Why do so many retirees stay home all day?
That word is used often, but most people don’t know what it means. Many people associate it with travel, fun, and adventure activities. During this time in their lives, they will do all the things they have always wanted to do. According to a recent study, perceptions of retirement may differ from reality. The American Time Use Survey study examines how Americans of different ages spend their days. Like you might expect, everyone sleeps, eats, shops, and enjoys leisure time. We spend different amounts of time on those different activities depending on our life stage. Students spend a lot of time in educational activities. Working adults are more likely to spend time at the office.
We can learn a lot about retirement in America by looking at how people reallocate their time from working into retirement. Were our Golden Years spent living life to the fullest, or is retired life starting to look like working years?
A study compared those in their prime years of employment (55-64) and those in their retirement years (65-74). Study results indicated that retirees spent less time on work, educational pursuits, and caring for their families.
Their time was spent on personal care, food, household chores, shopping, socializing, and phone calls. Typically, retirees spend 2.5 hours per day away from work and add those 2.5 hours to activities such as leisure.
You’re not the only one who is surprised by that number. It appears that a typical retirement day is not very different from a typical working day. It consists of reallocating 10-20% of our time to things that we want to do instead of things that need to be accomplished.