Just a couple of days ago, Financial Engines blogged about survey results showing that seven of the top 10 words people use to define retirement were negative — with the top choice being "old."
But research from MassMutual Retirement Services seems to belie all the worries and fears people have about retirement.
The study of retirees and pre-retirees, "Hopes, Fears and Reality — What Workers Expect in Retirement and What Steps Help Them Achieve the Retirement They Want," looked at participants who were at least 40 years old, had at least $50,000 in savings and investments, and at least share, if not be completely responsible for, household financial decisions.
Among that crowd, the study found that while 45 percent of Americans retire earlier than expected, "retirees overwhelmingly report that they are enjoying themselves and discovering that pre-retirement fears of boredom, financial insecurity and lacking purpose are largely unfounded."
Of course, emotional and financial advance planning (at least five years before retirement) helped retirees. Those who looked up old friends, made new ones, worked on getting closer to a spouse or significant other and took up new interests were more likely to enjoy their retirement. In addition, those who planned the best time to claim Social Security, figuring out how much they would need during retirement and boosted their savings felt more financially secure.
Planned or not, life still finds a way to surprise those pondering retire. Changes at work sent 44 percent of early retirees out the door; 39 percent reported they were financially able to retire earlier. And 79 percent of those who retired early don't regret it.
Among the positive after-retirement surprises were having no time constraints and more freedom (23 percent), keeping busy and active (18 percent), having time with family and friends (11 percent) and being in a good financial position (10 percent). Negative surprises ranged from having financial problems (17 percent) or being too busy (13 percent) to suffering an illness or disability (10 percent).
Despite possible negative surprises, 82 percent of retirees said they were enjoying themselves, although respondents who hadn't retired yet worried about financial uncertainty in retirement (44 percent), not knowing what to do without their jobs (31 percent) or being bored (26 percent).
For many, those fears don't survive the departure from the workplace, although 31 percent reported financial uncertainty. Only 14 percent were actually lost without their jobs and just 19 percent were bored.
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