Most of us retiring today will live another fifteen, twenty, thirty, or more years. Retirement could be the second longest period of your life. Considering this fact, I have a question for you: Will you create the best retirement you can, or will you let your retirement years just happen to you?
One of the secrets to being a successful retiree is building your own realistic and well-rounded vision of retirement, and creating and implementing a plan to make it happen!
As part of your planning it is important to recognize there are three phases to retirement: the Go-Go Years, the Slow-Go Years, and the No-Go Years. So what are these phases:
The Go-Go Years. This phase starts at the beginning of your retirement. This is the time you are most active which may involve extensive travelling, starting a new business, getting yourself in physical shape, finding hobbies, spending time with grandchildren, socializing, and ticking items off your bucket list. This may be the most expensive phase.
The Slow-Go Years. When we approach our mid to late 70s or early 80s, most retirees start to slow down, either because of health reasons. or general aging. This natural aging can result in taking fewer or shorter trips, or engaging in less-active ventures. In the Slow-Go Years many people find their interests changing from high-energy activities to more sedate forms of entertainment. An example may be: meeting up with tennis buddies for coffee or a game of cards instead of hitting the courts.
Health care expenses may increase during this phase, as well as the passing of family members, school mates, and friends.
The Slow-Go Years are also a time of reassessing living arrangements, including the level of satisfaction regarding your current home as well as its suitability as you age. Some actions can include reducing housing expenses and downsizing, or moving to a cheaper location.
Throughout your Slow-Go Years it’s good to have a solid support system as you experience the emotional events associated with this phase of retirement living.
The No-Go Years. Often starting in our 80s or 90s, this is a time when physical and cognitive abilities decline. Many retirees in this phase will require support from family, caregivers, or assisted living facilities. It’s also a time of considering legacy and final arrangements for your estate, and end-of-life care. Depending on your general health and family history, this phase may be from five to fifteen or more years.
Actions: Given the three phases of retirement, (Go-Go Years / Slow-Go Years / No-Go Years) it’s important to consider each as you organize your thoughts about life after work. It has been said that the life we lead is the result of the choices we make. In your pre-retirement and retirement years, it’s important for you to make the right choices – the ones that will result in building a fulfilling and energetic retirement. Visualizing your Go-Go, Slow-Go, and No-Go Years will help you create an all-inclusive mental model of retirement and help you prepare to making the right choices.
