The 5 Stages of Retirement: What Every Retiree Must Know

Retirement is different for everyone, but most people go through five key phases. Each phase has its own challenges and rewards. Knowing what to expect can make moving into retirement smoother and more enjoyable.
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⭐⚠️⭐Please read this⭐⚠️⭐
I am not an attorney, SSDI advocate, or affiliated with the Social Security Administration or any other entity of the US Federal Government. I am a practicing financial planner, but I’m not YOUR financial planner, and since I don’t really know you, I can’t give you advice. So please don’t take this video as specific advice for your specific situation. Consult your own tax, legal, and financial advisors.
Some of my videos contain links to third-party products, apps, and services. If you click through, I may receive a small referral fee from my media company (Carroll Media, LLC) through their referral program. Rest assured, I only recommend products or services that I believe will be helpful and informative to my audience.

[@Raymondjohn2]

I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement either.

[@LindaHaire]

Got it! Buying stocks during a recession when prices are down could be a good move. You might get them at a lower price and sell later when they go up. Just do your homework and be aware of the risks before diving in!

[@Jamessmith-12]

That's awesome! Investing in stocks with a reliable trading system can lead to great outcomes. It's fantastic that you've been working with a financial advisor for a year now. Starting with less than $200K and being just $19,000 away from making half a million in profit is impressive! Keep up the good work!

[@kevinmarten]

Mind if I ask you to recommend this particular coach you using their service?

[@Jamessmith-12]

Carol Vivian Constable is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..

[@kitbram2033]

The best thing has been losing that Sunday night downer of awareness that you had to be in the office the next morning.

[@GeroNimo-pk1fb]

Same here. Sleeping like a baby every night since I retired 4 months ago.

[@dennygmail255]

So true!

[@MrSalmonDaze]

Nice to know I'm not the only one that wasn't "living the dream" for the 40 years of making the donuts.

[@loriar1027]

Yes! Sunday is so much nicer now.

[@papajeff5486]

I also enjoy the ability to just say, “Sure”, when asked to visit others. I don’t have to check my schedule. I love that.

[@RetrieverTrainingAlone]

I retired at age 62, I am now 67 years old. The first 15 years of retirement will be the best 15 years of my life. I am still physically fit, I have plenty of time to enjoy all my passions, and enough money that is not a worry. An exciting chapter in my life! My dad lived to 96, mom is alive at 102, so I am hoping for a long retirement.

[@billh4285]

I retired 7 months ago and am still in the honeymoon phase. I have more money then I will ever need and strong family and friend relationships. I have several hobbies I enjoy doing, plenty of yard work on my land, and volunteer at church. You never know what is coming but my trust is in the Lord and He will provide.

[@kathygann7632]

He will provide because YOU did the planning.

[@PrairieNightMoon]

Retirement is the time in your life when you finally get to live!! I get up every day and do whatever it is I feel like doing that day!

[@user-mz6sh2xr7f]

Oh happy days!

[@84gaynor]

I just turned 41 and awfully late to investing with barely any portfolio except my 401k, I have a decent amount of cash saved up and with inflation currently soaring AGAIN, I’m getting worried about retirement, my intention is to retire at 65 atleast, so how best do I maximize my savings of over $500k

[@gagnepaingilly]

Retirement is now more difficult than it was in the past. it's all about balancing your risk tolerance with your long-term goals. Maybe consider speaking to an advisor to help in diversifying your portfolio to spread out the risk.

[@Lewyn298]

Generally speaking, a good number of people discredit the effectiveness of financial advisor in planning for retirement, For over the past 10years, I’ve had a financial advisor consistently restructure and diversify my portfolio/expenses and I’ve made over $3m in gains… might not be a lot but retirement doesn’t seem so farfetched anymore.

[@sommersalt88]

Your advisor must be really good. How I can get in touch? My retirement portfolio's decline is a concern, and I could use some guidance.

[@Lewyn298]

There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Jennifer Leigh Hickman” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look her up..

[@velayuthman]

Thanks for sharing. I curiously searched for her full name and her website popped up after scrolling a bit. I looked through her credentials and did my due diligence before contacting her.

[@bradleyvanzile1111]

I’ve been retired for 17 years on SSDI, multiple sclerosis and never needed a financial advisor. Did it all on my own🙂

[@zarroth]

aye, I know a lot of people that use 'em...and none of them are doing as well as I am doing it myself. They pull their percents out of your balance even if they lose you money, and that has everything to do with it. For them, it's a win/win even when they fail, for the people whose money they are managing, it's the equivalent of lower highs and much bigger lows since the fees are consistently coming no matter what.

[@SirBenjamin-oq1wd]

Purchasing a stock may seem straightforward, but selecting the correct stock without a proven strategy can be exceedingly challenging. I've been working on expanding my $210K portfolio for a while, and my primary obstacle is the lack of clear entry and exit strategies. Any advice on this matter would be greatly appreciated.

