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Three Different Stages of Retirement

Three Different Stages of Retirement

So often when we think of retirement, we think of it as being a single time in our life.

But actually, given the time now potentially spent in retirement there can be different phases during our retirement.

In the following video from Money, Jill Schlesinger suggests that retirement could actually be broken down into three stages.

The First Stage: Family, Friends and Familiarity Stage (Ages 65 to 75)

At this stage, Jill suggests that this is “the time of your life”. This is when you will probably spend most of your time either doing hobbies, travelling or anything else that wanted to do when you retired. She also suggests that this is the time when you should consider your future insurance needs before it becomes too expensive.

The Second Stage: Engagement, Activity and Accessibility (Ages 72 to 85)

During the second stage of your retirement, Jill suggests that you probably won’t travel quite as much. You will likely want to live or be near people in your community that are around the same age as yourself. It is very important at this stage to stay socially connected.

The Third Stage: Moving Closer to Support (Ages 80+)

When you reach this stage of retirement, you may need more daily assistance. This is often when people who may be living away from their children move closer. Jill suggests that you may start to require daily assistance and at this point it is critical that you don’t become isolated.

At each one of these three stages of retirement, you will have different goals and objectives. It is important to understand what these are and make sure that you plan for each stage appropriately.

This way to you can ensure that you have an enjoyable retirement – whatever stage you are at.

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