Most people today view retirement as an opportunity to begin
a new chapter in their lives. They are trying to figure out new ways to be
productive. Ken Dychtwald, CEO of Age
Wave, conducted dozens of studies on retirement over the past 20 years. From
that research, he and his colleagues have identified five stages of retirement
and how people can make the most of each stage:
Stage 1: Imagination. These
are the five to 15 years before retirement. People are sometimes busy raising
their children and providing care for one or more parents.
How to make the most
of this time: Enjoy the vitality of this stage of life and make sure
you are preparing financially for retirement.
Stage 2:
Anticipation. This is from five years until right before retirement.
People often start thinking about what they are actually going to do when they
retire, but there aren't many places for them to go for guidance.
Many people want to continue to work. In fact, 72% of
pre-retirees, age 50 and older, say they want to keep working after they
retire, according to a recent survey sponsored by Merrill Lynch in partnership
with Age Wave. Almost half (47%) of current retirees either are working, have
worked or plan to work in retirement, the survey found.
How to make the most
of this time: Put on your creative cap to find another career,
Dychtwald says. Think about an encore career or consider starting your own
business. Volunteer at a hospital, church or for a non-profit group. Talk to
retired people to see what they've done.
Stage 3: Liberation. This
begins on retirement day, and people often feel fantastic. They think,
"It's great. I'm free, and I have decades of freedom in front of me."
This is called the honeymoon period, and it lasts an average of one year.
How to make the most
of this time: Many people have been working 30 or 40 years, and like the
idea of having a period of life to take a deep breath, enjoy time with family
and friends, watch movies and go on trips. You can consider it a gap year or
"intermission" year before you gear up for the next phase.
Stage 4:
Re-engagement. One to 15 years after retirement. People start
wondering: "Who am I now?"
They may miss the people they used to work with. They may
feel a little bored. Last year, the average retiree watched about 49 hours of
television a week, he says. That's why some people try a different line of
work. They want more engagement or purpose in their lives.
How to make the most
of this time: Do some soul searching. If you're bored, start looking
for your second act. Talk to others who have been through this to see what they
did. You might be able to find a hybrid career that meets both your work and
retirement needs.
Stage 5:
Reconciliation. This is the stage when people are in their late 70s
and early 80s.
How to make the most
of this time: It's a good time to share your values and life lessons
with your children, grandchildren or community by recording an audiotape or
videotape or writing it down.
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