I retired from being an educator after 37 years in June of 2013 and am loving it! While I liked my career, I was definitely ready to move into this next stage. My DH had retired 2 years earlier and that was probably wise for him to figure it out before I took the plunge. I love to quilt--both piecing and long arm, and am very active in my Guild. I kept up a water aerobics class, too.
Several people have given some really good advice--to be wary of committing to too much volunteer work. Everyone assumes you will so miss school that you will teach every Sunday school class, school volunteer work, etc. Know ahead of time what you think you might be interested in doing and for about how many hours weekly--and stick to your guns!
Also,Jeanne's comment about knowing your finances is important. We'd always been saving for retirement and I'm still struggling with being so frugal and not adding to savings. My husband keeps reminding me not to be freaking out about that!
What I really like is not setting an alarm except on rare occasions, being able to change my plans if I decide I want to at the last minute (yes, some would call that procrastination!), generally a slower pace and more relaxed. our son lives 3 hrs away and his days off are Sun & Mon--so now we get to see him and his family more. We haven't done as much travel as we plan--do have some trips planned, and love that we can go during the school year instead of peak season! Oh--the other thing you'll find different is clothing---no need for those work clothes--or at least very little--I keep weeding my wardrobe each season--anything that I haven't worn that season goes to charity--love that I don't wear "professional" anymore! Have fun!