Most of us have devoted considerable time getting ready financially for retirement but few of us have devoted much time to getting ready psychologically. Leaving a career can bring many joys – freedom, flexibility and time to be with family or travel – to name a few. But leaving a career also has elements of loss. The big five of those are losses of routine, identity, relationships at work, our sense of mattering and, for some, loss of power. Knowing that you will experience highs and lows as you adjust to your new life, helps you weather the storm and come out on top. You may find it helpful to think of retirement in four phases.
I recently listened to a TedTalk by Dr. Riley Moynes, a retired Canadian financial planner. Based on research as well as on his own personal journal, Dr. Moynes outlines four phases of retirement that almost everyone experiences. He says he himself waltzed through Phase One of retirement, struggled through Phase Two, tried a dozen ventures in Phase Three and now in Phase Four, researches, writes, and publishes on topics of interest. He enjoys coaching others on how to “squeeze the juice out of retirement.”
Phase One – Vacation Phase. Having no set routine. Waking up when you want! Doing what you want when you want. Relaxing and enjoying the freedom away from your calendar and daily commute. Bliss. For most folks, the phase lasts about a year. Some retirees stay in this phase indefinitely. Moyes advises us to enjoy this phase for as long as it lasts. He also advises us to be prepared to enter the next phase as a natural progression.
Phase Two – Loss. This phase is no fun! Total freedom begins to lose its luster. You usually start to feel a bit bored and realize you miss some things about having a routine. You experience the loss of one or more of the big five mentioned in the introduction: loss of routine, identity, relationships, sense of mattering and loss of power. This phase can involve feelings of depression and anxiety. Marriages can suffer. You may start to think “is that all there is?”
Phase Three – Trial and Error. Retirees in this phase begin to search for ways replace the big five mentioned above. Time to experiment! Test out different ways to structure your time, activities to try and social groups to join. Did you make a physical or mental list of all the things you wanted to do, learn or experience after you retired? Dip into that list now. Sign up for some classes – woodworking, piano, yoga, French lessons? Check out volunteer opportunities related to your interests – Flowering Bridge or tutoring at a local school maybe? Connect or reconnect with people or groups – newcomers club, church, Lion’s Club, old friends. Don’t be afraid to drop an activity or pursuit if it turns out not to be right for you. Keep trying and experimenting. Hopefully you will find a few interests that suit you well and let you move into Phase Four.
Phase Four – Reinvent and Rewire. Not everyone breaks through to phase four says Dr. Moynes. If you do, it can be one of the happiest periods of your life. You are spending your time doing what you love. You feel that what you do matters in terms of service to others. Congratulations. You are now “squeezing the juice” out of retirement.
