Yes, Crispy_Frog, it is everything you hope for and more. We have been retired for 12 years now, built a one floor no stairs, 2 handicap bathrooms, a his and her bedrooms, a guest room and sewing room. Living room and dining room combined and short baking wall separates it from the large kitchen with an island. My stash flows over into the guest room a bit, but most of it is in the sewing room. I have purchased one new machine and sewing stands for each machine in the sewing room. I can embroidery with that machine, serge with the serger, or sew on one of two machines. I set aside days on the calendar that says I sew all day on those days.
With new friends, I go on the all Iowa shop hop in June every year. See new ideas and things and sometimes buy a few things. One store is closing down near by and we have hit it twice now. Medical trips to Des Moines, Iowa, means we have an excuse to include a few quilt shops with our journey from North Central Missouri homestead. I shop on line on some occasions, but enjoy trips with others who quilt. I try to finish from 8 to 12 quilts a year. I have given up on some fabric acquired before retirement and given it to charitable groups, but I have made up most of it. I don not enter fair or quilt contests, but new friends do and win prizes.
My dh and I keep a large calendar on the wall, so we know what is planned one each day. It fills up all too soon on some months, others gives more freedom of our choice on what we do that day. Never miss our jobs, just friends. We find time to relax and pursuit our 'hobbies'. May you find your way, too.
Make any big purchase while you are still working; its easier than trying to buy it in retirement. Always keep goals in mind to work toward for your happiness.