Money Monday; 5 Stages of Retirement [PODCAST]
This week on WJON's Money Mondays show I talked with Chris Wayne from Laraway Financial. The topic was the 5 stages of retirement. Stage one is pre-retirement. Chris says this stage is typically 10-15 years prior to retirement when people looking at the amount of money they will likely have from their investments or retirement plan. Pre-retirement is something people are actually doing as soon as they start working with retirement as the end goal. Listen below.
Stage 2 of retirement is the honeymoon period. This is when someone is in the first few years of retirement, has plenty of money, is healthy and typically can spend time traveling or making a major purchase.
Stage 3 of retirement is referred to as early retirement. Early retirement is typically when someone is in their 60s or 70s and is still healthy enough to do many things but is no longer traveling a ton and could be looking to downsize in the size of their home.
Stage 4 of retirement is mid-retirement. This can be late 70s to early 80s when people are spending less and could be having some medical issues.
Stage 5 of retirement is late retirement. This is usually when someone is in their 80s to 90s. People at this stage usually need some medical care and could be living in assisted living.