The Five Emotional Stages of Retirement

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Retirement is a major life transition, eliciting excitement in some and trepidation in others. Either way, it’s a big change, and any change, positive or negative, can be a source of stress. A certain amount of stress is healthy and necessary for growth. Knowing the various stages of retirement and their challenges enables you to better understand and respond to the variety of feelings you likely will have as you transition.

Ameriprise Financial (2006) enlisted the help of Ken Dychtwald, PhD, an authority on baby boomers and retirement, to survey 2,000 people between the ages of 40 and 75. They discovered five emotional stages of retirement:

1. Imagination: 6–15 years pre-retirement retirement planning.
2. Anticipation: Up to 5 years pre-retirement excitement about retirement; last-minute anxieties and doubts.
3. Liberation: Retirement day and 1-year post-retirement honeymoon phase
4. Reorientation: 2–15 years post-retirement Re-adjust priorities, activities, relationships
5. Reconciliation: 16+ years post-retirement relative contentment, hopefulness, and acceptance