Not Just One Long Vacation: Revisiting the Importance of Lifestyle Planning in the Transition to Retirement

Abstract

Background There is a need to further understand the nature and role of planning for one’s lifestyle in retirement. Objective The purpose of this study was to examine retirement planning and how it impacts perceived preparedness and satisfaction with the retirement transition, as well as to explore personal experiences of retirement. Methods Canadians (n = 748) fully or partly retired participated in an online survey that included quantitative questions about perceived retirement preparedness and satisfaction and open-ended questions about retirement goals, fears, challenges, and advice. Findings Results determined that while both financial and lifestyle planning were significant predictors of higher perceived preparedness, only lifestyle planning was a significant predictor for satisfaction. Overall, no gender differences were detected. Open-ended comments highlighted the importance of planning for one’s lifestyle in retirement, including meaningful activities and social connections. Discussion Individualized career advising as well as group-based educational programs or peer-assisted learning initiatives appear warranted to support people in planning for their lifestyle in retirement.

Lifestyle Planning in the Transition to Retirement

“…Again, more details about the study’s results are available in Hutchinson and Ausman ( 6 ). 748 people from across Canada participated in the study; the majority were women (68%), married/partnered (79.8%), white (97.2%), and fully retired (67.2%).…”

“…Although all results highlight the importance of lifestyle planning for retirement, the following is a summary of key findings related to retirement goals and challenges. Results related to fears about and advice for others contemplating retirement are provided in the full article ( 6 ).…”

“…More information about the study methods is provided in Hutchinson and Ausman ( 6 ). In summary, following institutional ethics approval, participants were primarily recruited through Facebook ads targeting profiles with a listed age of 50 years or above and located in Canada.…”

“…For those who do not value leisure, do not know how to plan for meaningful activities in retirement, or who seem to be struggling psychologically with the transition to retirement (e.g., fear of losing one’s self in the process), then access to relevant education or life coaching seems necessary. In Hutchinson and Ausman ( 6 ), a comprehensive list of recommendations for the content of education or coaching based on the study findings is provided.…”

“…As it relates to this is there is value in examining people’s goals and challenges in relation to planning efforts. This article summarizes highlights from a Canadian-based study designed to explore retirement goals and experiences in relation to planning for retirement (Hutchinson & Ausman, 2024) ( 6 ).…”