursue an interesting opportunity.
The last wave of retiring boomers was focused on financial stability, with 94 percent saying that it was extremely or somewhat important to feel financially confident about retiring before doing it. Twenty-two percent said they are spending more money than they expected in retirement, but 28 percent say they are spending less, thus far.
The study also reported that:
- Nearly two-thirds of newly-retired boomers said they felt stress when they were deciding to retire, but only a quarter are still feeling the stress post-retirement.
- Most who were preparing to retire felt confident about affording basic needs and pursuing hobbies in retirement, but many had concerns about estate planning and forming social connections.
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