Senior Spotlight: The Four Phases of Retirement

The Next Chapter. The Golden Years. The Last Act. Life 2.0. The Big Transition. No matter what you call it, those post era years after working are a hard-earned and long-awaited season of life. But retirement, like any stage in life, doesn’t have just one defining moment or major theme. While most approach this time of life with excitement, many struggle with a lack of purpose, loss of loved ones or other unexpected challenges. One of our go-to aging lifestyle publications, Next Avenue, recently shared an article on the 4 phases of retirement and how to prepare for them. We have summarized the phases below but encourage you to read the article in full HERE. 

The Four Phases of Retirement 

#1: VACATION

Most people dream of local, national or international travel when they retire, even just having time for day trips can feel like a luxury after decades of working. Experts state that the ‘vacation’ phase usually lasts several years, and financial planners advise that retirees learn to live on a fixed income before over-spending on travel. 

#2: LOSS

After the more euphoric phase of travel is often a less inspiring phase… one known as loss. This refers to the emotional loss felt once the excitement of retirement has worn off and the lack of defining purpose has set in. Some retirees even question their self-worth. Experts suggest that by anticipating this phase may happen, you can think ahead of ways to reinvent yourself and set new goals. 

#3: EXPERIMENTATION 

As the recreating your life phase begins, many older adults test out new hobbies, try out volunteer work, join clubs or leagues or even consider moving closer to loved ones. The key aspect of this phase is to note which of the things you are doing actually brings you joy – and then do more of THAT. 

#4: REWARD 

Once retirees have established new routines they enjoy, this is known as the reward phase. Many find retirement more fulfilling once that sense of structure and purpose is established. By choosing activities that are meaningful and doing them regularly, the newfound sense of freedom is actually defined by the stability of new patterns of living. The caveat here is that you know what you love to do and where you want to be – you have to ensure you have the financial set-up to sustain it. 

We hope this summary of the 4 phases of retirement has given you something to look forward to, and also some informative tips! 

Cheers to living longer & living better,

Bobbi

Bobbi Decker
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Broker Associate
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