Retirees Miss This (even more than their paycheck)
When crossing the bridge to retirement there are numerous aspects of life that will dramatically change. Many people look forward to no more commute, or emails, or stressful deadlines. Some employees may recognize that they’ll likely miss their benefits or sense of identity within their workplace.
In the May 2023 Retirement Perspectives and Attitudes Survey conducted by Gilbert and Weigel a startling insight was found on the main thing retirees miss about working. Over 1700 men and women were surveyed about either their experiences in retirement or their expectations of retirement.
Fifty-four (54) percent of respondents identified as retired. Forty-five (45) percent were still working with plans to retire. And the final 1% reported they had no plan to ever retire.
There were many questions asked to observe the differences of lived experiences in retirement compared with expectations of retirement. This question provided the largest gap in responses.
When asked to rank the items that they miss about their career (or might miss if they’re preretirees) there was a clear leader.
The options included:
Business travel
Work benefits
Structure to my day
Purpose and meaning
Social interaction
Mental stimulation
The paycheck
A clear winner of what retirees miss is Social Interaction. Sixty-two (62) percent noted this! That is a stark contrast to the preretirees anticipation of what they will miss. Only 29% think they’ll miss social interaction from their workplaces.
When I’m working with clients approaching retirement, Social Wellness is definitely a topic we explore. It has the ability to dramatically shift when leaving a workplace. If it’s not accounted for and prepped for people can be left feeling quite lonely. That’s why in the Retire Wellthy curriculum there’s a whole chapter about Social Wellness. (Learn more about the 9 week coaching program here).
The chart below shows the breakdown for each of the categories surveyed.
It’s quite fascinating to see how far behind The Paycheck is from Social Interaction. In fact, preretirees think they’ll miss the paycheck the most. But the data shows that for those already beyond their careers, the paycheck does not reign supreme.
I hope this data continues to gain traction to help preretirees prepare confidently the major adjustments in social interactions that they will experience. It’s also not too late for retirees to be intentional about cultivating healthy social connections within their retirement phase. One-on-one coaching or participation in a group Retiree Wellthy cohort would be a valuable support to set up your social wellness for a healthy trajectory.
To your wellness,
Sam
