Suzanne Marlatt Stewart
One of the most important aspects of retirement is the psychological phases you’ll move through during this stage of your life. Dr. Riley Moynes is an author and public speaker. Based on current research, extensive interviews as well as his own personal journey, he explores and explains The Four Phases of Retirement that almost everyone experiences.
The first is the ‘vacation’ phase. When you retire, you suddenly have no routine—and plenty of time on your hands. You now have the freedom to do whatever you want. This is what Dr. Moynes calls the “vacation” phase.
Since your retirement could last 35 years or more, consider making a retirement budget, which considers how much to withdraw from which accounts at which time.
“This can be a difficult time, and it may coincide with the three D’s of retirement: decline, depression, and divorce. In this phase, according to Dr. Moynes, “we start to experience mental and physical decline, have a 40% chance of experiencing clinical depression, and might even get a divorce.”
The second is the ‘feeling lost’ phase. In time, many people become bored with the first phase of retirement and move on to a second phase, which Dr. Moyes refers to as “feeling lost.” During this phase, you start to feel the loss of routine, relationships, identity, purpose, and power that you had in your working life. You may feel life is meaningless. You don’t have a reason to get out of bed or feel no longer needed.
The third is the ‘trial and error’ phase. The ‘“trial and error” phase is about rehabilitation, according to Dr. Moynes, “you seek out new meaning and purpose in your life. It’s a time where you’ll try new things—and may fail at many of them. Some people never move beyond this phase, or even revert to previous phases, but by sticking it out, you can make it to phase four: “the sweet spot.”
The fourth is the ‘reinvent and rewire’ phase. Only 60% to 65% of retirees ever reach the final “reinvent and rewire” phase, according to Dr. Moynes. “Those who do find it to be the most meaningful phase of their lives: They’re busy, they’re connected to other people, and they’re making important contributions to society. In other words, they’re enjoying life to the fullest.”
From a financial perspective, for example, there may be new causes or charities you want to support. And if your newfound purpose comes from part-time employment, you may have some additional income, which means you’ll need to update your retirement budget.
For most people, retirement is not an “everlasting vacation,” Dr. Moynes says. “Rather, you need to work—maybe not in a job—to be good at being retired. That requires introspection and asking yourself some tough questions to find fulfillment.”
Retirement is not the end. It’s just the start of a new chapter. Here’s to a great story ahead!
Rev. Suzanne, a resident of SaddleBrooke, is an independent writer and speaker. She was ordained nondenominational, representing all faiths, and her focus is inclusivity. Email her at [email protected].