Ask anyone in their 50s or 60s how they picture their retirement, and you’ll usually get a vague image of “more freedom”, definitely “more travel”, and occasionally something about finally getting through the pile of books on the bedside table.

But when you dig deeper into how people actually experience this phase of life, a sharper set of truths emerges. Some people flourish in retirement, but others really struggle. And the gap between the two isn’t wealth, luck or timing. It’s something else entirely.

The happiest retirees aren’t defined by early exits from the workplace, large superannuation balances or super-smart investments.Credit: Getty Images

Let’s be honest: retirement is a double-layered challenge. Yes, it’s financially complex, but it’s also emotionally demanding. And today’s retirees are, in many ways, the test case generation.

We’re living longer, we’re retiring with more money, and our expectations of what life should look like in our 60s, 70s and beyond are far higher. That brings opportunity, but it also brings uncertainty.

Most of us enter retirement thinking it’s simply about stepping away from work and shifting how we draw our income. In reality, it’s bigger than that. It requires us to reinvent ourselves and build a life that might stretch another 25 or 35 years.

Life expectancy keeps pushing out, and for many people, retirement is now an entire life stage that’s closer to 25 or 35 years rather than a final chapter. So the real goal isn’t just to stop working.

Money is the tool, not the ultimate goal. It creates choices in life. It funds the experiences you enjoy.

It’s to create a life that genuinely feels good to live.

Over years of interviewing retirees, researching longevity and talking to thousands of readers, I’ve noticed a pattern. People who seem genuinely content in retirement tend to do five things differently.

The happiest retirees aren’t necessarily high earners, but they are deliberate with their money. They clear debt, especially the mortgage,........

© The Sydney Morning Herald