Careful Transition into Retirement: Learning Moments and Strategies for a Fulfilling Retirement Experience

The early positioning for retirement provision proves to be crucial, emphasizes Terri Fiedler, President of the Retirement Division at Corebridge Financial. Because insights from a recent survey clearly show: If women in retirement were young again, timely retirement provision would be at the top of their advice list to their younger selves. A common misconception among many employees is to claim Social Security benefits too early and with significant reductions. Delaying retirement and thus later claiming social benefits can significantly increase the amount of monthly retirement benefits over decades. Nevertheless, many decide to take the earlier route. The median retirement age is 63 years, with a significant proportion claiming benefits at the earliest age of 62. Only 4% of retirees delayed entry until the age of 70. Financial or health reasons can certainly justify advancing retirement entry—as well as the psychological attachment to Social Security contributions, as explained by Suzanne Shu from Cornell University. Debt is another frequently mentioned obstacle to consistent retirement provision. Nearly 70% of retirees reported carrying credit card debt into retirement—a worrying increase compared to 40% four years ago. One-third of retirees regret not having worked longer. Beyond the financial benefits of a longer working life, this provides the opportunity to continue contributing to retirement funds and delay claiming Social Security. However, circumstances such as health issues or company changes force many to exit the workforce earlier than planned. Emotional preparation and a well-thought-out transition strategy to retirement are crucial, as emphasized by financial planner Preston Cherry. However, not all experiences are negative: More than 40% of retirees report increased happiness since leaving the workforce. The time for family and hobbies often exceeds expectations. It is also notable that many women in retirement rate their financial health more positively than during their active working life—a surprising finding from the Corebridge study. For 2025, a new goal could be a written financial plan for retirees—whether they are already retired or not. This includes not only living expenses and investment strategies but also aspects such as inflation-related risks.