The 5 Stages of Retirement: What Every Retiree Must Know

Retirement is different for everyone, but most people go through five key phases. Each phase has its own challenges and rewards. Knowing what to expect can make moving into retirement smoother and more enjoyable.

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I am not an attorney, SSDI advocate, or affiliated with the Social Security Administration or any other entity of the US Federal Government. I am a practicing financial planner, but I’m not YOUR financial planner, and since I don’t really know you, I can’t give you advice. So please don’t take this video as specific advice for your specific situation. Consult your own tax, legal, and financial advisors.

Some of my videos contain links to third-party products, apps, and services. If you click through, I may receive a small referral fee from my media company (Carroll Media, LLC) through their referral program. Rest assured, I only recommend products or services that I believe will be helpful and informative to my audience.

[Riggsnic_co]

The concept of mini-retirement changed my life. I'm no longer waiting for some retirement paradise when I'm 65. It helps to know how to fund the lifestyle. You know, making money while you sip that piña colada by the beach does help. I wouldn't have been able to do it otherwise.

[RetrieverTrainingAlone]

I retired at age 62, I am now 67 years old. The first 15 years of retirement will be the best 15 years of my life. I am still physically fit, I have plenty of time to enjoy all my passions, and enough money that is not a worry. An exciting chapter in my life! My dad lived to 96, mom is alive at 102, so I am hoping for a long retirement.

[PrairieNightMoon]

Retirement is the time in your life when you finally get to live!! I get up every day and do whatever it is I feel like doing that day!

[EatLeadPal]

I retired 7 months ago and am still in the honeymoon phase. I have more money then I will ever need and strong family and friend relationships. I have several hobbies I enjoy doing, plenty of yard work on my land, and volunteer at church. You never know what is coming but my trust is in the Lord and He will provide.

[Susanhartman.]

More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.

[kitbram]

The best thing has been losing that Sunday night downer of awareness that you had to be in the office the next morning.

[dougadams]

As of today, I'm 260 days of retirement and I'm excited and looking forward to this!!!!
I've worked for 50 years and I'm ready!!!!

[lauriefuda]

I retired on July 1, 2022 at the age of 58. I worked 35 years in healthcare as a respiratory therapist. I had always thought I could work until I was 62-63, but the pandemic changed all of that and after discussing with my husband and our financial people, we realized I could retire a lot earlier. It saved me-I worked in a hospital right over the border of New York in CT, and we got completely slammed. It was brutal. I was proud to make it to my 35 year anniversary (June 8th & my retirement party that my coworkers held for me was the next night!) but was literally dragging myself over the finish line. I'm thankful that my husband and I learned good financial habits from our parents and always lived within our means. I suppose I'm still in the Honeymoon phase....shedding the stress of work. I have interests and have taken many online courses. Thanks for the very informative video.

[srice]

I am an introvert and retired 3 years ago and am loving getting to be alone so much. I feel so much more relaxed. My husband is 5 years younger than me and still works. Although I love when he is home, by the end of a long weekend I am excited to have my alone time! So many doctors and retirement experts think people who retire need to get involved in things but I think introverts and extroverts should approach retirement differently.

[bradleyvanzile]

I’ve been retired for 17 years on SSDI, multiple sclerosis and never needed a financial advisor. Did it all on my own🙂

[gw]

Interesting to read everyone's comments here. Certainly brings to light one fact - everyone's circumstances are different. You have to make what works for you...work for you.

Im four years retired from DOD (civilian). Wife and took SS at 62. Living on that and my pension. Haven't even tapped the bulk of my TSP (federal 401K). Moved to the house and farm I grew up on. She battled Non-Hodgkins Lymphoma in 2022 and doesn't need treatments now. Fixed up and sold our previous home. Helping our four kids and loving our four Grandchildren (15, 11, 22 months, 5 months). Enjoying every day while we can. God has been good to us.

[SherryEllesson]

I was in something of a pressure cooker prior to retirement, working crazy hours and had been told by my Dr that I was killing myself. I can't say the first few months were anything like a honeymoon phase; in fact, it took me fully 6 months to decompress and not wake up with my heart pounding, convinced I had missed my alarm, and unable to fully enjoy the long yearned-for time to work on my land, do renovations inside my house, and spoil my beloved dog. Eventually, hours spent on a tractor, pulling a big mower deck around and long afternoons with the dog on the front porch watching thunder storms brought me to a place of gratitude and acceptance that reconciliation of the grants, audits by the EPA and the dreaded year-end closings were no longer any of my business. Life is good.

[Era]

I have so many projects that have been put on hold because I'm still working. Some of them won't be as easy to do because of body aches, arthritis onset and eyesight changes, but at least none of them will be expensive.
I've shelved the idea of traveling once I retire. Thankfully, I did a lot when I was younger and could really enjoy it. It may have cut into my saving for retirement at the time, but I have no regrets. Those experiences were priceless. Now, I have no enthusiasm for travel; the world is not the same, and if I did go it would now be with a tour group which really isn't my thing.

I know the hardest part of retirement for me will be the fact that my work is a big part of my identity. I have been lucky to be in a job that I love for so long and one that gave me great satisfaction and a sense of fulfillment.

[paulo]

At 71 and retired for three years I have been going through the exciting times of my increasing physical limitations and adjusting to new aches and pains that are new to me. Glad to still be alive but know that the future hold more of the same challenges. Thankful that I am not having to work with this new body specifications that are handed down to me. Grateful for the time that I do have. Just wish I was able to do more with my body that I used to enjoy.

[markfalcoff]

I retired early at age 63. I was able to do so because I was in a very good financial situation and had other things I have wanted to do. Since then I've written a novel, learned a new language, traveled a great deal, and met a wonderful life-partner. So you see, a lot can happen in retirement.

[naheedkhan]

I’m in phase 3 which is I think most difficult. I also moved from one province to another. Which has become more challenging and more stressful.
I hope I will overcome with this stress

[Mondaycat]

This is very optimistic. The stage you chose to skip is the stage when your health becomes an obstacle in your enjoyment of retirement and it can show up a lot earlier than you expected. That will mess with all of your “well planned” retirement goals.

[chuckschilling]

6 years retired now and I find there are so many more relevant things to do with my time than the old career. Genuinely I think our culture overworks folks and this robs so many folks of the opportunities to balance out their lives...we work to live, we do not live to work.

[Blues]

Yea at age 62 ....I slammed the door on an International Engineering / Construction career and never looked back....immediately embraced being a Gentlemen of Sophistication and Leisure....Beach life/Art/ Music/ Fitness / Reading/ Travel activities...my choice of solitary hobbies provides a flexible structure to my day and made dealing with the heath issues & pandemic much easier.

[Red]

We are fully retired in our 70s. And financially secured with excellent medical coverage. We went thru various stages too but the biggest one was adjusting our spending. Perhaps the hardest was getting down to just one vehicle. Now we wonder if even need a car! Our groceries are delivered, we could always pay for uber to transport us for medical appointments. And our home has no steps at all. A nice pool with citrus. And landscaped. We hire a pool company and landscapers for regular service. And pay every bill electronically. Finally, we live near Phoenix Arizona so we have super climate year around. Hot summers are not a problem, we turn on the AC which does its job. So, as retirees, live is good. Pulled Pork for lunch today. Chicken tomorrow. No problems yet. We hope to hit 100.