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Most people think of retirement as a singular life stage, the ultimate reward for decades of work and sacrifice. But it might be more accurate to view retirement as a series of stages, a dynamic journey of ups and downs, obstacles and opportunities.

In the 1970s, gerontologist Robert Atchley first proposed looking at retirement in phases. While the retirement landscape has become more complex since then, the core idea remains: The path to and through retirement can be an emotional and financial roller coaster. And enjoying a fulfilling retirement isn’t just about having enough money to be comfortable, it’s about finding meaning and purpose.

Although not everyone will experience all six stages below, knowing what could lie ahead can help you set expectations and prepare, both financially and psychologically.

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Stage 1 – Pre-Retirement

In the years leading up to retirement, your vision and strategy for retirement will likely become more defined. You’ll firm up thoughts about what you want your life to look like and who “retirement you” will likely be. Where will you live? How will you spend your days when you don’t have to get up to go to work? What new activities or hobbies do you want to try? Once you can answer questions like these, it’s easier to determine what your retirement might cost and when and how you’ll be able to afford it.

What you might be feeling:

Picturing your retirement can require a mix of contemplation, reflection and focus. Anticipation and optimism may be building. At the same time, you might face a reality check when you think about whether you can finance the lifestyle you’re imagining for 20, 30 or more years. More than half of people saving for retirement say that outliving their assets is their number one retirement fear.

What you can do:

Besides continuing to save and invest toward the goals you’ve set, you’ll also need to make some key decisions that can have a lasting impact on your retirement – like how to take tax-smart withdrawals from your retirement accounts, when to begin taking your Social Security benefits and how you'll pay for health care, including where Medicare fits in. An experienced financial advisor can guide you through these choices, and help you protect against the biggest risks to your retirement savings, including longevity, taxes, inflation and market volatility.

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Stage 2 – Retirement Day

This is it. The big moment is here. You’ve decided you’re ready to take the leap and you’ve crossed the threshold from working to retirement. As retirement begins, your calendar may include celebrations with friends, family and colleagues as you enjoy some well-deserved kudos.

What you might be feeling:

As a newly minted retiree, you may feel a sense of relief as work responsibilities fade away, along with excitement about all the possibilities ahead. But it’s natural to feel some anxiety too in the first weeks and months, as you find new routines and rhythms in your life. You’ll also be adjusting from getting a regular paycheck to relying on your nest egg (and Social Security if you’ve begun taking benefits) for income.

What you can do:

While the thought of not having to set the alarm clock anymore may be freeing, there could be some value to setting a schedule to establish new routines. Creating a retirement budget can also help ease some concerns you might have when shifting from a saving to a spending mindset early in retirement.

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Stage 3 – The Honeymoon

For many people, the first years of retirement are like a vacation. It’s a time to enjoy the fruits of your labor and take advantage of the time on your hands to do things like travel, spend more time with family and take up new hobbies. Your calendar is wide open and you can fill it, well, pretty much however you’d like.��

What you might be feeling:

As the name implies, this stage can be full of joy and contentment as the retirement life you’ve dreamt of becomes reality. Best of all, in these “go-go years” of retirement, you’re most likely to still be healthy, so you can explore a wider range of activities and adventures.

What you can do:

In these early years of retirement, you can continue to save, before required minimum distributions��in some accounts kick in. There are also some financial pitfalls to watch out for. For example, a new lifestyle with new freedoms could lead to overspending if you’re not careful or steer off budget. But if you spend wisely – and luck and health cooperate – the honeymoon could last your entire retirement.

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Stage 4 – Disenchantment

At some point, the excitement and wonder of the honeymoon phase can wear off. If it does, you might start to ask yourself if there isn’t more to this retirement thing. Maybe the activities you’ve tried aren't as satisfying as you thought they would be, or you don’t quite feel connected to your new community if you’ve moved away from your long-established network of family and friends. These attitudes may be compounded if you’ve lost a spouse or partner with whom you shared your life and expected to have by your side in retirement.

What you might be feeling:

Several emotions can set in during this stage: Boredom. Loneliness. A feeling of “what now?” You might feel a loss of identity in your post-career life and begin to miss the structure and purpose that your work once brought you.

What you can do:

Know that you’re not alone in feeling a bit disenchanted by retirement so far – many other retirees go through this stage. Think of it as a crossroads where you can find a new direction for your retirement that’s better for you. If you’ve experienced the loss of a partner along the way, it can help to talk with a financial advisor about updating your financial plan and adjusting your strategy to reflect your new reality.

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Stage 5 – Reorientation

This is a time of self-discovery, where you can redefine what retirement means to you. Now that you’ve had some experience with retirement, what truly gives you meaning and purpose? How can you spend your time in a way that’s more fulfilling? You can “take two” on retirement and try something different.

��What you might be feeling:

In this stage, you might feel some confusion mixed with anticipation. It may take some time and experimentation to find a retirement identity that suits you. But that time can be full of enriching experiences that can help you learn and grow.

What you can do:

You might try volunteering, taking a class, starting a small business or working part time as you rethink goals and structure a new routine in retirement. It can also be a good idea to check in with a financial advisor to make sure that your lifestyle aligns with your budget and make any necessary adjustments.

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Stage 6 – Stability and Fulfillment

You’ve navigated through the initial excitement of retirement and made adjustments to create a lifestyle that works best for you. You've come to peace with who you are and what you want out of retirement.����

What you might be feeling:

Now that you’ve reached a place of stability, you’re probably feeling more satisfied and at ease. You’ve found your retirement groove and settled into a routine that makes you happy and content.

What you can do:

Besides the emotional comfort of finding the right retirement fit, you may enjoy increasing financial confidence and security in this last phase. You’ll still need to do things like take required minimum distributions from some retirement accounts and keep your estate plan up to date. But on a day-to-day basis, you can focus on staying healthy, socially connected and mentally sharp.

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Tips for Navigating the Psychological Process of Retirement

Everyone’s path through retirement is different. You may also choose a phased retirement, which could impact your progression through the stages of retirement. Whether you go through a few of the stages or all of them, it’s normal for the emotional adjustment to take some time. These tips can help you find your footing:

Start early

Retirement planning isn’t just about saving money. Spend time well before you retire thinking about how you’ll find purpose and stay engaged. The earlier you explore this, the smoother your transition is likely to be.

Be open to evolving goals

Your priorities and interests could shift after you stop working – and that’s OK. Stay flexible and give yourself permission to explore new routines or redefine what a fulfilling retirement looks like.

Work with an advisor who understands your values

Aligning your financial strategy with your lifestyle and goals – whether that means spending time with family, travelling or volunteering – can give you more confidence and peace of mind.

Lean on your support network

Whether it’s a partner, friends, a therapist or a community group, don’t underestimate the power of connection. Sharing your experience with others can help normalize the ups and downs.

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Embrace Retirement as a Journey

We hope that knowing more about the stages of retirement can make the process easier for you. It may not always be what you expect – but it promises to be a time of growth and discovery. Our advisors can help you revisit your goals and keep them on track as you make your way to and through retirement. With a little help, you can make the most of the journey ahead.��