[@MablePauls]

the strategies are quite rigorous for the regular-Joe. As a matter of fact, they are mostly successfully carried out by pros who have had a great deal of skillset/knowledge to pull such trades off.

[@Manselus-mn1mn]

Even with the right strategies and appropriate assets, investment returns can differ among investors. Recognizing the vital role of experience in investment success is crucial. Personally, I understood this significance and sought guidance from a market analyst, significantly growing my account to nearly a million. Strategically withdrawing profits just before the market correction, I'm now seizing buying opportunities once again.

[@Elizabeth-mh2dj]

This is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? I'm in dire need of proper portfolio allocation.

[@Manselus-mn1mn]

Just research the name Angela Lynn Shilling. You’d find necessary details to work with a correspondence to set up an appointment.

[@Elizabeth-mh2dj]

Thank you for this Pointer. It was easy to find your handler, She seems very proficient and flexible. I booked a call session with her.

[@dougadams57]

As of today, I'm 260 days of retirement and I'm sooooooo excited and looking forward to this!!!! I've worked for 50 years and I'm ready!!!!

[@A13JMC]

Cancer at 27, will I last 5 years? Well yes, 55, then up to 60 and retired. Approaching 70. In retirement, I'm trying to forget I lasted 35 1/2 years seniority. More time for hobbies. genealogy research, photography, reading, more regular exercise, and realizing some interests of a younger age are now dropped. Sports is for the young and professionals. Learning french as a new language, I have ancestors that lived in southern Quebec, one was in the American Revolution and at Valley Forge. More to write, but life is interesting and enjoyable.

[@gw5309]

Interesting to read everyone's comments here. Certainly brings to light one fact - everyone's circumstances are different. You have to make what works for you...work for you. Im four years retired from DOD (civilian). Wife and took SS at 62. Living on that and my pension. Haven't even tapped the bulk of my TSP (federal 401K). Moved to the house and farm I grew up on. She battled Non-Hodgkins Lymphoma in 2022 and doesn't need treatments now. Fixed up and sold our previous home. Helping our four kids and loving our four Grandchildren (15, 11, 22 months, 5 months). Enjoying every day while we can. God has been good to us.

[@markfalcoff1743]

I retired early at age 63. I was able to do so because I was in a very good financial situation and had other things I have wanted to do. Since then I've written a novel, learned a new language, traveled a great deal, and met a wonderful life-partner. So you see, a lot can happen in retirement.

[@Mondaycat7]

This is very optimistic. The stage you chose to skip is the stage when your health becomes an obstacle in your enjoyment of retirement and it can show up a lot earlier than you expected. That will mess with all of your “well planned” retirement goals.

[@zarroth]

stop eating processed foods and your health won't decline in the first place until the very end. The standard recommended diet is a lie, high meat, high fat is the way to go. There is a reason you rarely see anyone overweight or sick in photos from 1980 and prior...but you see them everywhere since the advent of the food pyramid in the 80s.

[@sandyhumissouri5131]

The routine becomes linked to doctor visits...he completely left that out. 😢

[@kenzzutube]

Agree! That was the hard time for my parents. My dad retired at 58 and had a good 20 years until his health started to fail. The possibility of him needing to go somewhere for long term care (and most of my parent's income going with him) weighed heavily on my mother. I think the stress she felt for to that contributed to her passing before him.

[@okdoke98]

We are fully retired at 67 in Nov. 2023, we have excellent retirement income, great medical insurance, great family and great friends. We’re doing a lot of volunteering and working on our eternal life. Retirement can’t be better. God Bless Us all.

[@garrysinger9704]

I retired about 10 months ago. Yesterday, I changed a light bulb.

[@wjb111]

Retired 9 months ago and yesterday I scratched my 🥜

[@sxwrtr918]

🤣

[@MrSalmonDaze]

@@wjb111 Retiring next week and already practicing for perfection!

[@lauriefuda]

OMG, that was funny! Good one!

[@bigskygeneration4474]

And I'll bet you did it with intention and craftsmanship. Heck, probably took a coffee break between turns 2 and 3!

[@chuckschilling9113]

6 years retired now and I find there are so many more relevant things to do with my time than the old career. Genuinely I think our culture overworks folks and this robs so many folks of the opportunities to balance out their lives...we work to live, we do not live to work.

[@wardogsgm51]

Chuck - that is so true.

