The Five Phases of Retirement
Big Picture Retirement®
Devin Carroll
4.7 • 546 Ratings
🗓️ 6 May 2024
⏱️ 30 minutes
🧾️ Download transcript
Summary
Retirement has five distinct phases and each of them have their own unique challenges and opportunities. Understanding these distinct phases is important for anyone who is approaching retirement or has retired within the past year or two. If you know what to expect on the road ahead, it should lead to a much smoother and more fulfilling transition into this new part of your life.
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Transcript
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| 0:00.0 | The Big Picture Retirement Show does not provide tax, legal, or financial advice. |
| 0:04.3 | Listeners are encouraged to seek out their own advisors in these areas. |
| 0:10.6 | Hey, everyone, welcome to the Big Picture Retirement Show. |
| 0:13.4 | I'm your host, Devin, joined by my co-host, John Ross. |
| 0:17.0 | Howdy. |
| 0:24.8 | Yeah. Howdy. John, there's a lot that's written and said about the financial side of retirement. |
| 0:29.4 | Sure. |
| 0:30.0 | Investopedia, Morningstar. |
| 0:31.9 | I'm trying to think of some of the other publications that are constantly putting articles out, like Muttly Fool. |
| 0:36.9 | You know. |
| 0:37.2 | Forbes, Market Watch. I mean, they all do it. Yeah, they're cranking out 30, 40, 50 articles a day. Well, that's their market. On this stuff. And so there's a lot that's written and talked about the financial side. And that's what we talk about a lot too, right? Roth conversions. We did an episode where we talked about |
| 0:55.5 | the danger of over converting. We've talked about long-term care expenses. There's all of these other |
| 0:59.9 | pieces that go into it, the sequence of withdrawal, so on and so forth. But there's not a lot |
| 1:05.3 | that is written or said about the psychological side of retirement. Right. And some of the things that people |
| 1:12.4 | can expect. Now, we did an episode on the hardest part of retirement where we talked about how |
| 1:17.2 | how people have a really hard time psychologically spending their money. Right. And that's, |
| 1:24.4 | that's where we talked about, this is why you need a plan that's very clear. Yeah, we did, we did both the underspending and the overspending. Right. I mean, those are the two. |
| 1:33.1 | Mm-hmm. Yeah. Yeah. What was it, the Black Rock study that showed that 80% of people still have all of their money 20 years into retirement because they've just been kind of scared to spend it. Right. So there are some very distinct things that happen in retirement. |
| 1:48.5 | And in my observation, at least, I've seen most retirees go through a series of about five stages. |
| 1:57.6 | And I'm not the first to recognize this. |
| 2:00.4 | There was a sociologist back in the 70s. |
| 2:03.8 | His name is Robert Ashley, who wrote, and I can't remember the name of the publication that it was in. |
... |
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