The retirement journey: Where are you now?

27 Feb 2017

By Shadforth Financial Group

For some people, retirement is marked by a single momentous event: the day one stops working. But retirement is a longer journey and what you want will tend to change as you grow older. A recent study by Merrill Lynch1 looked at the typical retirement journey and split retirement into four distinct stages, as shown below:

You will have plenty of spare time during your retirement but how you use that time will change depending on your stage of retirement. The stages we’ve described are not rigid but it can be helpful to think in advance about what retirement could look like for you.

While ensuring you have enough money saved for retirement is an important part of the retirement preparation process, you also need to think ahead about your spending. You should identify your retirement goals in terms of what you want to achieve in the different stages — don’t just concentrate on the days and weeks after you stop working.

Your spending in retirement will change as you reach different stages. To help you clarify how your spending will be affected by your short-term and long-term retirement goals, speak to your adviser.

1   Merrill Lynch & Age Wave. (2016). Leisure in retirement: beyond the bucket list. Retrieved from:

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