[@rodneylw10]

Great video. I am/was a teacher- lol. I retired in 2017 from a school district after 31 years and relocated. The retirement lasted eight months then I went to work part time in retail which ended up going full time two months later. I decided that I would go teach again if I was going to work full-time. So, in the fall, I started teaching again. That has been the routine the past six years. Now, at 62, I have decided to retire at least to part-time service. What is difficult is that my extended family are strangers at this point. My immediate family, and me, never took off work or traveled the distance cross-country. We were duty bound to our work and rarely took trips spending our off time around the house dealing with undone tasks and using funds to replace/upgrade versus travel. I am not sure that I can break the mold. I love to travel but there is something of a guilt when leaving the house- it may sound strange. I won perfect work attendance for most work years- just did not miss work. I say all this because I am not sure how the transition to no work will be for me. My current supervisor already spoke to me about working part-time. Perhaps the partial change will be a good "slide" into a new phase of life. The financial of it is that part-time I will have about the same income as working full time. That is a plus that comes from pension, social security, savings and salary. I remember when my friends and even some family made fun of me choosing to be a teacher. I started at $18K a year while a family member and friends were hired at $30K or more the same year in 1985- '86. I am the only one with a pension; however, two have nice nest eggs, one has nothing but bills and one died. The bill laden one is jealous of my pension and thinks it is unfair. I remind them that I worked for years for quite a bit less without the additional savings capacity and don't own a bunch of toys or big house. I am thankful for the pension but it wasn't easy staying put for years with much to put up with. Each of us definitely has a different path toward and throughout retirement.

[@russoley8995]

I guess everyone has to do what makes them happy, but I find it sad that your work seems to be the thing of your happiness ...

[@401Blues]

Yea at age 62 ....I slammed the door on an International Engineering / Construction career and never looked back....immediately embraced being a Gentlemen of Sophistication and Leisure....Beach life/Art/ Music/ Fitness / Reading/ Travel activities...my choice of solitary hobbies provides a flexible structure to my day and made dealing with the heath issues & pandemic much easier.

[@MakesMeNoDifference-sd9qg]

We had a good plan, company layoffs forced retirement before full retirement age so no honeymoon period - directly into reality check for a few weeks. Did the refocus and plan adjustments and went into new normal in less than a year of the layoff. Was able to do part-time work so didn't take Social Security until 70. All is good!

[@paulo5861]

At 71 and retired for three years I have been going through the exciting times of my increasing physical limitations and adjusting to new aches and pains that are new to me. Glad to still be alive but know that the future hold more of the same challenges. Thankful that I am not having to work with this new body specifications that are handed down to me. Grateful for the time that I do have. Just wish I was able to do more with my body that I used to enjoy.

[@AlumniQuad]

2:02 The plan 3:30 The honeymoon 4:45 The reality check 7:42 The refocus 9:22 The new normal

[@user-sx3jd5hu4i]

I retired 6 years ago, but I still work part time because I love my work! We travel more and spend the cold months in AZ or FL. We also take 3-4 vacation trips a year. We both are healthy and haven't needed to even tap into our retirement accounts. We been married 47 years and I turn 70 in July. We love to engage in ministry work and take frequent mission trips, as well.

[@Msseminole]

We want to spend a month or so a year in Phoenix but ABNB is so expensive! We have kids and grands there. I wish there was a way around these ridiculous rental fees.

[@Susanhartman.]

More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.

[@ThomasChai05]

The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.

[@mariaguerrero08]

This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.

[@mikegarvey17]

@@mariaguerrero08Mind if I ask you to recommend this particular coach you using their service?

[@mariaguerrero08]

Credits goes to " Gertrude Margaret Quinto " one of the finest portfolio managers in the field. She's widely recognized; you should take a look at her work.

[@91ScottieP]

I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an email shortly.

[@CB-sx8xh]

I have been "semi-retired" for about 5 years gradually cutting down to 2 days work a week and have just put in my notice at work.

[@2023Red]

We are fully retired in our 70s. And financially secured with excellent medical coverage. We went thru various stages too but the biggest one was adjusting our spending. Perhaps the hardest was getting down to just one vehicle. Now we wonder if even need a car! Our groceries are delivered, we could always pay for uber to transport us for medical appointments. And our home has no steps at all. A nice pool with citrus. And landscaped. We hire a pool company and landscapers for regular service. And pay every bill electronically. Finally, we live near Phoenix Arizona so we have super climate year around. Hot summers are not a problem, we turn on the AC which does its job. So, as retirees, live is good. Pulled Pork for lunch today. Chicken tomorrow. No problems yet. We hope to hit 100.

[@rbebeabucay9356]

100👍

[@KatherineNalley]

Not if you got the...oh, never mind.

[@2023Red]

@@KatherineNalley Kathy, please continue! Life is too short for being quiet!

[@KatherineNalley]

Have you not noticed there are certain things that are heavily censored on these internet platforms?

[@2023Red]

@@KatherineNalley Have I noticed? Yes I have. I heavily read foreign and domestic news. Seven newspapers most days. American news is controlled and censored when compared to foreign press. I no longer say anything as I might be seen in an adverse way. You tube is no different. But I like you tube as a subscriber because it represents yet another 8th source for opinions and news. How about you?

[@patdennis2586]

Been in the honeymoon phase of retirement for 21 years. Loving The Villages lifestyle, traveling and being professional players.

[@hammer48ful]

Retired at 68. One of the best things I ever did. Been retired for 8 yrs. and I can be in the rut that I tried to be in for years. My wife and I travel with our camper as much as we can. I've taken up wood carving. It's nice to go out in the morning and have my cup of tea and watch the animals when we re camping. When home I work on the yard and the camper. I like being a hermit. having had to deal with entitled people for years. My wife volunteers for a number of things to keep busy. Being a veteran I use my VA benefits which to me are great and cover me all over the country.

