Planning To Retire Early? Be Ready To Go Through These Four Different Stages Of Early Retirement
Early retirement is going to be fun, right? Well, that’s how it should be. As someone on the verge of early retirement, you may not be able to stop thinking about all the goodies that are going to come your way. You might have started gathering all the books you plan to read and reviving your hobbies which you have put on the back-burner owing to pressure from work. Partying is on your mind, and you can’t wait to get back home and celebrate your retirement in your own way! But will it be a ‘honeymoon’ forever? The following are the four stages of early retirement you are likely to go through.
Stage One: The Count Down Starts
You are almost there! You can’t wait for the day to come. It is that time when you start cutting down your expenses. No eating out, no buying new clothes, and no buying expensive gifts. In fact, you’re probably even cutting out those yearly vacations from your itinerary. You start getting detached from your workplace responsibilities and enter the ‘Wanderer’ phase. You have a smile on your face every time and lead people to wonder what’s making you so happy all day. Desperation creeps in and you are all geared up to see what happens in the phase after retirement. The time is near! You can feel your heart beating faster.
Stage Two: The Honeymoon Phase
This phase starts within zero to six months of retirement. You are finally free and you feel like flying! Now how are you going to spend your time? Gorge on fast foods the whole day or dance like an idiot to some catchy song? Catch a movie at any point in the day or just while away your time lying down on the bed and sleeping the day off? You get to do whatever your heart desires. You are always home and that’s what irks your neighbors, but who cares?! You are now retired, have all the free time in the world, and to hell with everyone! Needless to say, you are always in party mode and why not? You are not answerable to anyone.
Stage Three: Identity Crisis
The honeymoon phase is about to wear off, and you have been doing everything you wanted all this while. What’s next? You start thinking about your workplace and an obsession about who you actually were six months back sets in. Often, you contemplate what kinds of opinion your colleagues would build about you if they see you like this! You feel the anxiety within yourself and the free hours start haunting you. You miss your spreadsheets, your Excel files, your word documents, your Personal Capital account, and other work-related things. You start worrying about whether you are going to lose all your money one day. It’s high time you start doing something productive and after realizing that, you try your hand at writing, investing, or in that case, volunteering. It’s time to get back to work!
Stage Four: The Brand New ‘You’
Trying to find a new identity for yourself is not an easy task. It’s almost like reinventing yourself. You are not anxious about not being able to work anymore. You start meeting new people, make new friends — personally or online — and get to know a lot from shared experiences. It’s the time when you start imbibing new things in life and learn to refrain from certain stuff. You learn about new working opportunities or how to reap dividends from things which you love doing. Since you have all the time in the world now, you don’t need to fear about any stipulations nor do you have to work within confined boundaries. The whole world is yours. Find out what suits you best and devote yourself to it. Aside from feeling satiated, money starts flowing in, thus you can say goodbye to your financial worries.
These are the fours stages of early retirement. You often tend to worry in the long run and feel that your decision to retire early might have backfired. But, that’s always not the case. Many retirement planning advisors have stressed the importance of retirement planning both for older individuals and their younger counterparts who wish to retire a bit earlier than usual. Settle down and pick up the sticks one by one. Good luck!
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