A few weeks ago, I read a recent study “Longevity and the New Journey of Retirement” by Ken Dychwald and Ken Cella (https://www.agewave.com/what-we-do/landmark-research-and-consulting/research-studies/longevity-and-the-new-journey-of-retirement.)
In this 2019 study, more than 11,000 North American adults were analyzed. This research was looking for patterns in people’s retirement experience. The overall focus was on those key ways to thrive.
The study found that retirement has four stages:
Stage 1: Anticipation (approx. 10 years or less before retirement)
Stage 2: Liberation/Disorientation (0-2 years after retirement)
Stage 3: Reinvention (3-14 years into retirement)
Stage 4: Reflection/Resolution (15+ years after retirement)
Knowing these stages in retirement has been a helpful start in my own retirement journey. I am recognizing emotions and beginning to deal with issues.
I apparently immediately jumped into retirement at stage 2- the disorientation stage. My initial disorientation was a combination of the unexpected covid lockdown environment plus my sudden change to a retiree. Feelings of liberation seeped in gradually.
It was my own fault that my stage 1- anticipation for retirement- never really happened. I truly expected to work my job much longer. So actual retirement came unexpectedly upon me like the biblical “thief in the night.” My lack of anticipation was due to my lack of planning. Other than putting a 401k in place, I had not been proactive about my retirement. Because retirement planning made me feel overwhelmed and unsure, I avoided doing much. A little proactivity would have made my retirement a much easier transition now.
Now I am in the reinvention stage of retirement life. I have been learning how to order my schedule, enjoy my social life, make some new plans, and pursue writing. I have recently begun job-hunting for a part-time job to offset rising costs.
Some of these actions that I have now taken happily reflect this article’s tips for thriving. In order to thrive, successful retirees deliberately choose and cultivate 5 habits. So therefore I am:
1. Attending to my health
2. Staying socially engaged
3. Having a clear sense of purpose
4. Mindfully managing my money
5. Constantly reevaluating/correcting my actions to meet my goals and dreams.
Retired me has some time before I get to the reflection/resolution phase of retirement. Hopefully, writing this blog will chronicle my retirement process in all its good, bad, and ugly phases. I may be able to better reflect on it all as time goes on.
There was an obvious but key finding revealed in this study. Retirees who had planned beforehand, emotionally and financially, were able to enjoy retirement more fully. So any readers that are on the cusp of retirement- take note. The more planning ahead you do now, the more relaxation and fun you will have later in your retirement.
But keep reading, there is hope. The study does reveal positive ways for the not-so-proactive retirees among us to cope too.
The article first listed four types of planning retirees. There were purposeful pathfinders, who were the most active and engaged- they had prepared and saved well, starting early in their lives, on average at age 34. (Really? I find that degree of planning ahead incredible…!)
There were the relaxed traditionalists, who had also planned and were focused on resting, relaxing and enjoying life.
Then there are the challenged yet hopefuls– they got a late start with saving and planning, and though mostly satisfied in retirement, are facing challenges. (I think I fall into the challenged yet hopeful group…)
The final group were the regretful strugglers. These are the retirees that may have planned little. These retirees struggle with financial and health issues. Some people unfortunately struggle financially or health-wise throughout their lives. Their “survival cycle” results in not much proactive planning ahead for retirement years.
However, the main hopeful point of this study is that whatever planning group that a retiree falls into, it is never too late to improve. This study has made me take some clear-eyed looks at my retired life and plans. I am making steps to improve and thrive.
