Retiring early is great. I've been writing about the FIRE movement since I first published this post in 2009. But what do retirees age 65-75 do that's so great compared the the rest of us?
The Bureau of Labor Statistics & USNWR comes out with an interesting survey that seeks to find out what retirees age 65 to 75 do all day compared to the working and younger population. Apparently, not much more!
The BLS said retirees age 65-76 do more of the following: sleep, leisure sports, TV, and household activities and less work (duh) accounts for the biggest differences, a whopping 3 hrs!
In other words, whether you're working or not, your life doesn't change much except for the fact you don't have to set the alarm clock anymore, and you get to watch almost 2 hours more of “Lost” and “24”! Got to love statistics. This average retirement sounds very boring, but then again by definition, average is boring!
In my opinion, the most desirable benefit of retirement is freedom of choice. To be able to do whatever you want, whenever you want sounds priceless to me. I look at my parents lifestyle's and I think, not bad! Cruise around the world visiting places like Cairo and Istanbul, while being able to visit their children along the way.
My father started a private business out of fun, rather than need. And my mother gets to focus on her readings about health and various teachings rather than slave away at job she didn't love entirely.
I'm happy for them, especially for my mother, who I hoped for the past 5 years of her working career that she'd retire sooner. Below are the Bureau's findings.
How Seniors Age 65 to 74 Spend Their Day in Hours
(Results for the total population age 15 and older are in parenthesis.)
Sleep & personal care 9.51 (9.39)
Eating and drinking 1.46 (1.23)
Household activities 2.27 (1.73)
Purchasing goods and services 0.92 (0.77)
Caring for household members 0.09 (0.53)
Caring for nonhousehold members 0.31 (0.23)
Work 1.23 (3.73)
Education 0.02 (0.47)
Civic and Religious activities 0.54 (0.33)
Leisure and sports 7.12 (5.18)
Watching TV 3.96 (2.55)
Sports and exercise 0.29 (0.27)
Socializing 0.62 (0.54)
Reading 0.77 (0.32)
Relaxing/thinking 0.41 (0.27)
Leisure computer use 0.35 (0.31)
Telephone calls, mail, and e-mail 0.25 (0.21)
Other activities 0.29 (0.20)
Source: Bureau of Labor Statistics, 2008.
Readers, if you knew you could retire by the end of this year, how would you feel and what would you do? I'd probably continue working for several more years just because I'd be so excited I didn't have to!
You can sign up for my free newsletter here. I've been retired since 2012 and have enjoyed my time away from work. Writing on Financial Samurai for over 12 years has been a great pleasure.
In fact, for those of you thinking about retiring, the best time to retire may be under a Democratic Presidency.