Social Security Amendments of 1983 will extend retirement age from 65 to 67 by the year 2027, reduce early retirement benefits and increase credit for delayed retirement by 2007. There are many facets of an individual's life that will influence how satisfied one may be in retirement. Answers to the following questions may suggest how well one will adjust to retirement. The way one adjusts to retirement has much to do with the circumstances surrounding retirement. To the contrary, the Kaiser Permanente Retirement Study found that those who planned for retirement and did so voluntarily, were found to be less stressed with fewer substance abuse problems and more likely to exercise regularly.
Retirement implies inactivity to many, with no compensation and often intangible outcomes.
For some, self esteem and pride wanes. For others value, expertise and relationships change. In 1975, Robert Atchley identified seven phases of retirement that remain appropriate to understanding retirement. There is anticipation with little planning for this future event. Preparation for retirement and some fantasizing about it occurs.