[@samuledarconi2927]

Freshly retired.....financially fine.....kinda feeling like I lost my "compass."

[@hughmanatee7433]

Build a boat! Or something you never thought possible.

[@brucemcleod6300]

It will come. I found mine working with local youth as an adult Scouting volunteer.

[@johnbirman5840]

Good video. Been retired for about 2.5 years. Retired as in “accumulation of monies” stage. Now, it’s the Permanent Retirement “accumulation” stage. It’s the most exciting and fulfilling stage: “Seek First the Kingdom”; “Climbing the Mountain to God” Total fulfillment. Nothing less. That’s a goal worth seeking. And it’s wonderful.

[@wardogsgm51]

“Seek First the Kingdom”; “Climbing the Mountain to God” Amen

[@richkuban2027]

Going to four different elementary schools helped me early on to recognize stages in my life. I lived 3 - 4 different lives in college. I lived different places, went through different stages in our business. Fortunate to say that the steadiest part of my life has been my marriage, approaching 40 years next year. I retired over a nine year span, closing our business after 29 years, working for someone else, gradually going part time. Our income varied widely over the years. Retirement will be a series of stages for us too. I have been training my entire life to adapt to opportunities and setbacks. As I look back, I believe I am more prepared with each day for the future. We are ready to embrace it.

[@timothyhayes2935]

Retired a little over two yrs ago.A big day for me is going to shop at a nearby Krogers i can walk to and deciding which beautiful hiking trail i will walk in the afternoon that are right out my door.After over 35 yrs long haul trucking im very comfortable in my low stress bubble of luxury.No travel plans at all as i got all that out of my system.Gated community with great recreational facilities.

[@APW-ry2ok]

We have the same with the beach and both love walking since my partner fell her bike and now walks .First thing in the morning is my best time and my partner prefers later ,it is part of our daily routine except when raining . But having a routine is the key and finding out what you love doing whatever that may be.

[@M22Research]

Being life long frugal spenders + always used a budget, the spending transition was a non-issue. And bored? Other than school class or meetings at the office, I’ve never been bored. You make your own interests. The biggest adjustment for us? Settling into a new schedule of being together more of the time. Our solution - acknowledging we had outside interests before retirement and continue to so. We encourage time apart as well as together. That time apart could be exercise, getting together with friends, or other interests.

[@jowpopper790]

I worked since I was a teen, and I love retirement. I worked hard and retired with 2 pensions, an above avg 401k and took ss at 63. I am weathering the economic instability and can actually save quite a bit each month. My biggest regret is going into retirement with pets. They hamper your ability to just pack and go on a trip. I love my pets, but they do hold me back.

[@retirementpirate3665]

My wife and I want a dog but we travel a lot. Just got back from Prauge. Maybe later in life.

[@severinjohn]

Do you have a beloved neighbor or friend who can look after your pets? All the difference.😊

[@aliannarodriguez1581]

Boarding costs for pets have increased steeply in recent years and can be the most expensive part of traveling. The only saving grace is that it’s somewhat easier to travel with pets than it used to be.

[@jimk1050]

Our cat is a great RV companion. Years ago we RV'd with a dog but now our cat is much easier!

[@jowpopper790]

@@jimk1050 Nope, gave up RV life. Got tired of hauling a house around, gas costs and RV park prices that come close to hotel prices. So much easier to bool a hotel or VRBO get to our destination and carry a suitcase in and enjoy the evening. No more backing an RV, leveling, rolling out awning hooking up electric, sewer and water. If you enjoy that more power to you.

[@user-ws8pw6hd8t]

Retired 20 years and happy with my new life.

[@hotwheel6663]

If you get sick and have a few emergencies see where that big pile of savings goes so look down on those who are old and broke it can happen to you too.

[@johnscott2746]

That’s what insurance is for. Old is hard enough without being broke.

[@byteme0000]

@@johnscott2746. Yeah, but insurance blows. Now that we have the bean counters running our health care system and denying treatments and prescriptions from doctors, insurance is useless. Plus, they pay sh!t… the bills are so huge that you could go broke just paying your share as a patient. This is the only First World country that doesn’t offer health care and higher education to its citizens. It’s an embarrassment and a travesty.

[@darkstar8827]

@@johnscott2746 First you have to make enough to afford the insurance payments!

[@benitakennedy8392]

Insurance does not always cover new cancer medications that are extremely costly.

[@johnscott2746]

@@benitakennedy8392if you get THAT kind of cancer, maybe take it as a sign to put your affairs in order.

[@444Stev]

I had an opportunity come up to sell by business at age 57 within a week I was retired, being a mechanic i took in a few side jobs for a while but after ten yes i stopped wrench turning. Now i go to the gym and walk the dog. It is my first dog at age 64. Now i am 68 and Bodie is 4.

