A lot of people I know are super eager to retire. And unfortunately for them, they still have a good number of years to go before they'll be able to stop working for good.
But retirement doesn't always work out magically. A recent MassMutual survey found that only 67% of retirees say they're happier than when they were working. A good 8% report that they're specifically less happy, whereas 25% are just neutral.
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It's that 8% that's pretty alarming. Although it's a fairly small percentage, it's hard to imagine so many people spending the last few decades of their lives feeling notably less content.
If you're someone who's been retired for a while and just aren't happy, there's no shame in that. Instead, it's time to take action.
Identify your pain points
There are a number of reasons why you may end up unhappy in retirement. First, there's the financial end of things. It's not easy to go from earning a paycheck to living off of a fixed income. And even if you have a lot of savings, you might have a nagging fear of your nest egg running out.
Also, if you didn't bring much savings with you into retirement and are mostly paying the bills on Social Security, you may not have much room in your budget for leisure and hobbies. That could less to a less fun existence.
There's also the social aspect of retirement to consider. It may be that money isn't a concern, but you miss the camaraderie of the workplace. Or it could be that your social circle isn't very wide, and you're feeling lonely in the absence of having people to spend time with.
You may also be in a situation where you have plenty of money and company, but you're just plain bored. It can happen, and there's nothing wrong with admitting that your current situation is just not working for you.
Come up with solutions
Once you've identified the primary reason you're unhappy in retirement, you can work on addressing it. And there may be multiple factors at play, but understanding what they are is the first step toward getting to a better place.
If money issues are your main concern, see if you can boost your income with part-time work. That could mean taking on a gig role or starting your own business.
If running out of money is your primary worry, sit down with a financial advisor and have them help you come up with an investment and withdrawal strategy that gives you more peace of mind. That could mean shunning the ever-popular 4% rule and coming up with a custom withdrawal rate based on your needs, investment mix, and goals for retirement.
If social woes are getting you down, working part-time could help address them -- even if you don't particularly need the money. And if you're not interested in working or feel it would be too much of a challenge, you can instead find ways to meet new people.
See if your local house of worship has a seniors group you can join. Sign up for adult education classes through a local college. Or get involved in an organization you care about.
Remember, too, that you don't have to limit yourself to friends who are your age in retirement. You might meet people who are much younger through volunteer work or other outlets. Don't write off those friendships, as they could prove invaluable.
Finally, if you're just plain bored, try all of the above. But also, think back to when you were working and try to identify the most interesting elements of your job. Then, see if you can replicate them in your current life. If you were an engineer who enjoyed designing things, for example, you can assign yourself some projects to keep your mind busy, even if you don't have a boss who's holding you to a deadline.
There's nothing wrong with admitting that retirement isn't working out as well as you would've hoped. But rather than resign yourself to being miserable, address the root of the problem.
Also, don't be afraid to confide in your fellow retirees that you aren't happy. You never know when someone else might have secretly been in that boat once before, and they might have helpful advice to share.
