Whether you are planning your retirement, or you have already retired, there are 3 Stages of Retirement that you might find helpful to know more about. This blog is going to focus on the 1st Stage of Retirement.
The Discovery Stage of Retirement (age 65 to 74)
This is the first stage of retirement where you may find yourself doing things that you have talked about doing throughout your life. For example: spending more time with family, traveling, and finally getting to those hobbies and special interests that you have been waiting to have time to do. This stage of retirement might not be that different from when you were working; however, the big difference between pre-retirement and retirement is that now you have more time to spend doing the things that you have always wanted to do.
Some retirees continue to work during this first stage of retirement. Maybe finding a part-time job or volunteering for their favorite charity. Retirees may find that they are busier now than when they were working full-time or your spouse may be wondering what you are going to do next, because sitting around the house looking bored and questioning your decision to retire gets old soon.
Financing your retirement
Your mental and physical abilities to do things may be strong. You may also find that you are excited about your recent retirement and are ready to explore new things. Therefore, you may find that this is the most expensive stage of retirement. Many retirees are spending more time with friends and might be making purchases that they had dreamed about during their pre-retirement years. It is important to make sure that you are balancing the increased costs of retirement so that you don’t discover that you have spent your entire retirement savings in the first stage of retirement.
Advance planning can make a big difference between running out of savings and having savings that will last throughout your retirement years. Retirement spending may take the shape of a V, as you may find yourself spending more in the first stage of retirement, less in the Endeavour Stage because you may find yourself slowing down, and more in the Reflection Stage because healthcare costs may increase.
Need some help with retirement?
If this blog resonates with you, contact me by calling or filling out the contact form to schedule an appointment to discuss your specific retirement challenges. My next Retirement Blog will focus on the Endeavor Stage of Retirement, so I hope that you will visit my website again soon.