‘When you love something, it’s hard to say goodbye’: Hoda Kotb opens up about retirement fears after leaving the ‘Today’ show — here’s what to consider when planning your own next chapter

“When you love something, it’s hard to say goodbye to it because it doesn’t make sense,” Kotb said on “Today with Hoda & Jenna” in October. “But there was something to me about recognizing a peak and saying in that peak, like, ‘I do not feel that there is an opportunity that would make this get any better than it is today.’”

Whether you love your work or not, retirement raises important questions for anyone grappling with the decision: Are you really financially prepared? And how do you want to spend your time?

While some find purpose in part-time jobs, others continue working out of financial necessity. If you’re nearing retirement age, here are some key factors to help you plan your next chapter.

It’s never too late to chase new dreams

Retirement can be a chance to reshape your life, shifting from years of work obligations to new opportunities for growth and fulfillment. Like Kotb, who recently made the choice to pivot her career, some retirees find a fresh sense of purpose by starting new projects or even exploring passions they’ve never had time for before.

Kotb makes it clear that she already had an idea of what she wanted her new chapter to look like before making the decision. For example, Kotb plans to venture into the wellness industry and is in the early stages of developing a smartphone app focused on wellbeing.

“I want to work in that space. I want to start things, I’ve got things that are percolating inside that I’m going to hopefully have, you know, fully formed soon,” Kotb said.

Gerika Espinosa, a certified financial planner, emphasizes the importance of finding joy in work, even in retirement.

“There’s a lot of fallacy that we can only have jobs we don’t enjoy,” she told CNBC. ”[Getting over that] helps people a lot because a lot of people in retirement struggle with purpose in general.”

Whether it’s a part-time role that provides the remaining income you need to live comfortably, a new business venture or taking on a new hobby, retirement can be a time to pursue meaningful work on your own terms.

Are retirees choosing to work — or forced?

According to CNBC's August 2024 Your Money retirement survey, 17% of retirees choose to work, while 11% are only working because they have to and 71% have left the workforce entirely.

While some retirees, like Kobt, are fortunate enough to step back and pursue personal interests, a growing number of Americans are working well past the traditional retirement age. Over the past 30 years, the average retirement age has increased from about 62 to 65 according to the American Enterprise Institute.

Improved health has encouraged some seniors to remain in the workforce longer, but potential cuts to Social Security taxes could also cause lower-income beneficiaries to involuntarily extend their working years if faced with a benefit reduction.