Will you be successful at retirement?  When I was in my 50’s and immersed in my human resource career, I began to ask myself whether I would be successful at retirement. 

The genesis of my question was the number of retired people I had experienced who, in my opinion, were not successful.  They appeared to be living in the past, had few if any outside interests, watched TV for hours at a time, blamed others for their actions and shortcomings, were socially withdrawn from friends, family and colleagues, had a negative attitude, lacked motivation, and lacked goals and purpose.

Though there is no single official statistic on the percentage of retirees who are “unsuccessful” because success can be measured in many ways beyond just money, there are multiple studies that indicate a large percentage of people face financial insecurity or struggle to adapt to retirement.

Depending on the metric, estimates for the percentage of people who fail at retirement vary:

• Running out of money: A 2024 Morningstar model indicated that about 45% of Americans who retire at 65 are likely to run out of money during retirement.

• Failing to meet expectations: According to several retirement advisors I’ve spoken with, 50% to 60% fail because they only focus on the financial aspects and neglect the emotional and psychological adjustments.  Many don’t have a plan for what retirement will look like day-to-day and can face boredom and a lack of purpose.

• “Un-retiring” A 2024 Canadian survey found more than 25% working Canadians aged 55 to 64 expect to keep working in retirement.

For over 12 years, I’ve studied and written about retirement and how best to plan for life after work.  I’ve concluded that to be successful, one should take a lesson from ‘successful’ retirees.  Successful retirees recognize that what’s needed involves careful planning across several areas including health, finances, and purpose.  Beyond simply saving money, a thriving retirement requires adapting to a new lifestyle, maintaining social connections, and staying engaged in meaningful activities.

Many acquire the information needed from people who are already living a successful retirement. Others attend workshops and webinars, read books and articles, and/or consult with coaches like me.   

For more information on how to be successful in retirement, please read my book: Retirement: The Ultimate Life Journey available in both print and e-book format here and here.