In the past, retirement was easy. Today, people are living longer and may have 40-50 years after retirement.  Some people chase a second dream, while others focus on family.  One thing that is true regardless of socioeconomic class is that retirement has become a stage of life.

There are 5 distinct stages to retirement.  The stages are Imagination, Anticipation, Liberation, Reorientation, and Reconciliation.

The Imagination stage occurs between 5 and 16 years prior to retirement.  This is the stage in which planning begins, even if saving doesn't.  It's an idealized version of reality where retirement is perfection.

The Anticipation stage occurs zero to five years prior to retirement.  This is a period of great anticipation until reality sets in 1-2 years prior to retirement and worry takes hold.

Liberation is felt from the moment of retirement to approximately a year into retirement.  This stage is characterized by optimism and excitement.

Some people include a honey moon phase at this point.  Others include the honeymoon with the liberation phase.

The fourth stage is the reorientation stage.  This occurs after the elation at not having a job has passed, which is approximately 2-15 years into retirement.  This stage can be challenging or invigorating.  Some retirees find it more difficult than they expected and find themselves bored and depressed.  

Some retirees are able to reinvent themselves, starting a new career or just finding the life they have created much more fulfilling.  

The last stage of retirement is reconciliation.  At this stage the retiree is content, having fully integrated retirement into their lives.  Retirees tend be less depressed or anxious.  This is also the time during which end of life issues begin to surface.