[@russoley8995]

Sorry you waited so long for a dog they are good people

[@dstevens7614]

I have been retired for 13 yrs and 65 yrs.❤ start the plan early in life. The best plan is with the a prenup so the spouse doesn’t mess up the plan!!!

[@Birdylockso]

I plan to divide my retirement into just TWO stages: 1) Mobile, and 2) Immobile. In the Mobile stage, I would travel, visit family members, cross off the bucket list, etc. As such, I would need more money. During the Immobile stage, I would settle down to a place with a low cost of living and a good healthcare system, not necessarily in the US.

[@brucemcleod6300]

Two years retired now. Didn’t plan for arthritis in my hands and knees so no real honeymoon. I bought a fixer upper in rural FL the year before retirement, my fix up costs have been much higher than expected since I can’t DIY as much as I planned. Pension and def comp now, plan to take SS and tapping IRA at 70. I followed all the rules and maxed out retirement and deferred comp the last 15 years. Unless I start to gamble or go crazy we should be okay financially. Hopefully can leave my millennial daughter a lifetime paycheck via trust or annuity when we pass.

[@jamesperkins5468]

I'm mid 40's and have been in a semi-retirement for the last 6 months. I'll re-enter the workforce soon, but I'm certainly enjoying the free time right now.

[@mikefarmer4748]

Retired for 13 years now. The 1st 5 years prior to Medicare age were a budget challenge, but then it's like getting a big raise. Then SS. Then both repeated for my wife. Volunteer with 4 different organizations with widely varied time demands. Traveling that we couldn't afford while working. A couple new hobbies that require time and money. Gardens are bigger and look better cared for. No debt, no payments, still saving a little. Bottom line, doing more, things I never had time for or couldn't afford. Looking through the calendar, I don't know how I ever had time to go to work. 🇺🇸 Still planting trees.

[@aliannarodriguez1581]

Planting trees may turn out to be one of the most important contributions one can make to the world. And they certainly make a big difference in the old electricity bill!

[@danielclayton7524]

I've experienced 3 phases. I just never have time to catch up with everything that I'm doing . Never had time to notice much change from when I was working.

[@marcoprolo1488]

Retired at 58. I wanted to make sure I could still learn surfing properly. I now spend all my long winters under the sun in the tropics. But yes, still in a shifting place because of my last child finishing high-school and therefore we are in-between 2 places. We leave this city next month for good. Once fully at the other city I will start probably to look for a summer part time job. I mostly focus on my finances (and health) until then.

[@svguenevere]

Planning, planning, PLANNING! We planned for years what we wanted to do as soon as we retired (or I got a layoff). During the first years of retirement we planned what our next adventure would be. When we slid into that, we planned the next options. All this planning helped smooth out the unexpected bumps along the way! FYI, retired in 2004 and still having FUN!

[@davescott1491]

Very good overview. Thank you.

[@darkstar8827]

If I look at those stages as generalizations, I think they are fairly good. I' ve been retired for 14 years now, and this year my Soc Sec has gone up to a thousand a month for the first time. Things are looking up now!

[@fixnkev]

Retirement is pretty much a moving target these days. The 'best plan' is to plan for changes!

[@markbabcock40205]

Great video. Watching your channel for the first time.

[@carlosmelick7075]

Great video thank you!

[@vikingwind25]

Very well said!

[@prairiemark4084]

My plan for retirement turned out to be a winner. Marry a woman decades younger who loves to work overtime! I am never out of coffee money. It has worked till age 70 and still working! But my friends say.....it won't last forever. The biggest challenge for me was the loss of social contacts at work and the respect I had at work for being a valuable and competent member of a team.

[@arthurshingler2025]

That hasn't worked for me. My younger wife is jealous of me being "retired"....and not her. Plus, she's making the "big bucks", and wants to continuing blowing her money just to "see the world"! I can not afford throwing my money away anymore... And I don't enjoy "seeing the world" anymore. I prefer to just explore seeing my country, my family, and explore "me". Cheaply! If my wife had her way, I think she'd prefer that I work till my grave. I've learned about "retirement"! My part time job is the best "therapy" that I can get!

[@gdonepercent]

So you’re a leech? 😅😖

[@michaeldinardo6391]

Hi Devin, I also enjoy your podcast. Keep them coming.

[@DevinCarroll]

Thank for watching AND listening!

[@robinhudson7989]

Excellent Video so true Devin 😊

[@DevinCarroll]

Glad you enjoyed it

[@campbewg56]

Thank you for this video. I've been retired 4 yrs now. Great eye opener to be aware of and make proper adjustments for upcoming age. I will share this with several of my friends and family. Thanks again.

[@DevinCarroll]

Glad it was helpful!

[@steveludwig4200]

3:06 - This "example" would be a bad move for most retirees BECAUSE nobody should trust a financial advisor that (a) Has FAR less life experiences in actually managing their own money and (b) Has NO understanding of what "retirement" is all about. In other words folks under the age of about 40 have VERY little life skills and almost no "wisdom" and their "financial calculators" are rarely accurate at all for any specific cases and they have ZERO "street cred".

