Retirement is the end of one year and the beginning of a new chapter. This major life transition is trepidation for some 25% of retirees experience troubles with this changeover. Holmes and Rahe (1967), say either it’s a big change, and any change, positive or negative, retirement can be a source of stress. Retirement planning is a salient route to overcome stress. All workers & non-workers or employers & employees have a dream of a smoother transition to this phase of life. Dreams & goals cannot achieve with just by manifestation and imagination. To achieve these retirement goals, we have to devote serious time and thought from
What to do?
How to do?
Plan it accordingly as a long-term investment of life that includes your finances, emotions, employment, relationships, and social contacts. It’s never too soon or late for retirement planning whenever you feel to mapping out the course of the golden era. As our ancestors said, “Don’t put off until tomorrow what you should do today.” There is the rule to plan the rest of life, we can break it down into separate phases before the beginning of retirement, beginning of retirement, middle and last one reconciliation. As with all emotional processes, they will be the time when you stuck on one or the other phase or want to go back to the previous chapter of life for the new start. It’s unnecessary to completely achieve one phase before the beginning of another. But virtually all retirees will have a unique experience after entering this non-working phase. So far retirement is just defined by the retirement pension plan but the major concern to have to define concept;
How is one going to live their retirement phase?
How are they going to spend the next 35-40 years of life?
In brief, how much or how we going to live is also important. Some will think it’s a waste of time planning so much for a brief period of life – the retirement, but the retirement is equal to one-third of the adult life. One thing is really confusing that we never left a single corner to secure the retirement from financial savings for this brief period of life.
Their ability to navigate these uncharted waters will ultimately determine how adequately preparing for each stage is imperative for your financial wellness throughout retirement. To help you with better planning for retirement today, Retirement Shield will look at all separate phases of retirement and plan accordingly to offer you the best. Retirement Shield will work as a helping hand, someone who can make important financial decisions for you considering your savings and investments. When it comes to retirement income planning needs, Rshield professionals able to help with that; just call them at 416-613-9535 or 403-800-6030. They help people create retirement strategies using a variety of insurance products to custom suit their needs and objectives. So far we all familiar with the concept of life stages from Toddlerhood to Childhood, Adolescence to Adulthood and Late Adulthood to Death. Much as retirement can be broken into separate five categories as well.
Phase 1: Imagination (6–15 years before retirement)
“Integration different elements to generate a new reality,”
We know the first state as Pre-retirement “the planning time” and dedicated to their career and find ourselves in the middle of lots of responsibilities and stress. Somehow this a fact that motivates most of us to make some investment to have leisure retirement time. Imagination is a paramount key to a successful retirement. In terms of imagination, retirement can be on a long burden or a paradise. No matter how much you have saved for an oncoming stage in life, it became a nightmare if you’re not emotionally prepared. Retirement planning is more than just number saving and the amount of money necessary. People in this phase think and fantasize about retirement, possibly looking for a place to retire to or envisioning their lifestyle during the post-work years. People usually start knowing more about the concept of retirement and how important it is to step ahead before retirement knock the door. Mostly the passion for retirement planning come from this stage because they learned that things not going to be easy and need to save as much as possible to have their dream life.
Phase 2: Anticipation (5 years before retirement)
The anticipation phase occurs 5 years before retirement and the first step ahead to secure future. The more you plan, the more ready you’ll be, but this stage doesn’t give much thought to what to do. An expert’s advice, the one should set the aim to have 50-70% of their pre-retirement income into their investment funds to maintain a certain lifestyle. One needs to plan for this stage well. Three-fourths of the respondents were putting money away for retirement and “22% of respondents expected having feelings of loss after retirement, and 18% expected to feel emptiness.” AP study (2006). This stage comes with lots of confusion and doubts about what and how to plan for the future, still most of the time people enjoy it at fullest. This stage is a time of great hope & worry about future health and wealth. In this stage, deeply focus on yourself and your general well-being in the final years of life. This stage is a time of great excitement and hope, begin to plan additionally for recreation, new hobbies, family and post-retirement careers.
Phase 3: Liberation (retirement day)
The official beginning of retirement, full of enthusiasm and hopefulness sets in on the day of retirement or leaving the major career. We waited so long for this day, an endless vacation full of excitement and dived into enjoying this new start. In this stage, a retiree is fully engaged in the novel activities like travel, hiking, morning walks and going out with the friend or loved ones. The majority of retirees have a kick start this stage full of optimism and they are financially on track for what they anticipated. At this stage, it liberates every retiree from the worries and responsibilities of their career and day-to-day life. The euphoria associated with this phase may last only about a year, and later the scale of excitement gradually starts falling throughout their retirement. The retirees are more excited, relieved and liberated from the worries and responsibilities of their career.
Phase 4: Reorientation (2–15 years after retirement)
To avoid falling into the rut, prioritize your retirement planning with adding purpose in it. The common response in this stage is to keep yourself busy in different activities and learn new skills. Most of the time retirees will make the “To-Do List” they missed while making their career. Sometimes retirement is more challenging and disoriented than we ever thought, plan it wisely to add meaning to it. The percentage of people who reported enjoying retirement in this phase dropped from 80% to 65% (AP Financial 2006). The toughest stage of retirement is reorientation because at this stage depression is at its highest among retirees. In this phase, the initial enthusiasm and optimism about retirement wane, leaving retirees with a sense of dejection or purposelessness. People reorient their priorities, relationships, and activities and frequently find that retirement is more challenging than they thought or not what they imagined.
Phase 5: Reconciliation (16+ years after retirement)
This last stage of retirement kicks in about 16 years after retirement day, relatively less depressed, full with hope and accepting of being retired. This stage results from perfect retirement planning, 65% report they are living their dream in retirement and 75% having magical moments. Retirement can be a fantastic life stage by killing boredom, disillusionment, and guilt. Most of us think retirement is not a permanent vacation, but with the help of retirement planning will make something magical happen into our life. Besides all this everyone has different experiences in retirement, planning and preparation smoothen this phase.