Retirement is the phase of one’s life when the lifelong job of earning a living, raising a family, and overcoming the day-to-day obstacles that affect one's income, status, and career comes to an end. The fundamental problem of retired people is essentially the substitution of these with a new set of personal values and new kinds of activity.

Within post-retirement activities, leisure activities (e.g., Dorfman & Douglas, 2005; Reeves & Darville, 1994) are amongst the most beneficial to retirees’ psychological well-being. Further, when retirees work for generative reasons (i.e., working for teaching and sharing knowledge with the younger generation), they are more likely to experience improved psychological well-being (Dendinger, Adams, & Jacobson, 2005).

Interest in leisure activities such as hobbies and volunteer activities should be developed, that can be pursued earnestly post-retirement. This has been shown to have a positive impact on the physical and mental health of the individual and is also related to reduced mortality.

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Sources:
http://www.woodworkinghistory.com/appendix_26.htm
http://www.siop.org/WhitePapers/White%20Paper%20Series%2020112012Retirement.pdf