[@peircedan]

I believe that retirement is different for everyone and doubt that people must go through five phases. Life before retirement is quite different for people, both working and family life are quite varied, interests and goals are different so why would people experience the same key phases in retirement? I don't believe it. For example I have no interest in travel. My work and my hobbies were closely aligned so now I don't work but I still have my hobbies and I have more time to devote to them. I am so happy to not be facing daily commutes in horrible traffic and to let go of irritants and issues that I was not able to resolve. Retirement is still sweet a few months in. Life is full of changes. Having our four kids grow up and move out was a big change. Retirement is a change too but I don't think the change is as big.

[@user-iq9uh2vo6r]

What happens when you know that as soon as you retire you will immediately be in poverty and no one to help you. I am 71 years old and still working because I am afraid of what my life will be.😢

[@user-qk3oi6dl9n]

COVID was a horrible tragedy but the silver lining has been the availability of remote work in some professions. In my field, we jumped to a place I honestly think would otherwise have taken 20 more years. I'm 70, still working, and in another year plan to convert to a consulting position with my company in an hourly rather than salaried position, with hours reduced by more than half and flexibility for unpaid vacation whenever. This would not have been an option preCovid. If I still had to commute 5 days a week I would have quit 3 years ago. I'm grateful for these new options. I don't have to draw a hard line between work and retirement now. half

[@austinbar]

It's recommended to save at least 20% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 20% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.

[@rogerwheelers4322]

Effective personal finance management is more important than the amount of money saved, regardless of whether income is earned through job or investment. Individuals can seek counsel from a certified financial advisor to optimize financial outcomes, who can provide specialized advice and methods to decrease expenses and maximize income.

[@joshbarney114]

I agree, that's the more reason I prefer my day to day investment decisions being guided by an advisor, seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using my advisor for over 2years+ and I've netted over 2.8million.

[@FabioOdelega876]

I appreciate the implementation of ideas and strategies that result to unmeasurable progress. Being heavily liquid, I'd rather not reinvent the wheel, thus the search for a reputable advisor, mind sharing info of this person guiding you please?

[@joshbarney114]

Finding financial advisors like Marisa Breton Dollard who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.

[@FabioOdelega876]

Marisa has the appearance of being a great authority in her profession. I looked her up online and found her website, which I reviewed and went through to learn more about her credentials, academic background, and employment. She has a fiduciary duty to protect my best interests. I sent her an email outlining my objectives and also booked a session with her; thanks for sharing.

[@mattdecker6791]

At 62, I'm retiring from public high school in 4 weeks. Both happy and worried at the same time. Moving 1500 miles away on day #1. Losing identity and relationships are the biggest concerns.

[@nicolebutler9899]

I'm retiring this year, too! 31 years of public high school teaching. Happy and worried, too. I'm not moving, but so much of my life has been tied up with teaching. I know I'm making the right move by leaving, but I still worry what it will be like.

[@crabbyhayes1076]

In the "new normal", you adjust your life and expectations to create financial and social stability. Unfortunately, age makes our lives increasingly unstable. As our parts wear out, and our social support dwindles, we are constantly forced to adapt to this new reality; and cope the best we can. I find resilience, faith, and patience are the most valuable tools at our disposal.

[@lbaker3602001]

Retired @ 38 (went on SSDI) Federal Disability. Reached my F.R.A. at 66.5 still on SSDI. Nothing has changed in my life.

[@sarawilliam696]

My retirement account has gone down by 13.7% in the past year due to rebalancing I did out of fear uncertainty and doubt. What are best alternatives to take in other to secure a financially free retirement and achieve ultimate peace? I don’t want to fail after 42 years of working hard.

[@PatrickFitzgerald-cx6io]

If you want to rebuild your retirement by yourself, without the help of a partner, I will tell you it is near impossible. Even NewRetirement and co can’t do the job of an FA with expertise, a large following/client base and experience. Vet and hire one and begin to develop a rapport.

[@brucemichelle5689.]

I wholeheartedly concur; I'm 60 years old, just retired, and have about $1,250,000 in non-retirement assets. Compared to the whole value of my portfolio during the last three years, I have no debt and a very little amount of money in retirement accounts. To be completely honest, the information provided by invt-advisors can only be ignored but not neglected. Simply undertake research to choose a trustworthy one.

[@carssimplified2195]

How can one get to interview advisors? And what questions should you ask?

[@brucemichelle5689.]

Marisa Michelle Litwinsky’’ is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.

[@williamlouie569]

My advice to you better enjoy your healthy life while you can. As you get older you will get health issues, pains here and problems with your legs, back.... . and end your abilities to travel and enjoyment!

