A retirement lifestyle for most people falls somewhere between the media ideal of the good-looking silver-haired couple sailing away on their yacht and sitting in a rocking chair at the Shady Rest Retirement Home.
The retirement you choose will be unique to you, but generally it will fall into three phases.
- Active. Early in retirement you tend to be busy living a fairly active lifestyle with time to do things like travel and hobbies. Financially, you’re likely to spend more as you try new things.
- Slowing down. Energy levels are changing, and life starts to become more stable with predicable patterns – grocery shopping on Mondays, bridge on Fridays – still giving enjoyment and comfort.
- Limitations. Age and health play a role in slowing down activities and abilities. Often this stage requires some level of support from family or government agencies.
These three phases of retirement can occur at any age, and, in some circumstances, you might even skip the first or last one.