My next discussion group/workshop based on the book,Retirement YOUR Way by Gail McDonald and Marilyn Bushey, meets the needs of most people in the over 60 age group, my perfect clients and friends. Because that group includes people from 60 to 100+ years, all “retirees” are not the same. We have left our work life at different ages and for different reasons and have made different choices about how we do retirement. We’re also at different places on a typical retirement journey. McDonald and Bushey focus on how to make better choices and move forward, which is helpful no matter where you are. And where is that? Here are the five stages of retirement as outlined by longtime retirement researcher, Ken Dychtwald, Phd.
The first stage, Imagination, starts about 15 years before people retire when they are more likely focused on their career, raising a family, and other things. They generally have quite a positive image of retirement ; some even have the foresight to start saving for it.
Stage 2, Anticipation, starts about five years out when people begin meeting with financial planners and increasing their savings. They may be preparing for a second career or making travel plans. Excitement and anxiety about lifestyle changes are typical.
Liberation, Stage 3, is the beginning of actual retirement. Retirees can enjoy the freedom to travel, explore interests, spend time with family and friends, and take care of projects they’ve postponed for years. Knowing how to structure this newfound time may be a need for some. Dychtwald’s research shows that this “honeymoon” period usually lasts about two years.
Stage 4, Reorientation, takes up a big chunk of time, twelve years or more. People have transitioned out of their full-time work and may need to make adjustments related to health or finances. This is the period when people may relocate or reinvent themselves somehow. According to Dychtwald’s research, “many enjoy a prolonged ‘sweet spot’ of retirement where happiness, contentment, and fun are at all-time highs.”
Stage 5, Reconciliation, starts 15 or more years into retirement, depending on the age you retired and your overall health. It’s a time of downshifting as retirees enjoy more rest and relaxation and focus more on family connections and activities. For some it’s a time of caregiving and/or loss of a partner or other family members. This stage includes the transition from adulthood to elder hood and the changes this brings.
So which of these stages best describes where you are in retirement or, what authors McDonald and Bushey call, your “next chapter?” As with any “stages,” you may not follow each one in lock step or move from one to the other at the expected time. I suppose part of you could be engaged in stage 4, while some physical challenge or loss says it’s time for stage 5! Or maybe you’ve skipped a step along the way-never prepared-Yikes !
The point in all this is to elevate your awareness of what the retirement journey looks like – the big picture-and to get you to reflect on whether you’re having the best retirement experience you could. Are you in that “sweet spot” of happiness and fulfillment, or is there something you could be changing, making different choices to improve your next chapter.
I hope you’ll think about this and, if you’d like to design an even better future with me and a group of like-minded people, join me at Oasis on September 27th in the class “Retirement YOUR Way! “ Please spread the word!
Reference: Ken Dechtwald, PhD and Robert Morison. What Retirees Want – A Holistic View of Life’s Third Age (Hoboken, New Jersey:Wiley & Sons, 2020).