[@Meadowlark57]

Looking ahead and being proactive can take some of the 'sting' out of finding yourself in a new situation. We felt that a layoff or transfer was coming for us before it happened and decided that we had worked long enough and saved enough to leave the job entirely. A part-time job could have been looked into, but we still haven't needed to do that, thankfully, and do not think it will ever be needed. Another thing we did was to sell our larger, paid for house that we no longer needed. Considering down-sizing again as most the family lives out of state anyway and we are getting tired of lawn jobs! Maybe we will move into a community for 55+ people, maybe we will stay right where we are. Whatever we choose, it will be our choice and not be a forced move (hopefully) due to declining health. We look ahead and try to avoid 'surprises' if possible.

[@straceshow3212]

I agree with the phases but note that the length of time for each phase can be long or very short and two or more can occur concurrently. After the planning phase I whipped thru the next three very quickly and they seemed to be happening all at the same time. I'm actually in another planning phase now but also have been in the final phase for a while now. Anyway, thanks for the video.

[@LisaGrace]

My husband is retired with two pensions, s.s., and savings. I still work a remote job that I love--and plan to work at least for 6 more years to keep socking away money. We're blessed in that my job allows for us to travel--and I have most of my day free. We have four trips planned for this year and two homes in different parts of the country that enable us to enjoy our children and grandkids. I feel "retired" because we are able to do anything we want when we want.

[@lindadorman2869]

My path into retirement was a long winding road. After leaving my corporate job in 2012 at age 51, I traveled for a few years, went to culinary school, worked part-time as a chef/baker for 3 years, then started a home-based business during the pandemic reselling vintage clothes/decor. Now age 63, I'm financially secure via Social Security, a pension and business earnings. I'm even expanding my business by sourcing from international markets during my travels to Asia and Europe. Am I truly retired, or just self-employed?

[@thisisme3238]

If you're happy that's what counts. In my opinion, you didn't really retire...just changed avenues of income.

[@rbebeabucay9356]

You’re self-employed.

[@DalokiMauvais]

How long does each of the phases take, on average? I retired early, in 2012 at the age of 62, and am wondering what stage I "should" be in now, 12 years later. Because I sure haven't let go of anxiety or gotten "most" of the important things done.

[@sylviajones4907]

Devin, you have a job that you do not have to retire. People always need financial advice. You probably could take off a reasonable amount of time for travel or home time & come back & pick up again.

[@burghbrat3319]

My husband was involuntarily 'retired' (let go) from his job after 44 years with the same company. And that dumped us straight into Stage 3. We both hate it. He does nothing unless I give him something to do, no interests, no hobbies, no friends, no reason to get up in the morning. Everyone said, 'Oh he'll figure it out' ... Well it's been 18 months and he hasn't figured ANYTHING out.

[@naynaybreenay1396]

I retired last year, work a part time job making more money than working full time plus more time to do nothing or whatever I want to do 😊

[@arthurshingler2025]

Agreed.

[@loriar1027]

I’m not sure if I followed this list of phases. I retired knowing I was going to have to scale back my spending a bit bc I didn’t have a lot of retirement savings beyond my pension. So there were no exotic trips, just a few road trips to visit family. But I couldn’t work another year so I was willing to do it. Additionally, my unstructured day led to drastically increased anxiety even though I have plenty of hobbies and interests and friends. I’ve worked through most of that now coming to the end of my second year. I feel like I’m finally living my life whereas before I was just existing. I work a little bit now and then for extra money when I need, but I love being retired.

[@divermike8943]

I have not retired yet, but I'm already concerned about "The reality check phase". Not so much concerned about the money, it's losing my purpose. Really. It doesn't help that I lose my partner several years back. In fact that is a big part of the concern.

[@sewnsew6770]

I would prefer that my job had more time off so could be partly retired lol In USA get very little vacation time So either retire and a fully on vacation or work and have say 18 days off a year Coworkers in India and UK have many more days off Would be nice if old workers could do four days a week with a lower salary

[@NipkowDisk]

I retired about four years ago after 41 years of public service. Guaranteed pension for life. I've recently returned part-time to hopefully lessen the burden on the agency I worked for and thus benefit the public; I certainly don't need the money.

[@leemcfarland4769]

I retired at 55 and now building a house at 60. Spending alot of our savings has put a big scare in me. Hopefully the drain will stop after it is finished. Still hoping to delay Soc Sec till 70. It might not happen.

[@gsmollin2]

Don’t wait too long for SS. It will be broke by 2034.

[@imdcareys]

It occurred to me as the video began to ask you if - since FRA was increased to 67, are there any plans to raise the starting age to 64?

[@johnwelk3842]

Hi Devin, can you set a general timeline for each stage? How long each stage can last? I know it's different for each person, but generally speaking there should be a timeline. Or you're stuck.

[@mrshammer9293]

I see three stages: the go go years, the slow go years and the no go years

[@acornsucks2111]

This video could have been done in 4 minutes.

[@customdrums]

In the middle of this now.

[@barbarar3646]

I noticed that you didn't give any specific time lines with these stages. Are there any?

[@miken7629]

Thought the five stages were Denial, Anger, Bargaining, Depression, Acceptance... Then Death

[@fessit]

Marriage adds an extra dimension to this.

