The Five Stage Retirement

America's baby boomers are facing very long retirements, the longest retirements that any U.S generation has experienced. For a 65-year-old couple today, there is a 45 percent chance that one of them will reach age 95, as reported in USA Today. Because retirees are living so much longer and continually redefining themselves, demographers are distinguishing 5 stages of retirement. The first phase begins 15 years before actual retirement begins.

During the "imagination" phase, many start fantasizing about what their retirement will be like, with 65 percent having high expectations of adventure. The "anticipation" phase kicks in about 5 years before retirement. About 80 percent report they are very optimistic about what the future holds for them, and 22 percent expect to feel a sense of loss after retirement. Next is the "implementation" phase. This phase starts on the big day of retirement and lasts about a year. Nearly 80 percent still claim to be enjoying their post-career days. After a year, the euphoria tends to fade as reality sets in, when the fourth stage called "reorientation" begins. During this phase, which lasts between 2 and 15 years, optimism tends to dip and the proportion of people who enjoy retirement drops to below 65 percent. Finally, in the fifth stage, retirees "come to terms" with retirement. "These proposed 5 stages of retirement are definitely interesting," said Ruben Burks, Secretary-Treasurer of the Alliance for Retired Americans. "But I know that more than 65 percent of active Alliance members are enjoying their retirements as they continue fighting for justice."