The Psychology of Retirement

"After being given the proverbial gold watch by the boss on one's last day of work (often one's 65th birthday), significant numbers of the middle classes would promptly sell their house and move to a condominium community in a warm, sunny place. There they would socialize, fish or play golf, and have early dinners with other retirees, with the occasional trip somewhere to break up this Groundhog Day-like routine. Seeing children and grandchildren (and boasting of their achievements to neighbors) was another staple activity."

"It is hard to overestimate the psychological power that this scenario had on Americans throughout their lives. For many, work was viewed primarily as the necessary means to reach the promised land of leisure, a prelude to the best stage in life. Building a nest egg while working was the goal, with the knowledge that Social Security and a little investment income would make it possible."

A once-dominant retirement model envisioned leaving work around age 65, selling the house, moving to condominium communities in warm climates, and spending days socializing, fishing, golfing, and visiting family. That model rested on the idea that decades of work and family-raising entitled people to a period of rest funded by nest eggs, Social Security, and modest investment income. For many in the Greatest Generation, relocation to Florida or Arizona symbolized achieving the American Dream after Depression-era hardship and wartime sacrifice. The scenario shaped lifetime expectations and framed work as the means to leisure. Many baby boomers now reject that script, and retirement may change beyond recognition.

Read at Psychology Today