[@mommaoinnh2674]

Phase 1, I’m 62 and suddenly disabled, unable to drive to work. Not expecting this. Phase 2. Honeymoon? No yardwork phase. I do it myself to save $. Live alone and traveling alone isn’t exactly fun. Can’t drive around to see the USA. Phase 3. Financial phase. Make a goal to give each kid $500k when I pass on. So making my money make money since I have free time. Phase 4. My friends changed because I can’t drive to go see them. In Covid- no way to meet anyone but neighbors. Phase 5. Age 67 Refocus? Acknowledge it’s more fun to see my 2 year old granddaughter than anything else. And maybe plan a few week long trips with old friends.

[@MENSA.lady2]

I'm retired and live in the UK. Today the Prime Minister announced a general election on July 4th. The most likely outcome is that the next government will be about as close as you can get to Communism without actually joining the party. Any suggestions as to where I should flee to. I'm financially solvent, so cost is not a great problem.

[@tomvanacore3592]

I’ll be working till 80

[@alansach8437]

And maybe that's what keeps you alive until you are 90!

[@rbebeabucay9356]

I’m with you. I believe in keeping the mind and body active 😊

[@joan8178]

Had to suddenly retire for medical reason about 5yrs "early". Stage 1 was incomplete, stage 2 didn't happen. Stage 3 was a rude awakening. I'm now working thru stage 4 and into stage 5. Hardest thing is you spend your life honing knowlege & skill, then when you "retire" no one wants to know about it. You become a nobody!

[@Davidstowe872]

As a soon retiree, keeping my 401k on course after a rocky 2022 is top priority. I have been reading of lnvestors making up to 250k ROI in this current crashing market, any recommendations to scale up my ROI before retirement will be highly appreciated.

[@Quason788]

The current market might give opportunities to maximize profit within a short term, but in order to execute such strategy , you must be a skilled practitioner.

[@Aarrenrhonda3]

Having an lnvestment advser is the best way to go about the market right now, especially for near retirees, I've been in touch with a coach for awhile now mostly cause I lack the depth knowledge and mental fortitude to deal with these recurring market conditions, I nettd over $220K so far, that made it clear there's more to the market that we avg joes don't know

[@SteveEstrada-js9nu]

I’ve actually been looking into advisors lately, the news I’ve been seeing in the market hasn’t been so encouraging. who’s the person guiding you?

[@ronl2463]

If you are mentally stable before retirement you’ll be that way after, a person having a degree means nothing.

[@petermangano6206]

I have been in the reality check for the last few years. It feels wrong to spend down your principal because it is wrong, it's selfish and middle class to piss it all away. Rich people understand that you live off what your capital puts off, not the capital itself.

[@billyoh1966]

hard to do the math when SS might change the numbers

[@johnauston9603]

………..I’m hard of hearing,damnit!Did he say the “refocus phase”?Or was it the “ref**k you,old man” phase?I’m in the “f**k’it all,I’m goin’fishin’” phase.

[@philipgerry5228]

You need to make up your mind: Do I live to work or work to live?

[@jimslancio]

As the old saying goes, if you fail to plan, you're planning to fail.

[@EvelynSaungikar]

Nobody has grandchildren?

[@culu4877]

I feel sorry for the Millennials though… They just won't be able to retire what with Social Security might not being in the future for them…. And with inflation raising its ugly head….Housing prices are going through the roof (no pun intended).... That's the elephant in the room that everybody seems to ignore…. The American Dream for the millennials is going bye-bye unless some serious inheritance comes to their rescue… which in itself may probably burden the current retirees of today.

[@robsalvv5853]

Retirement phases - go go, slow go, no go. This is why I’m intending to retire as early as I can… to enjoy the longest possible physically capable go go and slow go phases.

[@carolynplesa1256]

I was very excited to be semi retired. Until I found out that my govt stuck me in the back and taxed my S.S. 👎 no one talks about that. It wasn't taxed until president Reagan & then again president Clinton..... 4:21

[@johnscott2746]

Social Security has been taxed since 1983. That’s probably most or all of your adult working life. You’ve had all that time to prepare for it. It’s not like it should or could have snuck up on you.

[@youngtimer964]

@@johnscott2746exactly. Not a surprise to anyone that pays attention.

[@aliannarodriguez1581]

@@johnscott2746It’s true that it’s rarely discussed though. And most of us look to our parents as our role model for retirement, and they seemed not to have been affected by it probably because they didn’t have 401ks and that money is treated as income for tax purposes.

[@johnscott2746]

@@aliannarodriguez1581most parents don’t discuss finances at all with their children. Everything I know about investment and Social Security and taxes I learned in my own. My point was that it’s a little late to be complaining about something that has been effective for your entire working life.

[@gsmollin2]

Even though SS has been taxed since the 80s, the amount of taxation has increased steadily by inflation since the brackets were never adjusted. Now 85% is taxed unless you are in poverty.