I retired at the end of 2015. So, it's just a few days shy of three years. I was a full time professor, and a part time consultant. Still do the part time job. I think that really helped me make the transition. I went from 60+ hours a week to my current 10-12 hours a week.
I do miss the teaching part of my old job. My times in the lab with my students were some of the most gratifying, and rewarding times of my working life. I suppose I will always miss that.
I most emphatically do not miss the other parts of the job: committees, faculty meetings, diversity training, harrassment training, sensitivity training, ethics training, budget wars, etc, etc, etc,,,,the same old same old, year after year after year.
As far as finances go, I'm ok. Not great, but I get all my bills paid on time, and have enough extra to fund my fishing. Between a pension, social security, and a part time gig, my take home pay is about 70% of what it used to be. I look at that this way: I am working about 20% of what I used to work, for 70% of the money I used to make. I can live with that. The only real difference is in the vehicle I drive. I used to by a new one every three or four years. Now, I will be buying a used one, when the current one is on it's last legs. I can live with that as well.
Another thing that helped with the transition to retirement, maybe even more that the part time gig, was my new hobby. Rod building. I have been steadily busy with that since the beginning of 2017. I spend some part of almost every day at my cabin/workshop working on rods. It is slow, meticulous work, requiring patience and attention to detail. I find it quite peaceful. And, if I feel like taking a day off, I take a day off. I don't need to make money building rods. If I make enough from it that it pays for itself, I'm a happy guy. And, so far, it has paid for itself.
You guys who find your time weighing heavily on your hands might consider rod building. It does not take a large investment to get started. I spent most of 2015, the last year I worked, experimenting with the various small tasks required to build a rod from scratch. Spending that time time told me what equipment I would need, and what I could do without. It also told me this is something I can enjoy doing, and can feel good about investing some cash in good gear.
In the end, I believe retirement is what you make of it. I went into it virtually debt free, and with a clear idea what I would be doing with my time. I feel for the guys who were thrust into retirement without having had the time to figure it out.
One last thought. I've heard a pot of people say I'm gonna fish every day when I retire. I'm here to tell you fishing gets old when you you do it every day. I got myself almost burnt out on fishing. Had to take a break for a while. Got back into it, fishing once or twice a week. Until this year. 2018 pulled a vacuum, as far as fishing goes. Rain, rain, and more rain kept me off the water a lot more than I wanted. And now the season is over. Got the itch bad.