How to Squeeze All the Juice Out of Retirement | Riley Moynes | TED | Summary and Q&A

TL;DR

Retirement consists of four distinct phases: the vacation phase, the phase of loss and feeling lost, the trial and error phase, and the phase of reinvention and rewiring, with the last phase offering the most fulfillment.

Key Insights

• 🌊 Retirement tsunami: 10,000 North Americans will retire daily for the next 10 to 15 years, emphasizing the importance of psychological readiness during retirement.
• 💤 Phase 1: The vacation phase, which represents the ideal retirement with relaxation and freedom. However, it may lose its luster after a year or so.
• ♀️ Lack of purpose: Many retirees struggle with feeling unimportant or lacking significance in retirement, as their previous definition of success no longer applies.
• 📝 Retiree interviews: Retirement material often overlooks the psychological aspects, prompting the need for a framework to understand the four distinct phases of retirement.
• ❓ Phase 2: The loss and lost phase is characterized by the loss of routine, identity, relationships, purpose, and power. This can result in fear, anxiety, and depression.
• 🧪 Phase 3: A time of trial and error, where retirees search for meaning and contribution outside of their careers by exploring different activities and interests.
• ⚡️ Phase 4 satisfaction: Those who breakthrough to phase four experience reinvention, rewiring, and a sense of accomplishment through meaningful service and activities.
• 📚 Lifelong learning: Retirees can share their expertise by teaching and mentoring others, leading to personal fulfillment and recovery of losses experienced in phase two.

Transcript

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Questions & Answers

Q: What are the four phases of retirement?

The four phases of retirement are the vacation phase, the phase of loss and feeling lost, the trial and error phase, and the phase of reinvention and rewiring. These phases represent different stages of psychological adjustment and can greatly impact one's experience of retirement.

Q: How long does the vacation phase typically last?

The vacation phase of retirement typically lasts for about a year or so. During this phase, individuals enjoy the freedom and lack of routine associated with retirement, but may eventually start to feel a sense of boredom or lack of purpose.

Q: What are the "big five" losses associated with the phase of loss and feeling lost?

The "big five" losses associated with the phase of loss and feeling lost are routine, identity, relationships, purpose, and power. These losses can be traumatic and contribute to feelings of fear, anxiety, and depression during this phase of retirement.

Q: How can individuals make their retirements more meaningful during the trial and error phase?

During the trial and error phase, individuals can explore different activities and pursue things they love and excel at. It is important to keep trying and experimenting with different activities to find ones that provide a sense of fulfillment and make one excited to wake up in the morning.

Q: What is the ultimate goal of the phase of reinvention and rewiring?

The ultimate goal of the phase of reinvention and rewiring is to find activities that are meaningful and give a sense of accomplishment. This phase often involves service to others and can provide a sense of purpose and fulfillment in retirement.

Summary & Key Takeaways

• Retirement is not just about financial preparation, but also psychological preparation.

• The four phases of retirement are: vacation phase, phase of loss and feeling lost, trial and error phase, and phase of reinvention and rewiring.

• Each phase presents its own challenges and opportunities for personal growth and fulfillment.