'You Can't Take It With You' — Four Things You Lose in Retirement
There will inevitably be things you lose in retirement. But it's not all gloom and doom. Most people find happiness: here's how.


Retirement marks a significant change in life. While many people celebrate this transition, some face challenges once their careers end. Like any other big life event, retirement involves a period of adjustment that is often helped by a bit of preparation.
Those who are happy in retirement tend to be proactive. The happiest retirees usually made preparations beyond financial security before retiring, including building a community, finding purpose and traveling, according to a recent study by the National Association of Plan Advisors (NAPA).
Still, as with any significant life change, there are losses and regrets. Here are a few things you might lose once you retire — and what to do about them.

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1. Financial security
It's not a given that you'll struggle financially in retirement. A 2024 Gallup poll found that about 75% of retired Americans say they have enough money to live comfortably.
Still, losing your steady paycheck could be a blow to your financial confidence. And you may find yourself anxious about spending money once you shift over to a reliance on your savings and Social Security.
Thankfully, there are steps you can take to attain a greater degree of financial security in retirement. First, if possible, avoid a hit to your Social Security benefits. Age 62 is when you’re first eligible to sign up for benefits, but you can avoid a reduction by waiting until your full retirement age to file.
You should also know that delaying your Social Security claim past full retirement age boosts your benefits permanently. You’ll receive an 8% increase for each year you hold off, though this incentive runs out at age 70.
Secondly, come up with a safe withdrawal rate for your savings, either on your own or with the aid of a financial adviser. Although the 4% rule, which proposes you withdraw 4% of your savings balance your first year of retirement and adjust future withdrawals for inflation, has long been popular, it has some flaws. And it may not be suitable for you, depending on your investment mix and life expectancy.
It also helps to load up on investments that produce income during retirement. This protects your savings from stock market crashes (namely, by allowing you to leave those assets untouched in the event of a downturn) while allowing your portfolio to grow.
Bonds are a popular choice for retirees because they pay interest predictably. Within that asset class, you may want to focus on municipal bonds, which pay interest that’s exempt from federal taxes.
Dividend stocks and real estate investment trusts (REITs) are other options to consider. REITs commonly offer higher-than-average dividends due to the requirement for them to distribute at least 90% of their taxable income to shareholders.
2. Employee benefits
Ending your career doesn't just mean giving up a paycheck. It also means losing the benefits package your employer provided, which may have included subsidized health insurance.
Although Medicare kicks in at age 65 for eligible enrollees, it doesn't cover everything. Original Medicare won't pay for dental care, eye exams, or hearing aids, and supplemental insurance won't get you coverage for these services, either.
Most Medicare Advantage plans do pay for dental care, eye exams, and hearing aids, among other supplemental benefits. However, Medicare Advantage plans are notorious for bottlenecking care with rigorous prior authorization requirements. And they often limit enrollees to narrow provider networks.
That’s why it’s essential to read up on Medicare ahead of retirement, and to choose your coverage carefully each year during open enrollment. During that time, you can make changes to your Medicare Advantage or Part D drug plan as your needs evolve.
It’s also helpful to earmark funds for healthcare ahead of retirement. If your employer-sponsored insurance plan is compatible with a health savings account (HSA), it pays to contribute and reserve those funds for your post-working years.
3. Your social network
Unless you’re someone who works from home, a job can serve as a social outlet, giving you access to company almost every day of the week. And it’s not unusual for people to struggle with loneliness once they retire.
A 2024 Transamerica survey found that only 53% of retirees have an active social life. And 17% of retirees feel isolated and lonely. Loneliness in retirement has a real cost, both to individuals and society in general.
So, set yourself up with social activities in retirement so you don’t end up devoid of company. If your peers aren’t retired, see if your local community center or house of worship has activities for people your age. If your town has a social media page, you may also want to reach out and see if there are people in a similar situation to yours who are interested in meeting up for coffee, a walking club, or any other activity you find interesting.
You might also consider moving into a lively retirement community, where many older Americans are surprised to find a bustling social life.
4. Your sense of purpose
The aforementioned Transamerica report found that 24% of retirees often feel anxious and depressed. And a 2024 MassMutual study found that 8% of retirees are less happy than they were before their careers ended.
Many retirees lose their sense of purpose once they stop working. But that can lead to an overall unhappy existence, even in the absence of financial concerns.
To avoid that, come up with a plan for filling your days ahead of retirement. And that plan could involve part-time work or starting your own business, even if you don’t need the money.
Volunteering is another great way to do something meaningful and give back to your community. It could also lead to more social connections, leading to a more fulfilling experience overall.
Another option? Go back to school. There are ample opportunities for retirees to attend college classes for free (or close to free) in all 50 states.
Whatever it may be for you, retirement is the time to follow your bliss.
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Maurie Backman is a freelance contributor to Kiplinger. She has over a decade of experience writing about financial topics, including retirement, investing, Social Security, and real estate. She has written for USA Today, U.S. News & World Report, and Bankrate. She studied creative writing and finance at Binghamton University and merged the two disciplines to help empower consumers to make smart financial planning decisions.
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