MAXIMIZE YOUR GOLDEN YEARS: Understand the 4 Phases of Retirement
In the years leading up to your golden years, you’ll receive plenty of financial advice on preparing for retirement. You want to ensure you have enough money to last the duration of your retirement and maybe still have something left in your estate. This is incredibly important, but there’s more to retirement than simply saving your money and waiting. Author and speaker Dr. Riley Moynes has contemplated the psychological challenges that retirees face and determined that there are four distinct phases of retirement. Understanding these phases and preparing for their challenges will help you maximize your retirement. Vacation This phase is exactly what it sounds like. You’ll feel like you’re on vacation 24/7. You wake up when you want, sleep when you want, and do whatever your heart desires throughout each day. We’re free from responsibilities and can enjoy
identity, many of the relationships we’ve built, a sense of purpose, and for some, a feeling of power. This is also the stage where retirees can face divorce, depression, and physical and mental decline. It can be traumatic when you don’t see these losses coming, but this phase doesn’t last forever. Trial and Error This phase is all about trying to make your life more meaningful.
Often, the best path forward is to invest more time into your favorite activities. Be warned that many of these activities will have lost their luster, causing you to experience some trial and error. Don’t give up! Something will click to give you purpose, propelling you into phase four. Reinvent Not everyone will make it to this stage. To get here, you must ask yourself, “What’s my mission in retirement?” Maybe you want to serve others by volunteering with a charity, or perhaps you simply want to improve your golf game. Finding that purpose and reinventing
each moment as it comes, but many people grow bored of this stage after the first year of retirement. We begin to miss our routine and question if there’s anything more to retirement. Loss This second stage begins when we start to feel like we’ve lost who we are. We lose our routine, our Upcoming Coach’s Corner Webinars!
yourself around it will bring you more happiness during your golden years.
Our live monthly Coach’s Corner Webinars are just around the corner, so be sure to add these dates to your calendar! Everyone is invited to attend. Sept. 26, 2023, at 5:30 p.m. – Matt Harrod, Estate Planning Attorney Topic: Estate Planning Updates and Financial Protection for Unmarried Couples
Oct. 24, 2023, at 5:30 p.m. – Sheriff Michelle Cook, Clay County, Florida Topic: Protect Yourself and Your Home From Fraud Nov. 28, 2023, at 5:30 p.m. – Brandon White of Coyle Capital Topic: Economic, Portfolio, and Market Updates
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