Did you know there are at least six stages you’ll go through for retirement?
As you prepare to navigate life as a retiree, take note of these phases that you can expect yourself to go through.
Phase 1: Pre-Retirement
The pre-retirement phase is the planning stage. This is the time you’ll spend thinking about when you’ll retire, what you’ll do post retirement, and how you’ll announce your retirement.
This is also the phase where you will be continuing to save money for retirement. In this phase, you should be consulting with a financial advisor or planner to help you financially prepare for your upcoming retirement whenever you decide that will be.
Phase 2: Entering Retirement
Alas, you’ve retired!
In this phase, you’ll be announcing your retirement and preparing for a retirement party. You may also be informing your employer that you’ll be retiring.
As you enter retirement, you’ll probably be thinking about everything you can do after you’re no longer working. Maybe you’ll consider traveling, spending time with family, taking on a new hobby, or simply giving yourself time to just rest and unwind from all the years of working.
Phase 3: The Honeymoon
There’s a honeymoon phase for retirement too. You’ll feel the excitement and joy of not having to wake up and go to work each morning.
You may find yourself enjoying the freedom of being able to sleep in, rest, travel, and doing all the things you couldn’t do while you were working.
However, there will come a point where this excitement will die down.
All honeymoon phases come to an end eventually. Reality will then kick in about your new life and you may begin to find it less enjoyable.
Phase 4: Disenchantment
Once the excitement of retirement wears away, feelings of loneliness, doubt, boredom and disillusionment may settle in.
In this phase, you may begin to feel like retirement isn’t all that cracked up to be. Suddenly not having to work anymore may not feel as fulfilling as you thought it would be.
It’s important to have a plan when for your retirement. You should have an idea of things you want to do ahead of time but leave room for activities you didn’t think about at first.
You should also make sure you have discussed a financial plan with your advisor to make sure you can financially support yourself through retirement. Waiting all those years to retire to end up not having enough money to stay retired can further disappoint you.
Retirement is supposed to be the very thing we all look forward too. Be sure to develop a support system of people who can help you should you find yourself in the disenchantment phase.
Phase 5: Reorientation
The disenchantment phase won’t last forever if you don’t allow it to.
In the reorientation phase, you’ll rediscover yourself and redevelop your retirement goals. You’ll find yourself developing new hobbies, new plans, and new ways to enjoy the retirement life again.
Once you develop a routine and revisit your retirement plan, it’s time to put it in action.
Phase 6: The Retired Life
This is the phase where you begin to truly live out the retirement life.
By this time, retirement is a no-brainer and you’re even enjoying it now more than ever.
You should know what your plans are and how you’ll carry them out. You should also have a general idea of the things you want to do for the remainder of your retirement.
You may not have it all figured out, but you have a plan that you’re working towards each day.
If you’re looking for help financially planning your retirement, be sure to reach out to us! We’d be glad to help you as you prepare to navigate these different phases of retirement