This phenomenological study focuses on the 1950s birth cohort in urban China. The research purposes are to depict the dynamic picture of retirement experiences, capture the essence of the phenomenon, and discover the perceived (either experienced or anticipated) challenges in achieving a meaningful retirement life among this aging cohort. Ten face-to-face, semi-structured interviews were conducted in Xi'an City, Shaanxi Province, China. Four main themes emerged regarding the components of a meaningful retirement life: (1) cohort identification and formative experiences, (2) family-orientation with a special focus on the only-child, (3) pursuit of a balanced state of mind in the face of challenges, and (4) leisure without self-indulgence. The historical events, having occurred across participants' life courses, and traditional Chinese culture are shown to be the sources of meaning and the contexts linking the four themes.