The New Journey of Retirement

Aaron Lieberman | Jun 27, 2025

When Does Retirement Begin?

The results of this study indicate that being a “retiree” these days is mostly self-defined and is no longer tied to a specific age. In addition, there is now no agreed-upon milestone marking the start of retirement.

When retirees and pre-retirees say retirement begins:

51% When someone stops working or steps away from a primary job or career
22% When someone starts receiving benefits from pensions or Social Security
17% When someone achieves financial independence
10% When someone reaches a certain age

How Do Retirees Use Their Time?

Recognizing the options and opportunities before them, today’s retirees are becoming more purposeful and ambitious. Rather than equating retirement with leisure, they are reengaging with life in new and imaginative ways. Fifty percent report that they are “reinventing themselves” and 72% percent report being “able to realize their hopes and dreams.”

In addition, there is strong indication that retirement lifestyles will increasingly include work, whether part-time, cycling between work and leisure, or working full time.

What retirees and pre-retirees say is the right balance of work and leisure in retirement:

59% Working in some way
18% Working full time
19% Cycling between work and leisure
22% Working part time
41% Never working for pay again
17% When someone achieves financial independence
10% When someone reaches a certain age

How Do Retirees View Their Quality of Life?

Ninety percent of today’s retirees report they are looking forward to the years ahead, and more than eight in ten describe their quality of life and sense of well-being as excellent.

In a previous research report, Age Wave defined four pillars that impact the quality of life in retirement: health, family, purpose, and finances. And, in this latest study, results indicate the retirees are giving themselves high marks in all four areas.

Percent of retirees who grade themselves with a “A: or “B”:

58% Health
80% Family
70% Purpose
58% Finances

What Do Retirees and Pre-Retirees Worry About?

At the same time, retirees and pre-retirees have a variety of common worries about life in retirement. These include physical and mental health, the cost of health care and long-term care, and becoming a burden on their family.

Percent of retirees who say they have these worries:

49% Physical health
34% Cost of health care/long-term care
32% Unexpected expenses
32% Economic conditions
36% Outliving my savings
25% Mental/brain health
21% Becoming a burden to my family
13% Isolation/loneliness

What Retirees Enjoy Retirement the Most?

The results of the “Longevity and the New Journey of Retirement” study indicate that those who have taken more steps to prepare for their retirement journey across the four pillars (health, family, purpose, and finances) tend to enjoy their retirement the most.

Retirees who report having a high quality of life began saving earlier on average and were less likely to make early withdrawals from retirement accounts than retirees with lower quality of life. They were also more likely to take care of their health prior to retirement, discuss retirement goals with family, and explore new pastimes, hobbies, and interests to help boost their sense of purpose in retirement.

In addition, the preparation actions described in the study don’t end when someone retires. Retirees thriving the most continue to take care of themselves across all four pillars.

The five habits of highly successful retirees are:

They attend to their health.
They stay socially engaged.
They have a clearer sense of purpose.
They mindfully manage their finances and keep them on track.
They are willing to course correct again and again to achieve their retirement dreams.