August 25, 2009

The 5 Stages Of Senior Retirement Which Is A Journey For The Entire Senior Family From Carol Carbutti Owner Of The Caregiver Service Comfort Keepers In Wallingford, CT

By Carol Carbutti

There are five distinct stages to retirement that impact not only the senior citizen moving through them, but also their families, workplace, communities and financial situations, according to Ameriprise Financial’s The New Retirement Mindscape study.

Researchers have labeled the five stages that the elderly experience before and during retirement as: imagination, anticipation, liberation, reorientation and reconciliation.

 

Imagination (15 to six years before Retirement Day):

Retirement is not necessarily top on your mind; future seniors are putting children through college, pursuing their career, paying bills.

As senior retirement draws closer, they pay more attention to and define their goals and preparation needs. This is when a clearer vision emerges of what is wanted out of this next life phase, and a sense of enthusiasm and excitement about retirement develops.

 

 

 

 

 

Anticipation (up to five years before retirement):

This is a time of excitement and hopefulness. Emotions intensify and financial resources are almost in place. The elderly spend more time planning for recreation, new hobbies, family and new careers. Liberation (Retirement Day and the year following):

The honeymoon phase. It’s a time of enjoyment, enthusiasm and hopefulness, and it lasts about a year. Senior citizens feel excited, relieved, and liberated from worries and responsibilities. Our elderly parents miss their friends and work connections, but reconnect with spouses and families, hobbies, traveling and beginning new businesses – 89 percent of our seniors indicated they were “very busy” during this time. Reorientation (two to 15 years after retirement):

After the initial liberation period, many elderly people transition into reorientation. During this time, which can last up to 15 years after Retirement Day, there’s a let-down. How much of a let-down and how long it lasts depends on how they reorient their priorities, activities, relationships and daily living. Senior parents often discover the challenges of retirement may include depression, worry and/or boredom.

The study uncovered four distinct experiences within the reorientation stage of the senior retirement journey:

- Empowered Reinventors (19%): This stage is a time of adventure, new challenges and fulfillment for our adult parents.
- Carefree Contents (19%): This stage is a time for seniors to adjust to a less frantic lifestyle without the stress of work and responsibilities. Eight out of 10 of our senior parents don’t work at all.
- Uncertain Searchers (22%): This stage is one of mixed feelings – Our retired elderly parents are still trying to figure out what to do with this time in their lives, and may not be on track financially for retirement.
- Worried Strugglers (40%): This stage is most difficult due to a lack of planning and preparation. Most of our senior citizens have not given much thought to what they want to do with their retirement years.

 

Reconciliation (16 or more years after retirement):

Many retirees enter a phase of relative contentment and acceptance. They begin to set their sights on moving to a new home, confront end-of-life issues with families and friends; and find resting and relaxing with other seniors more appealing.

Among pre-retirees and retirees with retirement experience, one of the main discoveries was that both groups find retirement is liberation from the daily grind, which gives them more control over their own time.

This study was for Ameriprise Financial in conjunction with Age Wave and Harris Interactive, Inc. The survey sampled 2,000 people (ages 40-75) around the country in 2005.

 

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