What Is ‘Retirement?’ Workers Say Freedom

401k, retirement, Transamerica, workers

Now, where's my drink?

We know how to define retirement, but what does it actually mean to workers?

Transamerica Center for Retirement Studies (TCRS) decided to find out.

According to its new study, titled What Is “Retirement”? Three Generations Prepare for Older Age, workers most often associate retirement with the words freedom, enjoyment and stress-free, “despite the magnitude of preparations and challenges involved,” according to the organization.

“Retirement is no longer associated with a gold watch and metaphoric sunsets,” Catherine Collinson, CEO and president of Transamerica Institute and TCRS, said in a statement. “Today’s workers expect to extend their working lives beyond age 65. Their vision of retirement balances continued work with freedom and more time to pursue personal interests.”

Survey results

The survey finds:

“Workers must take greater action in saving, investing, financially planning—and protecting their health—to successfully transform their visions of retirement into reality,” Collinson added.

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