The Three Stages of Retirement Go-go, Slow-go & No-go

 The Webster’s dictionary defines RETIRE as – to withdraw from use or service.  That made sense for those who retired in the early 20th century.  But things have changed. Healthcare improved, we began to live much longer. Today people retire start  traveling, volunteering their time, spending precious moments with their grandchildren and pursuing their life passions.

Planning for thirty years of leisure time could seem daunting or  we can look at the delights!  First – there is no set time you have to get up in the morning – or go to bed at night.  Remember when that was an unimaginable dream?

There are three distinct stages of retirement: Go-Go, Slow-Go and No-Go.

Go-Go- This first stage of retirement is when you are still quite active. It typically lasts until age 75 and often involves travel, spending time with grandchildren and pursuing your new passions. You tend to spend more money in this stage of retirement than in any other.

Slow-Go– In this stage people may start having a decreased energy level. I tend to see this shift take place around the ages of 75 to 85. Many aren’t buying new cars and often look to downsize their homes. They just aren’t spending as much money. Annual expenses typically declines by twenty to thirty percent, but inflation must continue to be accounted for.

No-Go- This stage of retirement usually begins at age 85 and last for the remainder of life. One’s world tends to get smaller and expenses decrease dramatically except for medical and long-term care costs. Managing these uncertain expenses and planning appropriately is one of the principal challenges of a successful retirement.

Preparing for your golden years requires you to have a plan in place that will give you the confidence to enter the second half of your financial journey. When it comes to your financial planning it is recommended to hope for the best but plan for the worst and taking the three stages of retirement into consideration.

Retirement is a time to make the inner journey and come face to face with your flaws, failures, prejudices, and all the factors that generate thoughts of unhappiness. Retirement is not a time to sleep, but a time to awaken to the beauty of the world around you and the joy that comes when you cast out all the negative elements that cause confusion and turmoil in your mind and allow serenity to prevail.” Howard Salzman

With some planning about your health, your lifestyle, and your finances you can hopefully live the life you have always imagined during this exciting stage of life.

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