How Americans are reinventing retirement

Retirees are living lives their younger selves would be jealous of, according to a recent study.

The poll of 2,000 Americans who have retired, or will retire, between 2020–2029 found that the Benjamin Button effect is in full play.

Retirees said they’re aging backward and feeling more vivacious than ever — as more than a quarter (26%) said their younger self would love to live their current life.

And most respondents (60%) plan to, or already have, done a “retirement reinvention” — stepping into a completely new version of themselves during retirement. 

Commissioned by IHG Hotels & Resorts (https://www.ihg.com/hotels/us/en/reservation) and conducted by Talker Research, the survey explored what this “new version” looks like, and the role that travel plays in respondents making the most of their retirement years.

Many retirees (40%) have taken, or plan to take, the trip of a lifetime to celebrate retirement. 

In fact, the majority (59%) are planning on traveling more during retirement than they traveled during their working years.

This may be due in part to 36% of retirees regretting how much they worked during their careers, compared to how much time they spent doing other things.

Looking back at their priorities while working, respondents said their biggest roadblocks to traveling during their careers were lack of budget (49%) and job flexibility (43%). 

But to make up for this, half want to spend less in other areas of their budgets, so they’re able to put more money toward travel — and the survey looked to see what places are top on the list of where retirees want to visit.

Of those who have or will take a retirement celebration trip, top stops are a destination within the U.S. (59%), Europe (31%) and a North American locale outside of the U.S. (23%). 

A few adventurers are even trekking to Antarctica for their retirement trip. 

“It’s incredible to see how many people are taking advantage of their retirement to enjoy things they didn’t have time for in their working years,” said Connor Smith, vice president of masterbrand at IHG Hotels & Resorts. “The reality is, people put their careers and families first. So, in their retirement era, it’s inspiring to see them live their best lives. We love that travel came up as a top priority and encourage guests to come as they are, whether they’re adventurers, foodies or just want to be taken care of.”  

Along with traveling, respondents also said they’ll be side hustling (starting a small, part-time job or business) to have a little bit of extra income (78%) and to fend off boredom (45%).

And in their downtime, nearly half (43%) have or plan to pick up an old hobby. A third (33%) even said this is their time to learn a new skill. 

Eleven percent are getting into sports, while others are becoming writers (17%) or learning a new language (16%) — perhaps to help make some of their travel plans easier by knowing local phrases. 

While many have big travel plans and are picking up hobbies, the survey also explored who respondents might be enjoying these activities with.

Looking into their love lives, nearly one in six (15%) want to find love during retirement and are planning to spend more time dating to find “the one.” 

But some single retirees are happy on their own — so when planning how to make the most of their retirement, many (16%) have boldly put a solo trip on the books.

And regardless of whether they’re going solo or have travel mates, for those with an upcoming trip, 25% plan to spend as much time as possible exploring and adventuring rather than resting and relaxing.  

“One of people’s biggest fears when heading into retirement is being bored,” said Smith. “But now we’re seeing that retirees have countless ideas on how to make the most of their hard-earned time. Whether that’s traveling, starting a side hustle or picking up a hobby, retirement can be an opportunity for adventure and reinvention, and anything but boring.”

RETIREES’ TOP HOBBIES

Gardening – 43%

Reading – 42%

Cooking – 38%

Baking – 28%

Fishing – 22%

Painting – 17%

Writing – 17%

Learning a new language – 16%

Photography – 15%

Sewing – 14%

Learning an instrument – 11%

A sport – 11%

Carpentry – 9%

Dance – 9%

Pickleball – 9%

Singing – 7%

Stand-up comedy – 2%