Report: Overall, retirees are satisfied

Industry research indicates money isn’t necessarily tied to happiness

By Michael Pramik, Ohio Public Employees Retirement System

May 22, 2025 – Is retirement satisfaction solely determined by financial security, or is there more to the story of attaining happiness after work?

Many studies on retirement readiness indicate that a significant number of U.S. households may fall short of maintaining their pre-retirement lifestyle. Financial regret is common, with numerous retirees saying they wish they had saved more for their golden years when they were working.

Surprisingly, however, most retired households — about 92%— report feeling “very” or “moderately” satisfied with their lives, says this report by the Centers for Retirement Research titled, “A Review of Existing Measures of Retirement Well-Being.” Research from psychologists and gerontologists has consistently shown that the link between financial status and retirement satisfaction is weaker than one might assume.

According to the report, a high percentage of those who have responded to this survey over the years say they are moderately or very satisfied in retirement. From 1992 to 2020, that percentage has ranged between about 92% and 95%. Does that mean everyone responding is set financially? No. The report shows that many retirees don’t have the resources to maintain their working standard of living in retirement.

“One explanation for this disconnect between life satisfaction and objective financial measures is that retirees’ life satisfaction is not really related to financial measures but rather other aspects of well-being,” the report’s authors state.

While the report paints an optimistic picture of retirement that’s not reliant solely on money, OPERS highly recommends planning for your financial future while you’re working. We offer two helpful webinars for active members that can help ensure their retirement days are well-supported financially.

• Bridging the Gap to Retirement Income: This webinar helps members assess their financial wellness, review current spending habits and estimate their retirement income to help identify the gap between what you will have in retirement and what you will need.
• Health Care: The Hidden Cost in Retirement: This webinar reviews the long-term cost of health care and better prepares members for retirement.

Members can find links to recorded presentations of those two webinars on our website.