While planning for or considering retirement, many individuals focus only on ensuring their finances are catered to. While finances are critical, examining the emotional aspects of such a huge life transition is essential. In this blog post, William Schantz will discuss the emotional stages of retirement. So, read on to find out!
The Emotional Stages of Retirement – William Schantz
1. Pre-Retirement Phase
The first stage of the retirement process is pre-retirement. It is when you are approaching retirement and experiencing mixed anxiety and excitement. At this stage, retirement is close enough for you to start planning and making arrangements. One begins actively thinking of retirement in the five to ten years leading up to it.
At this stage, you may be looking forward to retiring, but you may also be concerned about what retirement will be like. Pre-retirement planning is commonly assumed to be a financial exercise, but a new study reveals that considering your social and emotional requirements may be just as vital. According to a study, individuals who plan for retirement are likely to experience higher levels of satisfaction and well-being.
In this phase, you must plan for your finances, build a social support network and ask yourself what your retirement looks like. Most importantly, you must also learn to manage your health and aim to get regular health checkups.
2. Honeymoon Phase
The next phase of retirement is the honeymoon phase. It is the beginning period of your retirement and the first time you get to enjoy some time off without worrying about going back to work. At this stage, individuals have a great time trying new things, traveling, and enjoying their newfound freedom.
William Schantz stresses that while this stage is fun, you must also think ahead and establish a healthy routine and figure out ways to stay fit and active.
3. Disenchantment Stage
The third stage is the disenchantment phase. According to a study, most retired individuals believe their post-retirement life is similar to what they imagine. However, 21% of retirees believe their quality of life is lower than predicted.
This phase can be tough, and some retirees may experience disappointment and depression. However, the best way to overcome them is to set realistic expectations, be proactive, and set clear goals for yourself.
After the disenchantment phase comes reorientation. At this stage, retirees try to adjust to their new life. According to William Schantz, while they may lack a sense of purpose, retirees can use this time to self-reflect and reassess their priorities. The best way to deal with this stage is to focus on the new chapter and connect with yourself.
5. Stability Phase
The last phase is stability. At this stage, retirees have carved a new path for themselves and feel excited about the journey ahead. As per William Schantz, you must prioritize self-care and focus on your physical and mental well-being at this stage.
William Schantz’s Concluding Thoughts
When you retire after years of working for a living, you’re likely to experience various emotions. Like any big life transition, you go through several stages as you adjust to your new daily routine. We hope this blog will help you identify and deal with each stage.