1) In my country the retirement age for women is 55 years old, and for men - 60.
2) Yes, of course. My grandparens are retired. They spend their time reading, walking and gardening. My grandma loves cooking and grandpa loves fixing and making things.
3) The best thin is that you don't have to work, because you have a state pension and some support from the Government. The worst thing is that being retired is boring.