Four Phases of Retirement
Despite common belief, retirement takes more than financial planning.
And while you may be beyond ready to go on permanent vacation, you also have to psychologically prepare for when the novelty wears off.
In this entertaining and enlightening TED Talk, Dr. Riley Moynes identifies four distinct phases that most people go through during retirement, and he suggests that knowing what to expect from each phase can be enormously helpful.
The first phase is the "vacation phase," where retirees have little or no set routine and do whatever they want. However, this phase rarely maintains its appeal, and boredom sets in after a year or so.
The second phase is when retirees begin to experience loss, including loss of identity, relationships, and purpose. This phase can be challenging to process, but it is a crucial stepping-stone towards the more enjoyable third and fourth phases, where retirees can find meaning and happiness in serving others.
Dr. Moynes suggests that those who reach Phase IV are among the happiest people one could meet. Therefore, finding activities that give retirees a sense of meaning and serving others are essential in reaching this phase.
For a more detailed discussion on this topic, please feel free to contact us. Our team are always available to answer your questions and to help you with any of your financial planning needs. Here’s what we offer: A cup of coffee… and a second opinion.
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