Retiring well: 68% of Americans say it’s living a little by affording experiences that bring joy

What makes for retiring well? For most Americans, it's living a little by affording experiences that bring joy (68%) and enjoying a high quality of life (49%), balanced by the security of reaching savings milestones (68%), according to new Empower research.

Big and little joys

Most agree satisfaction in retirement includes the ability to pay bills on time and in full (68%) and living debt-free (63%) — including owning a home outright (55%). Some 42% of people say it comes down to experiences, like the ability to travel the world, and to give back by volunteering (25%).

Everything in its time

Having a clear timeline brings peace of mind for many — 66% say they have a goal retirement age in mind, including 73% of men and 61% of women.

Over two-thirds of Americans (67%) have savings milestones to reach before retirement — goals that they're striving for — including setting aside funds for emergencies (57%), travel (33%) and leisure activities like starting a new hobby (32%). About the same number (68%) say their happiness in retirement depends most on reaching their retirement savings goal. Many Gen Xers emphasize leaving behind an inheritance for their children (42%).

Travel and leisure

When choosing a place to retire, most people (86%) prefer to live where they can maintain their lifestyle without stressing about money, and low cost of living (38%) factors high on the list. For many that means relocating, with 42% saying they plan to move to a different city or state to retire.

Some 37% prioritize proximity to family and friends, although 43% say they prefer to retire where it's more affordable, even if it means being far from their loved ones. For others, home is where happiness already exists — 23% describe their current location as their happy place.

Many see retirement as an opportunity for a fresh start; 16% of people imagine retiring in a different country altogether, seeking adventure and change in their golden years. Nearly 2 in 5 Gen Zers have set a goal for a travel fund (44%) in retirement.

Methodology

Empower surveyed 1,013 Americans on December 5, 2024.

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