5 Stages

Five Stages: Reconciliation

October 14th, 2007  |  Published in 5 Stages  |  Comments Off on Five Stages: Reconciliation

TheStreet.com, with AgeWave, Harris Interactive, and Ameriprise Financial, conducted a survey in 2005 in which they identified the emotional aspects of retirement and found similarities with Elizabeth Kubler-Ross’ On Death and Dying, which outlines the five stages of dying. It’s kind of creepy but the analogy is a useful one. The fifth and final stage of retirement? Reconciliation.

So, this is stage five. You’ve gone through Imagination, Anticipation, Liberation, and even the difficult Reorientation… now it’s time for some Reconciliation. What happens in the fifth and final stage of retirement? Nothing! Okay, just kidding. This is approximately 16 years after you have first retired and it’s when the ship turns around and you start feeling happier about retirement and what it means. This also marks the time when you will start thinking about your eventual departure from this world, though 65% report they are living their dream and 75% say they are enjoying retirement a “great deal.” The key to this part of retirement is that this is when your planning and preparation come to fruition, if you’ve planned poorly then 16 years after retirement will be a bad place to be. Plan well… and you’re golden.

Source: TheStreet.com

Five Stages: Reorientation

October 13th, 2007  |  Published in 5 Stages  |  Comments Off on Five Stages: Reorientation

TheStreet.com, with AgeWave, Harris Interactive, and Ameriprise Financial, conducted a survey in 2005 in which they identified the emotional aspects of retirement and found similarities with Elizabeth Kubler-Ross’ On Death and Dying, which outlines the five stages of dying. It’s kind of creepy but the analogy is a useful one. The fourth stage of retirement? Reorientation.

You’re done with the honeymoon (Liberation), you’re firmly in what is considered the trickiest part of retirement – Reorientation. In this stage you’ll start figuring out what you want to do with your life and you’ll find yourself buzzsawing through that list much faster than you anticipated. So what happens? You end up watching a lot of TV! Is this bad? Well, not particularly unless you envisioned a more exciting life than just watching the boob tube.

Now, what can you do to combat this lack of stuff to do? Find a purpose! That could mean putting your time towards a favorite cause, going back to work, or starting your own business. The key to longevity is a purpose and no one lived any longer because they sat in front of the television.

“This is where depression is at its highest among retirees. Many will figure it out, but some people get trapped, and they spin out in a life living without a purpose.” Scary huh?

Source: TheStreet.com

Five Stages: Liberation

October 11th, 2007  |  Published in 5 Stages  |  1 Comment

TheStreet.com, with AgeWave, Harris Interactive, and Ameriprise Financial, conducted a survey in 2005 in which they identified the emotional aspects of retirement and found similarities with Elizabeth Kubler-Ross’ On Death and Dying, which outlines the five stages of dying. It’s kind of creepy but the analogy is a useful one. The third stage of retirement? Liberation.

Once you’re past stage two, Anticipation, you’re really actually in retirement at this point – hence the term Liberation. This is where it starts to get tricky and the psychological side of retirement comes into plan. While it’s nice to be free from the daily hassles and it’s nice to do whatever you want, this honeymoon phase that lasts anywhere from a day to a year to whenever might soon end and often does. It’s here that you have to be very careful because the psychological is a far greater beast than the financial.

Source: TheStreet.com

Five Stages: Anticipation

October 10th, 2007  |  Published in 5 Stages  |  Comments Off on Five Stages: Anticipation

TheStreet.com, with AgeWave, Harris Interactive, and Ameriprise Financial, conducted a survey in 2005 in which they identified the emotional aspects of retirement and found similarities with Elizabeth Kubler-Ross’ On Death and Dying, which outlines the five stages of dying. It’s kind of creepy but the analogy is a useful one. The second stage of retirement? Anticipation.

So you’ve made it past Imagination and you’re firmly in Anticipation, the point where you’re confident about retirement, eager to get it started, and have your ducks almost in a row. This stage is also marked with a bit of worry as you don’t know what’s next in your life. Sure, you can fish and golf and do whatever for as long as you want but the fact of the matter is you are also unsure what’s going to happen. It’s also in this stage that you will find yourself aggressively planning for retirement, even though it’s a few years away, in part because it is only a few years away.

From the study:

72% of those polled say they are putting money aside in a 401(k), and 81% are putting money in a separate savings account for retirement. 62% have determined the income they need in retirement, and 40% have bothered to write a retirement financial plan.

Source: TheStreet.com

Five Stages: Imagination

October 8th, 2007  |  Published in 5 Stages  |  2 Comments

TheStreet.com, with AgeWave, Harris Interactive, and Ameriprise Financial, conducted a survey in 2005 in which they identified the emotional aspects of retirement and found similarities with Elizabeth Kubler-Ross’ On Death and Dying, which outlines the five stages of dying. It’s kind of creepy but the analogy is a useful one. The first stage of retirement? Imagination.

Imagination refers to the six to fifteen years preceding retirement in which soon-to-be retirees imagine what life would be like after work. While it’s not a top priority, other things are at this point, it’s still something that concerns people as only 44% consider themselves “on-track.”

Source: TheStreet.com