Big and Little Joys
A new Empower survey of 1,013 adults (fielded Dec. 5, 2024) finds that retirement satisfaction hinges on a mix of day‑to‑day security and meaningful experiences:
- 68 % say “living a little” by affording joy‑bringing experiences defines retiring well.
- 68 % point to meeting core savings milestones and paying every bill on time and in full.
- 63 % equate happiness with being debt‑free, including owning their home outright (55 %).
- 42 % emphasize the freedom to travel, while 25 % value having time to volunteer.
Timelines and Milestones
- 66 % already have a target retirement age in mind (73 % of men vs. 61 % of women).
- 67 % track specific financial checkpoints before they clock out for good:
- Emergency fund (57 %)
- Dedicated travel kitty (33 %)
- Cash for new hobbies or leisure pursuits (32 %)
- 68 % say their overall retirement happiness will hinge on reaching their nest‑egg number.
- Among Gen X, 42 % rank “leaving an inheritance” as a key goal.
Where to Spend the Golden Years
When choosing a retirement locale, Americans crave both affordability and quality of life:
| Priority | % of Respondents |
|---|---|
| Maintain lifestyle without money stress | 86 % |
| Low cost of living | 38 % |
| Plan to relocate to a new city/state | 42 % |
| Prefer affordability even if far from loved ones | 43 % |
| Want to stay near family and friends | 37 % |
| Already live in their “happy place” | 23 % |
| Dream of retiring abroad | 16 % |
Gen Z wanderlust: nearly 44 % have earmarked a retirement travel fund.
The Bottom Line
For most Americans, “retiring well” is a balancing act: solid finances that cover the basics, plus enough cushion to savor travel, hobbies and giving back. Hitting key savings milestones—and perhaps planting roots in a lower‑cost locale—are the levers that turn retirement dreams into day‑to‑day reality.
—BPT
