More adults than ever before are transitioning into the retirement stage of the life. For many, retirement is a period of increased leisure participation. The objective of the study was to identify the impact of leisure participation on the retirement experience. Subjects were 116 retirees located in the New South Wales coastal town of Port Macquarie. A 7- day time-use diary and a four page questionnaire were administered. Time-use was recorded in 15 min bundles so as to determine retirees’ leisure repertoires and leisure participation levels (specifically active, passive, and social leisure). Retirees’ life, leisure, health, and retirement satisfaction were also scored and their socio-demographic characteristics identified. Analysis of the data revealed that 60% of all time given over to leisure participation was spent undertaking passive leisure activities, followed by active leisure activities (25%), and then social leisure activities (15%). Retired males participated significantly more in passive leisure activities, while retired females participated significantly more in social leisure activities. Leisure participation was not found to significantly influence life satisfaction and retirement satisfaction, although certain leisure activities were found to significantly influence leisure satisfaction and health satisfaction. Retirement satisfaction scores also significantly influenced total weekly passive leisure participation. Further, certain measures of satisfaction were found to significantly influence others: life satisfaction significantly influenced health, retirement, and leisure satisfaction scores; retirement satisfaction significantly influenced leisure, life, and health satisfaction scores; and health satisfaction scores significantly influenced life and retirement satisfaction. Female retirees scored higher health satisfaction scores than male retirees.