Studies on retirement reporting that, compared to people not retired, recent retirees exhibited less income, more physical and mental illness, lower self-esteem, and less life satisfaction have been challenged and new findings have been revealed by longitudinal studies using data from large samples. It appears that perhaps the way individuals adapt and cope following retirement is largely predicted by how they adapted and coped before retirement. The main thing that does change for most people when they retire may well be the amount of discretionary time they have. As old opportunities and responsibilities of work are abandoned, new opportunities and responsibilities for decision making appear with retirement. Planning is needed for retirement, and systematic planning is especially needed for some of the business aspects of retirement, such as career changes and possible job searches, financial management, housing, health management, and legal arrangements. Aside from business matters, leisure planning and volunteer activities may also require systematic information and assessment. More and more retired persons are healthy and capable people; they must be allowed and encouraged to become more independent and productive. It is economically, socially, politically, and culturally imperative that older persons continue or resume making contributions to society. Retirement needs to be seen as a transition from one activity to another; and as a change in emphases rather than a withdrawal from useful, productive living. (A 69-item bibliography is included.) (NB)