Add to OnlywireRetirement is the next stage of your life, which needs proper planning and adjustment to your previous life routines. When planning for retirement, it is important for you to start planning on how you are going to cope with your new role as a retiree for the next 30 years or so of your life.
Experts are divided on how many stages of retirement retirees go through. Some say 6 stages while others say 5, 4 or 3. To be safe, I'd say that retirees would go through at least 3 main stages of retirement as follows:
Phase 1: First Stage of Retirement.
This is the active retirement phase and first stage that every retiree goes through. This First Retirement Stage involves a transition to a new way of living and requires a period of adjustment. For most people, this is the most liberating period of their lives, as they would no longer have to put up with the daily commute to work and work commitments and have all the time in the world to do whatever they have wanted to do. As this period starts from the time they began retiring and until perhaps they reach 69 years of age, most retirees are physically and mentally capable of leading a fairly active life, not much different their pre retirement years. While in this phase, some retirees will be very busy doing many of the leisure activities they never had time for previously, like traveling, visiting with their children and grand children or just meeting up with their "lost" long time friends. Some will also indulge in their favorite past-time activities like playing golf, gardening, or learn new skills. For some, active retirement may include working. It may be part time job or consulting related to their previous job or even going into business for themselves.
With this active life-style, it is not surprising that retirees would use a big portion of their retirement nest egg for the purpose.
Phase 2: Middle Stage of Retirement
In this passive phase or the Middle Stage of Retirement, life more or less settles into a more predictable pattern. Now with already advancing age (70 - 84 years as some experts say) the body may no longer able to cope with the brisk and active life-style of the first stage and has to slow down. Typically in this stage retirees' expenses for basic necessities will decline. However, expenses for medical and health care will increase due to deteriorating health.
Phase 3: Final Stage of Retirement
In this final phase, things stop working well, both physically and most likely financially. In this phase retirees will most probably be dependent on others for their day-to-day living due to disability or illness. As their health fails, some have to move to assisted-living facilities or in with relatives. This Final Stage of Retirement can be crushingly expensive if long-term care in a nursing home or at home is needed.
So my dear readers those are the 3 Stages of Retirement that retirees go through. Knowing the retirement stages that you're likely to go through will make you better equipped to plan on how to deal with them later on in your own life. For more info on retirement resources, please visit my Retirement Resources Site here!
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