How Retirees Prioritize Socializing, Leisure and Religiosity - A Research Based Study for Planners

Abstract

Happiness and well-being are among the two most important goals for individuals approaching retirement and often form the basis of total income requirement during retirement. These goals are almost met when the household expenses are paid for, individual health is taken care of, and there is residual money available for social, leisure, and religious activities. Time spent on socializing, leisure, religiosity, and financial services is the main concern. We use the American Time Use Study (ATUS) 2013 Well-Being Module to examine the predicted probabilities of retirees' time spent in each activity of interest based on various demographic and socioeconomic factors.

Keywords: Retirement Planning, Financial Planning, ATUS, Gerontology, Leisure, Religiosity, Financial Well-being, Health Care Costs

JEL Classification: D03, D14, J14, J26