The Six Stages of Retirement, Ep #157

What is just as important as building wealth for retirement? Understanding and preparing for the six stages of retirement. You experience different situations and emotions through each stage of the journey. If you know what to expect ahead of time, you can strategize how to emotionally—and monetarily—prepare. Listen to this episode of Best in Wealth to help prepare for your retirement.[bctt tweet="What are the six stages of retirement? Listen to this episode of Best in Wealth to learn how to navigate them! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""]Outline of This Episode[1:26] Health comes before wealth[4:40] Stage one: pre-retirement[8:48] Stage two: retirement day[10:07] Stage three: the honeymoon stage[12:03] Stage four: disenchantment[17:37] Stage five: your new identity[19:55] Stage six: Moving on[22:04] How do you want to be remembered?Stage one: pre-retirementYou need to make sure you have the right amount of money in the bank, right? This tends to be one of the only things people think about when planning for your retirement. But all of your dreams need to come to the surface, too. All of your goals and what you want to leave behind need to be discussed.Do you have enough to accomplish your goals? Are you addressing everything? What if you end up in a nursing home? Will you and your spouse have enough to provide for that? Can you withstand social security being cut in half? We go through all of these scenarios in the planning stage of retirement. If you’re not sure if you’re prepared—or don’t want to do this on your own—feel free to reach out to me. I work with clients all over the United States.Stage two: retirement dayThis is your last day of work. You’ve likely worked for the last 30, 40, or 50 years. Your last day is a HUGE deal. There’s a ton of excitement around the big day. You can do whatever you want without the stress and burden of your job.[bctt tweet="The big retirement day is here! Now what do you do? Listen to this episode of Best in Wealth as I talk through the six stages of retirement! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""]Stage three: the honeymoon stageOnce the retirement celebrations are over, retirees can begin to do everything they’ve always wanted to do. They may travel, complete a honey-do list, visit family, or pick up a new hobby. The length of this phase varies depending on how much activity you’ve planned. Everything is awesome. But eventually, the excitement wears off. Eventually, you run out of planned activities. That’s when you move to stage four.Stage four: disenchantmentOne day you wake up and think that retirement isn’t all that you thought it would be. You may feel like you’ve lost your identity. You were needed at your job. People counted on you. You felt more self-worth while you were working. The honey-do list is done. But you have so much free time left.The feeling of disenchantment can be accompanied by depression. This is the time when it’s important to ask for help. Talk about it with your family, spouse, friends, or even your financial advisor. This is just as important as all of the money that you saved.This might be a time to invest in something bigger than yourself. You need a sense of purpose. Maybe you can volunteer at a local organization or your church. Maybe you could take some continuing education classes. Maybe it’s time to plant a garden. Find people to talk through this stage with you. Find the deeper meaning of your life.Stage five: your new identityYou...