The purpose of this study was to examine the experience of retirement and how life satisfaction after retirement differs depending on the individual, family, and social characteristics of middle‐aged and elderly Korean men and the experience of retirement. Data were drawn from the first wave of the Korean Longitudinal Study of Ageing (KLoSA). The sample consisted of 278 retired middle‐aged and elderly Korean men aged between 45 and 64. The results showed that middle‐aged and elderly Korean retirees’ reasons for retirement differed depending on their health satisfaction. In addition, their retirement satisfaction varied according to their education, health satisfaction, economic satisfaction, and reasons for retirement. Regarding their life satisfaction, it was predicted by their age and satisfaction with health status, economic situation, marriage, and relationship with their children.