#1 The pre-retirement stage

In this stage you start thinking about retirement and make plans. You’re excited and can’t wait to finish working. 

Tips:

• Imagine your ideal retirement beyond finances. Where will you live? What will you do? What are your goals? Check out this article on 5 non-financial things to consider.
• Take stock of your financial situation. Review your budget, explore retirement income options, and consult a financial advisor to create a realistic retirement plan. Try our tools and calculators to see if you’re on track. 
• Build a social network. Start planning how you’ll stay connected with loved ones and build new social circles. 
• Research new interests, activities and volunteer opportunities that might help you create a sense of purpose when you stop working.
• Acknowledge any anxieties about finances, identity, and filling your days – it is normal having these feelings. 

#2 The honeymoon stage (excitement)

You’ve stopped working and you enjoy your newfound freedom and retirement lifestyle. It’s a time to rest, recuperate, and do some of the things you have always wanted to do but never had the time.

However, it's important to acknowledge that not everyone experiences this phase. Some people are forced to retire due to circumstances beyond their control, such as health issues or company policies. This can make the transition challenging and may not come with the same sense of excitement.

Tips:

• Enjoy your newfound freedom, live in the moment, but be mindful of your budget. You might want to try a budget planner. 
• Focus on activities that contribute to your wellbeing – establish some healthy habits. Try our top 5 tips to keep your brain active.
• Explore activities that give you a sense of purpose and contribution.

#3 The disenchantment stage (reality check)

After the ‘honeymoon’ you might start to feel restless or, aimless. This doesn’t happen to everyone, but if it does happen to you, don’t despair; you are not alone. It’s also not uncommon to feel nervous about your finances at this stage, as the reality of no longer receiving a regular pay check sets in.

Tips:

• Be proactive and get help if needed; talk to friends, family, or a therapist for support. 
• Prioritise healthy habits like exercise, healthy eating, and stress management. 
• Build new social connections by joining clubs and groups that share your interests – or reconnect with old friends. 
• Let go of expectations of what retirement “should be” – set realistic expectations for you. Check out how to be happy being unbusy.
• Consider volunteering, mentoring, or part-time work to contribute to your community and your sense of purpose. You may even consider ‘unretiring’ and returning to the workforce full-time. 
• Build a strong understanding of your finances. 

#4 The reorientation stage (finding your path)

For many people, their job is a central part of their identity, so when you stop working you can feel a sense of loss.  This stage is a time to take stock of who you want to be in retirement and what your priorities are moving forward.

Tips:

• Nurture existing relationships and actively build new ones.
• Create a daily structure. Discuss and align this with your partner/ spouse/ family. 
• Set small, achievable personal goals such as learning new things or improving your current skills. 

#5 The stability stage (contentment) 

You finally become much more content with your new identity in retirement. After the initial highs and lows of retirement, you settle into a new normal. 

Tips:

• Review your budget regularly and plan ahead for the longer term. Learn about estate planning and aged care options. 
• Don’t neglect regular health checkups – including your ears and eyes. 
• Prioritise self-care. Eat well, exercise regularly, and get adequate sleep. 
• Engage in activities that stimulate your mind.